Author Topic: Second career- Advisor/retirement planner?  (Read 915 times)

Reddleman

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Second career- Advisor/retirement planner?
« on: January 07, 2018, 03:28:45 PM »
Feel free to tell me if this is the wrong forum.  Given some of the expertise I've seen here, I thought it might be appropriate.

As a teacher, I'm closing in on my FIRE date within the next few years, and am looking towards what the next chapter will be.  I've considered working as a retirement consultant/planner.  While I don't have an academic background in finance, my day job is taking complex ideas and translating them, so that would probably be a plus. 

The biggest questions I have are:
1. How would I go about preparing for this?   What training/experience/certification would be necessary?
2. I am not really concerned about maximizing my income, but on being a proper fiduciary.  Most of the "financial advisors" that I've run into that target/service teachers and other public servants really do not have their best interest in mind.  I'd like to be able to actually be honest with my clients.  How would I go about meeting the minimum qualification requirements for most certifications if the typical entry level position is in a sales-first oriented company? 

So, how would I be able to do this while avoiding as much shadiness as possible?

sirdoug007

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Re: Second career- Advisor/retirement planner?
« Reply #1 on: January 07, 2018, 06:58:06 PM »
Feel free to tell me if this is the wrong forum.  Given some of the expertise I've seen here, I thought it might be appropriate.

As a teacher, I'm closing in on my FIRE date within the next few years, and am looking towards what the next chapter will be.  I've considered working as a retirement consultant/planner.  While I don't have an academic background in finance, my day job is taking complex ideas and translating them, so that would probably be a plus. 

The biggest questions I have are:
1. How would I go about preparing for this?   What training/experience/certification would be necessary?
2. I am not really concerned about maximizing my income, but on being a proper fiduciary.  Most of the "financial advisors" that I've run into that target/service teachers and other public servants really do not have their best interest in mind.  I'd like to be able to actually be honest with my clients.  How would I go about meeting the minimum qualification requirements for most certifications if the typical entry level position is in a sales-first oriented company? 

So, how would I be able to do this while avoiding as much shadiness as possible?

I just did this very thing.

I had been working as a consulting engineer for 15.5 years but really had a passion for financial planning and helping people with their finances.

I would highly recommend finding a program and taking the classes necessary to be eligible for the CFP (Certified Financial Planner) designation.  If you spend a lot of time here the topics will be familiar but this will fill in some blanks and IMHO the CFP is a necessary mark to show you are a serious fiduciary advisor.

I found a job working for an experienced advisor through newplannerrecruiting.com.  I feel like I got really really lucky finding a great guy who has had his own business for 15 years and is doing great.  It's hard to find this sort of gig.  The vast majority of jobs are with brokerages and insurance companies which you probably don't want to deal with due to the pressure to sell.

Another option is to start your own firm, but expect a rough road for at least the first 2 years as you build up your client base.  XY planning network is a great resource for information and can provide the "back office" type support you need if you do start your own firm.

I'm very excited to be starting my new job tomorrow.  Let me know if I can answer any other questions.

Kott308

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Re: Second career- Advisor/retirement planner?
« Reply #2 on: January 07, 2018, 07:14:31 PM »
As a fellow teacher, I've considered doing a similar thing, but in the form of a blog or podcast geared specifically toward teachers trying to reach FI or early retirement (or even just a somewhat-dignified retirement for some).

You're right about the lack of good folks catering to teachers in the retirement planning space. Our pensions are held out like carrots on sticks, and the bald, overweight, shysters who stop by a few times a year to hock high-fee 403(b) plans and annuities are useless. The first one I ever spoke with tried to pitch me on the benefits of building up a 403(b) so I could borrow against it to buy a home.

Oh, and try talking to your district's HR about retirement planning. Deer + Headlights.

Go for it! I would start before you fully leave the teaching field (that's my plan). Build up a steady client base in your last few years.