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Novak Financial Partners vs. Northwestern Mutual
Compare Novak's flat-fee planning and investment management with Northwestern Mutual's planning, investment, and insurance offerings, and how each is priced and delivered.
Novak charges $4,000 annually for households accumulating wealth and $6,000 for households approaching or navigating retirement. Both plans include comprehensive planning and investment management for a flat fee that is not calculated as a percentage of managed assets. Clients work directly with one of the practice's two CFP® professionals, with no asset minimum. Novak is fee-only and does not sell insurance products. Advisory services are offered through Core Planning LLC.
Northwestern Mutual is a national financial-services organization offering financial planning, investment advisory, brokerage, insurance, and annuity services through its financial representatives. Fees, account minimums, advisor credentials, and available services vary by representative, program, and product. Not all Northwestern Mutual financial representatives provide investment advisory services; only appropriately credentialed representatives may offer those services. Depending on what's involved, a Northwestern Mutual representative's compensation may include planning fees, asset-based advisory fees, or commissions on insurance and investment products.
Side-by-side comparison
| Feature | Novak Financial Partners | Northwestern Mutual |
|---|---|---|
| Annual cost structure | $4,000 or $6,000 flat annual advisory fee; includes ongoing planning and investment management. Underlying investment expenses and other third-party costs may apply. | Varies by representative, program, and product; compensation may include planning fees, asset-based advisory fees, insurance commissions, or a combination |
| Asset or account minimum | None | Varies by program; investment advisory program minimums range from $25,000 to $1 million depending on the program selected |
| Advisor relationship | Direct relationship with one of the practice's two CFP® professionals | Relationship with a Northwestern Mutual financial representative; credentials, licensing, and services offered vary by representative |
| Planning and investment management | Comprehensive planning and investment management included in the flat fee | Financial planning and investment advisory services available; scope and cost depend on the program and representative selected |
| Insurance services | Does not sell insurance products or receive insurance commissions | Life, disability income, and long-term care insurance and annuity products available through Northwestern Mutual and affiliated companies; representatives may receive commissions on these products |
| Tax and estate coordination | Tax planning and coordination with the client's CPA and attorney; no tax filing or legal-document drafting | Northwestern Mutual and its financial representatives do not provide tax or legal advice; clients should consult their own tax and legal professionals |
Which one fits you?
Novak may fit you if…
- ✓You want a flat fee not calculated from managed assets
- ✓You want comprehensive planning without an asset minimum
- ✓You want your primary advisor to be one of the practice's two CFP® professionals
- ✓You want insurance planning from a firm that does not sell insurance or receive commissions
Northwestern Mutual may fit you if…
- ✓You want planning, investments, and insurance products available through affiliated companies
- ✓You want to purchase insurance or annuity products through your financial professional
- ✓You want access to planning, advisory, brokerage, and commission-based product options within one organization
- ✓You prefer a large national financial-services organization
Frequently asked questions
How do Novak's and Northwestern Mutual's fees compare?
Novak charges $4,000 for households accumulating wealth and $6,000 for households approaching or navigating retirement. The flat annual advisory fee includes ongoing planning and investment management and is not calculated as a percentage of managed assets. Underlying investment expenses and other third-party costs may apply.
Northwestern Mutual does not have one universal fee. A representative's compensation may include planning fees, asset-based advisory fees on investment programs, or commissions on insurance and annuity products, and the mix depends on the representative, program, and products involved. Confirm the complete fee and compensation structure directly with your Northwestern Mutual representative before comparing it with Novak's published fee.
What is the primary difference between Novak and Northwestern Mutual?
Novak charges one flat annual fee covering planning and investment management, with no asset minimum, and clients work directly with one of the practice's two CFP® professionals; Novak does not sell insurance products. Northwestern Mutual is a larger financial-services organization offering planning, investments, brokerage, and insurance through its representatives, with fees, minimums, and compensation that vary by representative, program, and product selected.
Does either firm require an asset minimum?
Novak has no asset minimum. Northwestern Mutual's investment advisory programs have minimums that vary by program, ranging from $25,000 to $1 million according to its official disclosure materials; confirm requirements for the specific program you're considering.
Are both firms fee-only?
Novak is fee-only and charges a flat annual fee with no commissions. Northwestern Mutual is not fee-only; depending on the program and products involved, a representative's compensation may include planning fees, asset-based advisory fees, or commissions on insurance and annuity products. The compensation structures therefore differ, so prospective clients should review the complete fees and potential compensation associated with the specific Northwestern Mutual programs and products being considered.
Disclosure: Novak Financial Partners created this comparison and has a financial interest in prospective clients considering our practice. Novak Financial Partners is not affiliated with, and this page is not endorsed by, Northwestern Mutual. Fees for Northwestern Mutual are based on publicly available information reviewed as of September 4, 2026. Actual fees may vary based on account size, services, negotiation, household complexity, and other factors. Because Northwestern Mutual fees may involve multiple entities, programs, or insurance products, prospective clients should review Northwestern Mutual's applicable Form ADV, program disclosure or brochure, and advisory agreement.
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Schedule a Free Intro CallFlat annual fee. No asset minimum. Serving clients nationwide from Carbondale, IL.