Fastrack Academy is an 84-year-old Northwestern Mutual tradition. It provides financial representatives with an interactive forum designed to inspire higher production and professional growth. To attend, financial representatives must meet production qualifications and have the endorsement of their managing partner. Academies are held four times each year in April, June, September, and October. In June 2013, Northwestern Mutual held its 238th academy. Upon completion of the academy, participants should demonstrate:
- Enhanced skills in prospecting, telephoning, approach, fact-finding, and closing
- Increased understanding of the art and science of client building
- The ability to effectively sell more permanent life insurance through the transference of their belief and conviction, resulting in a higher premium per case
- Understanding of the fundamentals of building an integrated financial security practice
- Motivation to develop a business plan designed to meet and exceed Million Dollar Round Table (MDRT) production within 24 months
- Increased belief in and commitment to the value of their career
- Readiness to participate in a study group for support and accountability
- Increased desire to lead by example in order to help grow their network offices by speaking, mentoring, and referring potential candidates.
Program Details
At Fastrack Academy, participants enhance their existing sales skills by hearing from experts in the field and practicing their skills in a clinic setting. For example, to practice their sales approach, financial representatives meet with “actors” who represent different types of clients the representatives will encounter in the real world. Representatives must use their sales approach language with the “client” with the goal of gaining permission to take the “client’s” facts. After the role-play between the representative and “client” is complete, the representative receives feedback from peers who observed the interaction.
Students also participate in challenges provided by the Center of Organizational Advancement that focus on creating a personal vision and plan to move their business forward. Each student is assigned a master coach who helps him or her document the steps needed to achieve the business goals identified in the plan. On the last day of the Academy, students present their strategic plans to the entire group. After the Academy, participants have regular phone calls with their assigned master coach to track the progress toward achieving the business goals identified during the Academy.
Results
Those who attend Fastrack Academy consistently realize greater growth in their business. Those who attended between 12 and 23 months of being in the business saw an average growth of 5.43 percent in sales and those who attended between months 24 and 35 of being in the business saw an average growth of 5.06 percent in sales. Compare this to a growth rate of -2.12 percent and -2.16 percent, respectively, for representatives who did not attend.
Those who attend Fastrack Academy also see an increase in premium. Those who attended between 12 and 23 months of being in the business saw an average increase in premium of 18.66 percent. Those who attended between 24 and 35 months saw an average increase in premium of 14.95 percent. Compare this to 7.12 percent and 3.41 percent average premiums, respectively, for those who did not attend. Finally, of the 385 representatives who have achieved Live Leaders Summit status, 62 percent of them attended Fastrack Academy.
