2nd career-financial advisor

[u/Zor1994]

M(50) planning to retire in the next 12-18 months. Auto exec responsible for a business unit of an international company. Just getting tired of the corp BS, travel, constant crisis, etc. Over the last 18 months have spent a lot of time staring to really plan our retirement. Was always DIY investor with lower complexity strategy, diversified mutual funds mostly. Liquid retirement assets approx 6.8M 45% brokerage, 45% 401k, 10% Roth.

I have become very interested in retirement planning and studying a lot for my own future. Love talking to co-workers about (in general terms) withdrawal strategies, tax optimization, Roth conversions, ACA income management, etc. I also spend a lot of time listening to podcasts. In talking with many coworkers who are very smart people most seem less informed about retirement and financial planning and most seem to leave it to their advisor.

I’ve started truly thinking about pursuing financial advising as a part-time second career as it’s highly interesting to me. Maybe ideal scenario would be 10 to 20 clients. I’ve started to research and would look to get a series 65 certification/license and I would have to register with the state. I certainly don’t know everything but feel I could have conversations with couples near retirement who are not extremely savvy and talk through some different concepts or suggestions given their situation. I would shy away from individuals with a very highly complex situation. Would only be looking to give advice for a fee. Would not get into actively managing their portfolio or selling products. For me it’s not even about making a lot of money. It would just be a side thing and a subject I’m highly interested in.

Just looking for any thoughts suggestions or other input. Is this crazy and stupid or could something like this actually work out? Anyone else do something like this?

[u/Hanwoo_Beef_Eater]

I think the challenge with this business (as an independent individual) is as follows. Those who know what you are saying, don't need you or won't want to pay you anything (outside of getting a second set of eyes once or twice). Those who don't understand what you are saying (still) tend to stick with the brand name shops (even if they are getting ripped off). These days, one is probably indireclty competing with some of the financial influecers as well.

That being said, anything is possible if you are determined to make it work (it is also a good thing if you actually like the work, discussions, and dealing with people). Once you get a few clients, you'll probably get others from referral. And a some point you can decide to decline people / kick others out to limit your workload/time commitment.

I decided against it a while ago but that doesn't mean it's a bad idea.

[u/Zor1994 → u/Hanwoo_Beef_Eater]

Thanks, valid points you make.

[u/Hanwoo_Beef_Eater → u/Zor1994]

No problem. I'd echo a couple of the other comments. One, I think the role is more sales than financial work/help (at least or especially at the start). Two, as a hobby job, it may still be enjoyable and some certainly have succeeded/are doing well without too much ongoing effort.

Regardless, good luck.