Michael Vendituoli, a Northwestern Mutual Life Insurance Co. financial representative based in Providence, recently won Northwestern’s Emerald Award that the company says it gives to representatives for “exceptional efforts to help clients achieve financial security.” Vendituoli recently answered questions about the honor and about the financial services industry.
PBN: Can you explain the award you received from Northwestern Mutual and why you received it?
VENDITUOLI: I received the Emerald Award recognizing the top Northwestern Mutual financial representatives nationwide. I was also in the top 10 in the country for assisting new clients. I am a member of the Million Dollar Round Table, for which less than 5 percent of all financial representatives industry-wide qualify.
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PBN: What has the climate for financial services representatives been like in the wake of the turbulence of the last few years?
VENDITUOLI: In my view, if my clients succeed, I succeed. My relationships with my clients are most important. I think we have been able to attract new clients in this marketplace because I have the backing of a solid financial company. More than ever, families are looking for guidance from financial professionals who are backed by exceptionally strong companies, like Northwestern Mutual. Though ratings are subject to change, The Northwestern Mutual Life Insurance Company has always received the best possible insurance financial strength ratings from the nation’s top ratings agencies: Moody’s, A.M. Best, Fitch and Standard & Poor’s.
We also receive many referrals because of our financial network of specialists. I have access to people who specialize in health insurance planning, disability planning, annuity planning and estate planning that work closely with me in serving the needs of our clients. I think clients feel comfortable knowing they are talking to someone who is a qualified specialist in their field.
PBN: The financial services industry has received sort of a black eye in recent years. Have you faced the backlash from clients and potential clients, or do people make distinctions?
VENDITUOLI: Honestly, this period of instability may be remembered as one of Northwestern Mutual’s pinnacle moments, because the company has been able to maintain the best possible insurance financial strength ratings while paying out $4.7 billion in dividends to participating life policy owners this year.
The financial strength of Northwestern Mutual has been huge advantage in this market. Our clients feel very comfortable knowing that their financial future is backed by Northwestern Mutual.
PBN: What is your relationship with Northwestern? Do you deal with other companies, too?
VENDITUOLI: I am licensed with the Southern New England group of Northwestern Mutual, one of the world’s Most Admired Companies, according to a 2010 Fortune magazine survey. I can offer exclusive access to insurance products from a top-rated company, Northwestern Mutual, and an array of quality investment choices.
PBN: What products that you offer – such as long-term care insurance – have grown in popularity?
VENDITUOLI: The consequences of living a long life and needing care can be catastrophic on a family – emotionally, physically and financially. We offer a solution to pay for the care through long-term care insurance.
This type of insurance pays for care in your home, nursing facility or assisted living once you have met certain criteria. There are also many tax benefits of long-term care insurance.
We also offer many other products and services such as life insurance, retirement planning, education planning and overall investment planning.
