MILWAUKEE Northwestern Mutual Life Insurance Co. launched a personal trust services subsidiary, Northwestern Mutual Trust Co., on Friday
Tom Anderson, the units vice president of sales and marketing, said is targeting high-net-worth customers who are small-business owners, professionals, or corporate executives for its wealth management products. Those include investment management accounts, personal trust accounts, custody accounts, and fee-based financial planning.
The first phase of the rollout will be in Illinois, Minnesota, and Wisconsin, and will last for six months. After that, Northwestern Mutual offices in all 50 states will be able to accept trust business, and the company will start putting trust people into agencies in North Carolina, California, New York, Texas, and Florida, Mr. Anderson said.
Northern Trust, which began to work with Northwestern Mutual after it received its trust charter in August 2000, will continue to function as a subadviser for Northwestern Mutual Trust when clients need individual securities inside a trust account or investment management account.
Northwestern Mutual Financial Network has 7,500 financial representatives in 350 offices who sell insurance and investment products and provide advice for retirement and estate planning, education funding and employee benefits.