Author Topic: Anybody choose to become* a financial planner after/near FIRE?  (Read 4985 times)

nexus

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Anybody choose to become* a financial planner after/near FIRE?
« on: December 28, 2019, 08:38:07 PM »
What prompted this question
As I get closer and closer to FI, I am considering doing the work towards becoming a certified financial planner. I think it may be a great way to fill in any gaps I currently have in knowledge, and give me something to do part-time to keep me busy once I quit working full time. Regardless of whether or not I ever make any money in the process, Iím considering taking the courses and passing the test. I know after passing the test thereís a time requirement for working/being supervised before you can pass a background check and get the actual designation. I donít care so much about getting the designation, or HAVING to work after FI.

Additionally, if I become traditionally educated it may quell some of the naysayers in my close family circle who have beliefs and opinions theyíve not bothered to question. Perhaps being an ďexpertĒ or someone certified in the matter would help assure them Iím not doing something reckless in their opinion.

Questions
- did taking the CFPB course material augment your knowledge of finance, particularly early retirement , in any way above and beyond what MMM and other folks/bloggers within the movement have taught us?
- if doing it solely for personal knowledge, is it worth it based on what most ďadvancedĒ folks here already know?
- are you able to help other clients move towards practices more in line with Mustachianism or is it too hard given corporate BS/sales pushing towards products with higher fees or commissions ?

(Updated to have a clearer, more understandable title)
« Last Edit: December 28, 2019, 10:04:12 PM by nexus »

SwordGuy

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Re: Anybody go for financial planner after FI or towards the end of FI?
« Reply #1 on: December 28, 2019, 09:13:09 PM »
We had a free one via TIAA.    Only thing of real value we got out of it was a referral to a good estate planning lawyer for our wills and a special needs trust.

Tried to sell us some annuity products which are just plain useless to us compared to what we already have.

FIRE 20/20

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Re: Anybody go for financial planner after FI or towards the end of FI?
« Reply #2 on: December 28, 2019, 09:41:56 PM »
When I read the thread title, I assumed you were asking if people had gone *to* a financial planner, not if they had become certified as a financial planner post-FI.  It looks like SwordGuy might have thought the same thing.  I'm only commenting to suggest you might want to consider rewording the title.  Or not. 

ysette9

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Re: Anybody go for financial planner after FI or towards the end of FI?
« Reply #3 on: December 28, 2019, 09:43:24 PM »
I think your title is confusing. I read it as asking whether we had sought out financial planning from a professional when close to FIRE, but I think instead y ou are asking about whether someone went and got certified as a financial planner.

Iím curious about whether anyone can answer the second.

As for the first, I did a planning session with a Vanguard advisor because I got it free as a perk from work. It was better than expected.
Iíve read that it is good to pay for advice at major transition points in life and I think there may be some sense there.

nexus

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Re: Anybody choose to become* a financial planner after/near FIRE
« Reply #4 on: December 28, 2019, 10:03:12 PM »
Sorry guys ó title updated. Sorry for the confusion.

Shorter version of same question - did anybody pursue getting an education as a financial planner as part of their FIRE plan? Either as a source of income/hobby to help people in their free time, or for their own personal benefit of more ďtraditionalĒ retirement knowledge.

Dicey

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #5 on: December 29, 2019, 06:03:14 AM »
What would it cost in terms of green soldiers and time?

Doing this to assuage relatives doesn't seem like the highest and best use of your resources.

Malcat

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #6 on: December 29, 2019, 07:47:49 AM »
I don't know how it works where you are, but here, the vast majority of financial advisors aren't certified financial planners. Here, I believe that path requires years of experience combined with quite a bit of coursework.

The basic securities course took me a few days to complete and taught me very little of any value.
I am *not* a financial advisor, I took the course mostly out of interest. I do, however, work for a financial firm, but I don't sell anything, so the firm doesn't bother with me being licensed.

Doing the course itself doesn't license me to do anything, it qualifies me to work for a brokerage that can license me, so unless I want to start selling securities, the course is utterly worthless beyond a general interest perspective, and it's pretty lean on any kind of info of value to me. It's more about regulations than anything else. In no way did it make me feel better equipped to advise anyone on their personal finances.

This makes sense to me as I know a number of low-level financial advisors who know shit about personal finance. They're just mutual fund sales people.

The path to becoming a really highly qualified financial planner is more of a career path than an educational path. My financial planner/dear friend is one of these top level professionals with a bank, and hers is not the kind of expertise you get from just course work, although she has completed about every course there is, but that's over decades of her career.

This is why personal finance people don't really do this. The industry isn't really set up for professional-level investment hobbyists.

Now, go ahead and take the basic securities course if you want to. It's easy, not expensive, and really does invoke a certain degree of trust in your financial knowledge, but only to people who truly know nothing about personal finance.

The bigger benefit is that it shuts up the entry-level financial advisor idiots you occasionally meet at parties who try to claim to be investment experts and use social events to try and recruit clients.
"Why would I give you a cut when I have the exact same education as you do?"

If what you want to do is be qualified to give people advice on how to manage their personal finances and have it as a casual part time job, then you could look into becoming a personal finance coach. Again, there isn't really a specific educational path to follow, and you would still need to have personal experience and expertise from somewhere, but this is probably far more in line with what you want to do, then getting yourself a job selling investment products.

Alternatepriorities

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #7 on: December 29, 2019, 01:32:13 PM »
If what you want to do is be qualified to give people advice on how to manage their personal finances and have it as a casual part time job, then you could look into becoming a personal finance coach. Again, there isn't really a specific educational path to follow, and you would still need to have personal experience and expertise from somewhere, but this is probably far more in line with what you want to do, then getting yourself a job selling investment products.

I have some interest in doing this. I've been helping friends run their own numbers for a couple of years and have started hosting groups of friends to discuss everything from credit scores to FIRE. It seems the older I (and my friends) get the more interested they are. One of the things I'm trying to figure out his how to price the service. My concerns are: My observations of our species is that we tend to place a higher value on things we pay for. The industry practice seems to be a percentage based fee which I question to morality off (especially if I am FIREd). Charging my hourly billing rate would price out the people who need help the most.

Now, go ahead and take the basic securities course if you want to. It's easy, not expensive, and really does invoke a certain degree of trust in your financial knowledge, but only to people who truly know nothing about personal finance.

The bigger benefit is that it shuts up the entry-level financial advisor idiots you occasionally meet at parties who try to claim to be investment experts and use social events to try and recruit clients.
"Why would I give you a cut when I have the exact same education as you do?"

I ran into a guy doing this at a friends birthday party this year. I gave up talking investing with him once I realized he liked to sell people whole life insurance. Unfortunately DW didn't get the memo. She ended up in a discussion of indexing vs managed funds and didn't understand why I wasn't joining in.

Malcat

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #8 on: December 29, 2019, 03:35:41 PM »
If what you want to do is be qualified to give people advice on how to manage their personal finances and have it as a casual part time job, then you could look into becoming a personal finance coach. Again, there isn't really a specific educational path to follow, and you would still need to have personal experience and expertise from somewhere, but this is probably far more in line with what you want to do, then getting yourself a job selling investment products.

I have some interest in doing this. I've been helping friends run their own numbers for a couple of years and have started hosting groups of friends to discuss everything from credit scores to FIRE. It seems the older I (and my friends) get the more interested they are. One of the things I'm trying to figure out his how to price the service. My concerns are: My observations of our species is that we tend to place a higher value on things we pay for. The industry practice seems to be a percentage based fee which I question to morality off (especially if I am FIREd). Charging my hourly billing rate would price out the people who need help the most.

Is your goal to build a business or have a paid hobby? Price accordingly.

Now, go ahead and take the basic securities course if you want to. It's easy, not expensive, and really does invoke a certain degree of trust in your financial knowledge, but only to people who truly know nothing about personal finance.

The bigger benefit is that it shuts up the entry-level financial advisor idiots you occasionally meet at parties who try to claim to be investment experts and use social events to try and recruit clients.
"Why would I give you a cut when I have the exact same education as you do?"

I ran into a guy doing this at a friends birthday party this year. I gave up talking investing with him once I realized he liked to sell people whole life insurance. Unfortunately DW didn't get the memo. She ended up in a discussion of indexing vs managed funds and didn't understand why I wasn't joining in.

seattlecyclone

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #9 on: December 29, 2019, 03:39:02 PM »
I'm (slowly) studying for the enrolled agent exam for similar reasons why you're looking into the CFP designation. It would be a way to prove my knowledge, use it to help people in my community, and maybe earn a few bucks. One nice thing about this credential for us FIREd folks is that there are no particular education or work experience requirements involved. Just pass the exam and meet a few other pretty basic requirements and you get a credential that gives you the same rights as CPAs when it comes to federal tax matters. Plus federal taxes touch on so many other aspects of personal finance that you can give some pretty broad-based financial advise from this perspective.
« Last Edit: December 29, 2019, 03:41:50 PM by seattlecyclone »

John Galt incarnate!

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Re: Anybody choose to become* a financial planner after/near FIRE
« Reply #10 on: December 29, 2019, 04:18:30 PM »
Sorry guys ó title updated. Sorry for the confusion.

Shorter version of same question - did anybody pursue getting an education as a financial planner as part of their FIRE plan? Either as a source of income/hobby to help people in their free time, or for their own personal benefit of more ďtraditionalĒ retirement knowledge.

I earned a B.S. in Business Administration w/ a major in Finance primarily for my own benefit: I wanted  to learn more about finance and investing to achieve FIRE as soon as possible.

As I pursued my B.S. I thought about becoming a CFP but decided not to.

EDIT: I also considered becoming an Enrolled Agent.
« Last Edit: December 29, 2019, 04:28:18 PM by John Galt incarnate! »

kpd905

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #11 on: December 29, 2019, 07:28:44 PM »
I'm (slowly) studying for the enrolled agent exam for similar reasons why you're looking into the CFP designation.

Are you taking one of the online courses?  Or using the study books?

seattlecyclone

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #12 on: December 29, 2019, 07:51:15 PM »
I'm (slowly) studying for the enrolled agent exam for similar reasons why you're looking into the CFP designation.

Are you taking one of the online courses?  Or using the study books?

Study books.

nexus

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Re: Anybody go for financial planner after FI or towards the end of FI?
« Reply #13 on: December 30, 2019, 05:13:54 PM »
As for the first, I did a planning session with a Vanguard advisor because I got it free as a perk from work. It was better than expected.
Iíve read that it is good to pay for advice at major transition points in life and I think there may be some sense there.

Yup, I agree. Personally I havenít done so yet, but when I get closer to not working full-time I think it would be a good idea to get some advice.

nexus

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #14 on: December 30, 2019, 05:17:15 PM »
What would it cost in terms of green soldiers and time?

Doing this to assuage relatives doesn't seem like the highest and best use of your resources.

I can get a discount through work, but it would run me about $5k. I could potentially just transition into it by moving internally, and maybe get all of it paid for but it would mean leaving a high paying job that I can do remotely to a lower paying one where Iíd have to be in person.

Youíre definitely right that itís not the best use of my time or money. And at the end of the day I only have to answer to myself (and DW, whoís already on board).

nexus

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #15 on: December 30, 2019, 07:32:27 PM »
Malkynn
Super good points & great insights. I think personal finance coach is pretty accurate in terms of what Iíd like or do. Itís vague enough to be pretty far-reaching without pinning me into any corners. I donít need to/want to sell products to folks, especially ones that I wouldnít buy myself.


Alternatepriorities

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #16 on: December 31, 2019, 12:08:45 AM »
Malkynn
Super good points & great insights. I think personal finance coach is pretty accurate in terms of what Iíd like or do. Itís vague enough to be pretty far-reaching without pinning me into any corners. I donít need to/want to sell products to folks, especially ones that I wouldnít buy myself.

+1

Malcat

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #17 on: December 31, 2019, 04:15:36 AM »
Malkynn
Super good points & great insights. I think personal finance coach is pretty accurate in terms of what Iíd like or do. Itís vague enough to be pretty far-reaching without pinning me into any corners. I donít need to/want to sell products to folks, especially ones that I wouldnít buy myself.

Happy to help.
I did all of this research for myself, which is why I now work for a finance firm despite having zero experience in finance ;)

nexus

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #18 on: December 31, 2019, 11:47:34 AM »
Iím starting to look into personal finance coach. The logical step would be to get some sort of certification, right? That way I have some nifty piece of paper that lets people trust me.

Anyone have any advice on one to pursue? I see a Dave Ramsay one but itís about $1,700 and I donít foresee myself having that good of a ROI.

Or should I just say f* it and put out an ad on Craigslist and see if I get any nibbles even without a certification? ďMustachian Personal Finance Coach - the no shortcut way out of debt!Ē :p

Malcat

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #19 on: December 31, 2019, 05:10:39 PM »
Iím starting to look into personal finance coach. The logical step would be to get some sort of certification, right? That way I have some nifty piece of paper that lets people trust me.

Anyone have any advice on one to pursue? I see a Dave Ramsay one but itís about $1,700 and I donít foresee myself having that good of a ROI.

Or should I just say f* it and put out an ad on Craigslist and see if I get any nibbles even without a certification? ďMustachian Personal Finance Coach - the no shortcut way out of debt!Ē :p

I would say that getting certified as a coach is a lot more than having a nifty piece of paper, it actually teaches you...y'know...how to coach.

If you are going to charge people, you are going to have to be able to offer some degree of expertise/knowledge/skill beyond what is easily found online. That's where specific coaching skills would have value.

It's one thing to know things, it's another thing to give people effective advice, and it's a whole other thing to give people advice and have them feel good about having paid you a substantial amount for it.

Ever tried making someone feel really good about hearing advice they really don't want to hear? If yes, then you know how nuanced it is, and how easily it can go really sideways, really badly. It's a big part of my day job and fuuuuuck, it can sometimes blow up on me.

Beyond that, you're really going to want to learn what the laws are where you are in terms of what you are specifically allowed to advise people on if you are profiting from that advice, you will also want to check if you need any degree of insurance.

nexus

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #20 on: December 31, 2019, 05:43:07 PM »
Iím starting to look into personal finance coach. The logical step would be to get some sort of certification, right? That way I have some nifty piece of paper that lets people trust me.

Anyone have any advice on one to pursue? I see a Dave Ramsay one but itís about $1,700 and I donít foresee myself having that good of a ROI.

Or should I just say f* it and put out an ad on Craigslist and see if I get any nibbles even without a certification? ďMustachian Personal Finance Coach - the no shortcut way out of debt!Ē :p

I would say that getting certified as a coach is a lot more than having a nifty piece of paper, it actually teaches you...y'know...how to coach.

If you are going to charge people, you are going to have to be able to offer some degree of expertise/knowledge/skill beyond what is easily found online. That's where specific coaching skills would have value.

It's one thing to know things, it's another thing to give people effective advice, and it's a whole other thing to give people advice and have them feel good about having paid you a substantial amount for it.

Ever tried making someone feel really good about hearing advice they really don't want to hear? If yes, then you know how nuanced it is, and how easily it can go really sideways, really badly. It's a big part of my day job and fuuuuuck, it can sometimes blow up on me.

Beyond that, you're really going to want to learn what the laws are where you are in terms of what you are specifically allowed to advise people on if you are profiting from that advice, you will also want to check if you need any degree of insurance.

More good points. Last thing I wanna do is end up getting myself into some sort of legal shit show. In terms of actual coaching Iíd probably be safest just helping folks figure out how to cut their budgets and get out of debt. I donít need to sell products or anything. If probed about investing I would suggest low cost index funds, and try to leave the institution or specific tickers out of the equation.

As far as coaching goes, I have a lot of experience teaching ó just not finance. Iíve spent the last decade+ teaching tennis so I understand the nuances of getting people to change habits and especially trust in something thatís new/foreign to them.

The Ramsay seminar might be the best bet. Itís still 1/3 the price of the other courses I was looking at and it already has some brand recognition. Iím not sure how theyíd let me operate ó if Iíd have to do everything through them or if I could work fairly independently and generate my own leads.

As I delve into this more in the next few weeks Iíll either update my findings here, or in my Journal.

EscapeVelocity2020

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #21 on: December 31, 2019, 05:57:02 PM »
Just my few cents from looking in to this back when I thought I was an FI investing genius prior to the tech stock collapse in early 2000.  I was dabbling in a MLM scheme called 'World Financial Group' (not so much in the making money part but interested in them sponsoring me getting my series 63 and 7 licenses, and having a network if I were to hang a shingle).

I quickly realized that most of 'selling investments' is about recommending things that pay commissions.  If I were to do a similar thing now, I'd be a fee only adviser and set up a plan around Vanguard products (ETFs or Index funds if they have large enough portfolios to qualify for Admiral shares).  I think it would be interesting, maybe depressing at times, but most importantly requires good people skills.  Just because you have technical knowledge and want what is best for them doesn't mean they will automatically trust you with their money.  Worst of all, if you get caught in a bear market, you'll spend a lot of time explaining where their money went.

So for the time being, I'm content to manage my own money and follow my own educational interests.  Happy to help others out where I can for free, but I can do that online to my heart's content! 

reeshau

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #22 on: January 01, 2020, 01:33:36 PM »
Great thread;  I'll chime in to say I have also had thoughts about both CFP and Enrolled Agent study in 2020.  I have been thinking about it for the last 5 years or so, but I may have reached the point to act.

I also share in the issue that so many job openings for Cop's (and avenues for paid training) are sales jobs, or places charging % of assets.  I would love to join some place in the Garrett Financial Network or XY Network, which are fee-only, but it seems almost all of them are one-person shops.  I expect running my own business will be more than I want to do--more of the shell of 4unning a business entity, and less of talking to people to help their lives.  (the fun stuff)

I don't have an answer for this dilemma yet.  I am headed to Houston in the near future, so at least it should be a large market.  I hope I can find someone like-minded that I can work with.

markbike528CBX

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #23 on: January 18, 2021, 05:58:12 PM »
I thought about it.
I tried to do some advice for cousins of friends as I trial run.

I realized I don't have the patience or people skills to do this.
As a mustacshian, I freaked out when I saw how unprepared these (pretty average) people were.
I hid my freaked-out-ed-ness, but I don't want to do that again.

ericrugiero

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #24 on: January 19, 2021, 08:55:19 AM »
I've thought about doing this after FIRE.  My primary goal would be to help people with a secondary goal of making some money.  I'd probably use some combination of Dave Ramsey and MMM principles.  Some of my thoughts (having never done this): 
-  People tend to value what they pay for.  If they pay for a diet plan, they are more likely to follow it.  That principle stays true for money as well. 
-  The people I really want to help can't afford to pay. 
-  I'm wondering about having a reasonable fee for my service which could be waived for the people who I'm tying to help.  There is a lot of generational poverty in my area.  People who grew up with parents on welfare and that's the only lifestyle they know.  I would love to help break the cycle.  If my default is a free service, it won't be valued.  If I have an "expensive" service and give them a special break on the cost, maybe they will still value it without me charging people who can't afford it.  It's not perfect but it's the best idea I have so far.  Bonus - I can charge a healthy fee to the people who can really afford it and provide a good service for a fair price. 
-  I have a friend who runs an accounting/financial service company.  I might talk to him about using his facilities and contacts to get started. 


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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #25 on: January 19, 2021, 10:46:34 AM »
@ericrugiero , you might be interested in Michael Kitces' reasons for founding the XY Planning Network; he was wrestling with similar issues, although not at all focused on charitable work. Rather, just the thought of price as motivation, and compensation for unpaid work--meaning, free initial visits.  I I heard him talk on the Choose FI podcast, but I'm sure he has talked about it elsewhere.

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #26 on: January 19, 2021, 12:21:21 PM »
I've thought about doing this after FIRE.  My primary goal would be to help people with a secondary goal of making some money.  I'd probably use some combination of Dave Ramsey and MMM principles.  Some of my thoughts (having never done this): 
-  People tend to value what they pay for.  If they pay for a diet plan, they are more likely to follow it.  That principle stays true for money as well. 
-  The people I really want to help can't afford to pay. 
-  I'm wondering about having a reasonable fee for my service which could be waived for the people who I'm tying to help.  There is a lot of generational poverty in my area.  People who grew up with parents on welfare and that's the only lifestyle they know.  I would love to help break the cycle.  If my default is a free service, it won't be valued.  If I have an "expensive" service and give them a special break on the cost, maybe they will still value it without me charging people who can't afford it.  It's not perfect but it's the best idea I have so far.  Bonus - I can charge a healthy fee to the people who can really afford it and provide a good service for a fair price. 
-  I have a friend who runs an accounting/financial service company.  I might talk to him about using his facilities and contacts to get started.

I've considered this idea quite a bit and the best thought I have is a subscription model where I charger the LESSER or 1% of assets or $100 a year. I'm not certain on the numbers, but I like the idea of turning the usual fee models on their head.

Most of the people I have helped so far are friends and I genuinely enjoy seeing them make progress towards FI even if it's baby steps at the beginning sometime. I do worry if any of them will blame me during the next big correction, but none did last year, and that's encouraging.


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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #27 on: January 19, 2021, 12:25:56 PM »
I thought about it.
I tried to do some advice for cousins of friends as I trial run.

I realized I don't have the patience or people skills to do this.
As a mustacshian, I freaked out when I saw how unprepared these (pretty average) people were.
I hid my freaked-out-ed-ness, but I don't want to do that again.


I might be testing myself in this tonight. I'm having dinner tonight with an older couple I have known for 25 years. There son is one of my friends who's made great progress the last couple of years and now they want help with their numbers.

nexus

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #28 on: January 19, 2021, 12:45:52 PM »
I love how this thread has come back from the dead! :)

Malcat

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #29 on: January 19, 2021, 12:59:30 PM »
I've thought about doing this after FIRE.  My primary goal would be to help people with a secondary goal of making some money.  I'd probably use some combination of Dave Ramsey and MMM principles.  Some of my thoughts (having never done this): 
-  People tend to value what they pay for.  If they pay for a diet plan, they are more likely to follow it.  That principle stays true for money as well. 
-  The people I really want to help can't afford to pay. 
-  I'm wondering about having a reasonable fee for my service which could be waived for the people who I'm tying to help.  There is a lot of generational poverty in my area.  People who grew up with parents on welfare and that's the only lifestyle they know.  I would love to help break the cycle.  If my default is a free service, it won't be valued.  If I have an "expensive" service and give them a special break on the cost, maybe they will still value it without me charging people who can't afford it.  It's not perfect but it's the best idea I have so far.  Bonus - I can charge a healthy fee to the people who can really afford it and provide a good service for a fair price. 
-  I have a friend who runs an accounting/financial service company.  I might talk to him about using his facilities and contacts to get started.

I've considered this idea quite a bit and the best thought I have is a subscription model where I charger the LESSER or 1% of assets or $100 a year. I'm not certain on the numbers, but I like the idea of turning the usual fee models on their head.

Most of the people I have helped so far are friends and I genuinely enjoy seeing them make progress towards FI even if it's baby steps at the beginning sometime. I do worry if any of them will blame me during the next big correction, but none did last year, and that's encouraging.

How much help are you offering for $100 a year? At that rate it's basically free help with a small tip.

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Re: Anybody choose to become* a financial planner after/near FIRE?
« Reply #30 on: January 19, 2021, 01:10:49 PM »
I've thought about doing this after FIRE.  My primary goal would be to help people with a secondary goal of making some money.  I'd probably use some combination of Dave Ramsey and MMM principles.  Some of my thoughts (having never done this): 
-  People tend to value what they pay for.  If they pay for a diet plan, they are more likely to follow it.  That principle stays true for money as well. 
-  The people I really want to help can't afford to pay. 
-  I'm wondering about having a reasonable fee for my service which could be waived for the people who I'm tying to help.  There is a lot of generational poverty in my area.  People who grew up with parents on welfare and that's the only lifestyle they know.  I would love to help break the cycle.  If my default is a free service, it won't be valued.  If I have an "expensive" service and give them a special break on the cost, maybe they will still value it without me charging people who can't afford it.  It's not perfect but it's the best idea I have so far.  Bonus - I can charge a healthy fee to the people who can really afford it and provide a good service for a fair price. 
-  I have a friend who runs an accounting/financial service company.  I might talk to him about using his facilities and contacts to get started.

I've considered this idea quite a bit and the best thought I have is a subscription model where I charger the LESSER or 1% of assets or $100 a year. I'm not certain on the numbers, but I like the idea of turning the usual fee models on their head.

Most of the people I have helped so far are friends and I genuinely enjoy seeing them make progress towards FI even if it's baby steps at the beginning sometime. I do worry if any of them will blame me during the next big correction, but none did last year, and that's encouraging.

How much help are you offering for $100 a year? At that rate it's basically free help with a small tip.

That's one reason I'm not sure of the fee schedule. I wouldn't be doing it for the money though, but I agree with Ericrugiero that people value things they pay for more, but I don't want to cost to prevent the people most in need of help from asking. Most the friends I've helped so far have been a few deep conversations at the start followed by random questions along the way and multiple dinners to discuss details with the most interested. While none of my friends have adopted and hard pursuit of FIRE yet, a number of them are now on track to retire at all and most will be able to do so at least a little early.