Dan Schmid: Why Did Advisor Resign from Northwestern Mutual?

Minneapolis, Minnesota financial advisor Dan Schmid (CRD# 6658306) recently resigned from Northwestern Mutual Investment Services in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is now registered as a broker with Equitable Advisors.

Mr. Schmid’s BrokerCheck report discloses his resignation from Northwestern Mutual. Filed in October 2024, it states that he was “permitted to resign” during an “internal review related to replacement activity and disclosure of outside business activities.”

A second disclosure on his BrokerCheck report concerns a 2019 sanction against him. Filed in 2019 by the Minnesota Commerce Department, it alleged that he “certified his compliance with his insurance producer continuing education requirements at the time of his license renewal before he had completed all of the required continuing education credits.” He paid a fine of $500 and completed the CE requirements.

Investors should be aware that FINRA Rule 3270 prohibits brokers like Mr. Schmid from participating in unapproved outside business activities. “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm,” the rule stipulates, “unless he or she has provided prior written notice to the member, in such form as specified by the member.” Representatives who violate this rule may be subject to disciplinary action and/or held liable for damages.

According to the Financial Industry Regulatory Authority, Dan Schmid holds eight years of securities industry experience. Based in Minneapolis Minnesota, he has been registered as a broker with Equitable Advisors since December 2024. He was previously registered with Northwestern Mutual Investment Services in Minneapolis from 2016 until 2024. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7TO; the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California. (Information current as of December 9, 2024.)

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