Author Topic: Help with career advice in Financial Planning  (Read 2841 times)

NorcalBlue

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Help with career advice in Financial Planning
« on: February 04, 2016, 06:08:30 PM »
Hello All,

A little background

-FIRE'd last year at 43 after being laid off
-Degree in Finance - background in Financial Systems, accounting
-considering going back to work as FIRE just isn't do it for me
-looking to start a career that really interests me and feels rewarding instead of just filling the coffers with additional $$ from a soul sucking job

Anyway, I feel like my real passion is financial planning, investing, helping others with investing, etc.  Since becoming FIRE'd, I spend hours a day studying the subject and I really can't get enough of it.  Been like this most of my adult life.  I've shared my investment philosophy with my friends and have helped them with their portfolios and I've found that to be very satisfying (albeit a very simple strategy)

So....I'd really like to pursue a career that matches this passion.  HOWEVER, I'm a big believer in low cost index investing and wouldn't feel right about pushing high cost product that would be required by most institutions (I'm guessing).

So my question is this:  Is there a career/job that would match the passion outlined above without compromising my principles?  I've thought of teaching, but I'm not sure I'm ideally suited to be a teacher.

Thanks in advance for any thoughts you may have on the subject.

Bajadoc

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Re: Help with career advice in Financial Planning
« Reply #1 on: February 04, 2016, 07:14:35 PM »
How much money do you have? It makes a difference. You don't sound independent. You sound lost. There are many possibilities for fulfillment if you are financially independent. If you are not financially independent find work you can stand and save save save.

mozar

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Re: Help with career advice in Financial Planning
« Reply #2 on: February 04, 2016, 07:35:29 PM »
What about something totally different like park ranger, animation, or fashion designer?

You could be like Joshua Kennon and start your own investment portfolio and start watching friends and family money.

mxt0133

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Re: Help with career advice in Financial Planning
« Reply #3 on: February 04, 2016, 08:39:34 PM »
Look into how to be a fee only financial planner with a CFP designation.

pbkmaine

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Re: Help with career advice in Financial Planning
« Reply #4 on: February 04, 2016, 09:22:34 PM »
Do you live near Valley Forge, PA, Charlotte, NC, NYC or Boston? Vanguard, TIAA-CREF and Fidelity Investments are always looking for people like you. If you don't live near those places, TIAA-CREF and Fidelity have many regional locations.

SeanMC

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Re: Help with career advice in Financial Planning
« Reply #5 on: February 05, 2016, 06:17:17 AM »
What are your "soft" skills? What do you enjoy doing?

Can you write? Find an outlet for writing about finance and investments.

Do you like counseling or working with people/individuals? Become a financial coach or counselor.

Do you like business planning and strategizing? Consultant.

Finding work you are passionate about isn't just about the subject matter. It is the nuts and bolts of what you like doing with that content.

NorcalBlue

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Re: Help with career advice in Financial Planning
« Reply #6 on: February 07, 2016, 11:08:23 AM »
Thanks for the feedback everyone.

BajaDoc:  I'd consider myself FI.  Invested funds of $1.25M, no debt, Required WR 2% (currently WR of 3%).  But yeah, I do feel a bit lost I guess, hence the post.

MXT:  Fee based FP sounds interesting.  But, my philosophy on investing is so simple, I'm just wondering if that would work as a FP.  "I recommend a 60/40 Stock/Bond AA by using Stock and Bond Total Market Index Funds or ETF's....thanks for coming in :)."  Of course I realize it would be more involved than this, but just not sure that would sell.  That being said, I've helped several friends over the past year with this very approach and most of them seemed oblivious and appreciative.

PBK:  I live in Sacramento, but I'm intrigued about opportunities with Vanguard you mention.  I'm going to look into it.  I like their approach, both from a moral standpoint and performance.

SeanMC:  Writing was actually the favorite part of my career.  Specifically, writing about strategy and planning related to project management of the financial systems I managed.  I really enjoyed that aspect of the job - the politics.....not so much.  You're right - I need to give more consideration to the nuts and bolts to any potential career in financial serves.  My first job out of school was a stock broker - little did I know that the "nuts and bolts" consisted of 10 hours of cold calling :).

Thanks again for everyones feedback.  One thing is for sure:  Being FI gives a person a chance of actually finding an enjoyable occupation.
« Last Edit: February 07, 2016, 02:17:57 PM by esummers »

Jack

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Re: Help with career advice in Financial Planning
« Reply #7 on: February 07, 2016, 11:17:24 AM »
Since you're FI, you could be a volunteer financial planner. It seems to me that the folks most in need of financial advice are too poor to afford it from the normal sources.

tj

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Re: Help with career advice in Financial Planning
« Reply #8 on: February 07, 2016, 05:08:55 PM »
Since you're FI, you could be a volunteer financial planner. It seems to me that the folks most in need of financial advice are too poor to afford it from the normal sources.

Exactly! This is something I hope to do when retired, I'm not sure if one can be taken seriously though without the professional background/training.

CATman

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Re: Help with career advice in Financial Planning
« Reply #9 on: February 07, 2016, 11:04:49 PM »
Look into how to be a fee only financial planner with a CFP designation.

+1 If you're serious about wanting to give financial advice having a CFP designation would be the best route. It doesn't mean you'd have to charge anything, but you could then tell people you are a financial planner. It would also shed light on some liabilities you would take on in doing so, whether or not you do it for a fee. This way you're protecting yourself as well as getting to help those around you. Best of luck in whatever you decide to pursue!

Bertram

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Re: Help with career advice in Financial Planning
« Reply #10 on: February 08, 2016, 03:02:48 AM »
MXT:  Fee based FP sounds interesting.  But, my philosophy on investing is so simple, I'm just wondering if that would work as a FP.  "I recommend a 60/40 Stock/Bond AA by using Stock and Bond Total Market Index Funds or ETF's....thanks for coming in :)."  Of course I realize it would be more involved than this, but just not sure that would sell.  That being said, I've helped several friends over the past year with this very approach and most of them seemed oblivious and appreciative.

Well, if you're a "one trick pony" then it won't work for obvious reasons. Being an adviser does not mean pushing your own preferences and ideas onto others. THat's just dispensing advise like old people do it. Advising is not about making other people do what works for you. It's about helping clients find out what works for them.

If you want to advise, you need to understand the situation and preferences or clients, you need to show them the available options, you need to present a model which can be used to show the adequacy of certain options to certain models. And of course all of this should be understandable to a layman, and you should be able to communicate it. You need to explain risks and ways to mitigate them, find out acceptable levels of risk (preference!) and so on. Most of all you need empathy and find out what makes the clients tick and which advice will matter to them.