Relationships Build Trust in Financial Planning
Jan 27, 2019 09:46PM
● By Gisele Rinaldi Siebold
Andrew Wallover, a Chartered Life Underwriter (CLU) with Northwestern Mutual, is the managing director of his firm located in Lancaster. The firm’s team members demonstrate the four C’s––caring, communication, collective responsibility and courage––in order to carry out their mission of enriching lives, impacting communities and building legacies.
“Each morning, I take time to think about how I can exemplify our core values in my daily activities and interactions with others, and how I will lead with courage,” says Wallover. “Backed by the strength of Northwestern Mutual, my team and I strive to build enduring relationships that guide our clients in an ethical fashion to their definition of financial security.”
For more than 160 years, Northwestern Mutual has been a strong mutual company that leads with a moral compass. Since there are no stockholders, the company is guided by the mindset of what is in the best interest of their policy holders.
“This mutuality helps drive a long-term product value that has been challenging for competitors to replicate,” he explains. “Through the company’s 2019 dividend payout, its policyholders will receive an estimated $5.6 billion in dividends. It is expected to be the highest payout in the company’s history.”
Core products include life, disability and long-term care insurance, as well as annuities. Services include financial planning, retirement planning, college savings plans, estate plans, long-term care plans and more.
“We realize that a financial plan has to adapt to life, which is why we are relationship-focused first,” notes Wallover. “In order to work collaboratively to help clients make decisions and allocate funds, we try to minimize any confusion through education.
“When clients work with me and my team to develop a financial plan, we apply time-tested strategies, provide expert advice and make recommendations based on where they are today and where they want to be in the future. And along the way, we share the knowledge and insight to make financial decisions that are right for them and their loved ones, so they can meet each of life’s milestones with confidence.”
If socially responsible investing is important to clients, team members can recommend companies that align with their standards and risk-tolerance related to financial performance. “It is possible to invest in companies that do good and have a positive financial return,” avows Wallover.
“When we first meet with clients, we ask for their expectations and share ours. We want to understand their intentions and address their needs, so we ask for their honest, open communication about everything, including finances, recent big purchases, life and family goals, etc.,” he says. “It’s important that they like their adviser, so we match their personality with an adviser that fits.”
According to Wallover, they have seen a large demand for female advisers in the industry. “Women have the confidence to know they want to make a difference in the lives of others and have reached out to us to say, ‘Let me join you’,” he shares. “Our female team members have been well-received by clients.”
In October 2018, Hannah Walters joined the team and transitioned well due to her experience working for the Lancaster Chamber. She assists clients with debt consolidation, retirement and life planning, and works with Wallover for the financial aspect of the planning.
“That’s the beauty of our collaborative relationships,” affirms Wallover. “Although Hannah is new to our field, she has great people-sense and business instincts, and I’ve been in the financial world for 15 years; we both bring our experience to the table when we sit down with clients.
“What clients learn when they choose us is that they have a team of people who care about them and are working for them here at Northwestern Mutual. Building relationships through open communication and an understanding of the clients’ core values help clients spend their lives living the way they want to.”
Northwestern Mutual is located at 280 Granite Run Dr., Ste. 100, in Lancaster. For more information, call 717-205-4040 or visit AndrewWallover.NM.com.