# Northwestern Mutual Investment Services,llc

> Northwestern Mutual Investment Services,llc is an SEC-registered investment advisory firm in Milwaukee, WI, registered since 1971, with no regulatory assets under management reported in its Form ADV filing dated March 31, 2026.

- CRD: 2881
- Filed as: NORTHWESTERN MUTUAL INVESTMENT SERVICES,LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Milwaukee, WI
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/2881
- AdvisorCensus page: https://advisorcensus.com/firm/northwestern-mutual-investment-services-llc-milwaukee-wi-2881

## Quick answers

**How is Northwestern Mutual Investment Services,llc compensated?**
On its Form ADV (Item 5.E, October 2026), Northwestern Mutual Investment Services,llc reports these compensation arrangements: fixed fees (other than subscription fees); other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Northwestern Mutual Investment Services,llc located?**
Northwestern Mutual Investment Services,llc's principal office is in Milwaukee, WI, according to its Form ADV.

**Is Northwestern Mutual Investment Services,llc registered with the SEC or a state?**
Northwestern Mutual Investment Services,llc is an SEC-registered investment advisory firm, registered since 1971. Status as filed: Approved. CRD 2881.

**How have Northwestern Mutual Investment Services,llc's assets and staff changed since 2021?**
In the Form ADV data for Northwestern Mutual Investment Services,llc: Total employees: 2,496 in October 2021 and 2,294 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Northwestern Mutual Investment Services,llc serve?**
By number of clients on Form ADV Item 5.D: banking or thrift institutions (1).

**Does Northwestern Mutual Investment Services,llc report any disciplinary disclosures?**
Reports 6 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), 11.D(2) (another regulator's finding of a violation), 11.D(4) (another regulator's order in the past ten years), and 11.E(2) (self-regulatory organization's finding of a rule violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/2881

**What changed in Northwestern Mutual Investment Services,llc's recent Form ADV filings?**
In the April 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- Fixed fees (other than subscription fees)
- Other

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Banking or thrift institutions | 1 | $0 |

### Advisory services (Item 5.G)
- Other

### Firm details
- Registered since: 1971 (54 years)
- Employees: 2,294 total, 15 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV
- Disclosures (Item 11): Reports 6 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/2881

### Websites listed on Form ADV (Item 1.I)
- [northwesternmutual.com](https://northwesternmutual.com)
- Facebook @NORTHWESTERNMUTUAL
- Instagram @NORTHWESTERNMUTUAL
- LinkedIn @NORTHWESTERN-MUTUAL
- TikTok @NORTHWESTERNMUTUAL
- X @NM_FINANCIAL
- YouTube @northwesternmutual

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | Not reported | 2,496 | August 25, 2021 |
| October 2022 | Not reported | 2,216 | March 30, 2022 |
| October 2023 | Not reported | 2,125 | September 20, 2023 |
| October 2024 | Not reported | 2,537 | August 14, 2024 |
| October 2025 | Not reported | 2,577 | May 1, 2025 |
| October 2026 | Not reported | 2,294 | March 31, 2026 |

Total employees: 2,496 in October 2021 and 2,294 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Northwestern Mutual Investment Services,llc (CRD 2881): Form ADV filing data as of October 2026.