Northwestern Mutual Investment Services,Llc

Northwestern Mutual Investment Services, LLC provides referral services to other investment advisers and non‑discretionary fixed‑income trading advice, and it also operates as a registered broker‑dealer and distributor for certain Northwestern Mutual variable life and annuity products. Its activities focus on referring individuals and institutional entities to third‑party Sponsors and supporting affiliated advisory programs rather than providing continuous discretionary management of retail client accounts.

Under its referral program NMIS screens and selects Sponsors based on strategies, services, costs and regulatory filings and receives referral fees from those Sponsors, while not providing ongoing supervisory or management services to the referred accounts. NMIS’s Trading Services Representatives offer fixed‑income trading guidance to other advisers using third‑party research, do not exercise trading discretion, and the firm states it does not custody client assets or deduct advisory fees directly from client accounts.

NMIS is a wholly owned subsidiary of The Northwestern Mutual Life Insurance Company and is affiliated with insurance entities and a limited‑purpose federal savings bank, with many registered representatives also serving as insurance agents—an organizational mix of brokerage, insurance and bank‑affiliated relationships that is less common among investment manager firms. The firm has disclosed regulatory enforcement matters, including a February 2024 SEC settlement requiring a $16,500,000 civil penalty and retention of an independent compliance consultant, along with prior FINRA and state actions, and has described remediation steps taken in response.