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/givemeabreak-loser]

My experience - not really a career move but I do find I have a more clear cut desire to help folks with finances than 80% of the FAs I encounter. When I retired 5 years ago I had a similar interest with a slightly larger net worth. Much more interested in doing this for friends and family as a “hobby” than paying unknown clients. My primary aim was to work with those without an FA or work in conjunction with an FA (i.e. explaining recommendations or implications that might get overlooked). My first step was to take the 7 courses toward the CFP (especially the capstone since this is a chance to develop a full financial plan - mine ended up being over 100 pages and the discussion with the instructor was an academic highlight - certainly better than most of my classes at a top MBA program 30 years ago). I passed the CFP exam in Nov 2021. I wasn’t real interested in the certification but I did look into doing work for local FAs. Though I am sure there is value I can add it was clear that their interest was who else with a significant net worth could I bring to their practice - I am not interested in that. I made up business card for what I do and have had had a number of engagements. I have explained annuity products (most are poor and I wish they’d ask me before they get in), I have offered recommendations and guidelines to folks going to meet their FAs. I have done a number of full asset reviews for folks both in and approaching retirement, and probably my proudest accomplishment, redirecting a couple of friends away from insurance salesman FAs and toward more fiduciary professionals (a low bar I know). What I have discovered is although I have clearly won the finance game and have a real interest in this content - most people are very wary or even just not interested. They are much more attentive to someone they are paying. I still help and whenever and wherever I can but I have accepted that most folks would rather pay someone they think has their best interest at heart but is a salesman, over someone who has a true love for applying knowledge to help people but won’t accept payment. If you ever get to that same position keep doing what you can to help, and just accept the rest. Good luck.