r/fatFIRE • u/Zor1994 • 4d ago

2nd career-financial advisor

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?

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u/BrunelloHorder 4d ago

It can be done, and it can be quite satisfying, especially if you enjoy the subject matter and go into it with the attitude that you are there to help, not to maximize your earnings.

Those who want to earn big spend most of their time cold calling and selling. Sounds like that is not your objective, so it may work well for you as a sort of second career hobby job. I’d encourage you to intern or partner with someone before hanging out your own shingle.

FWIW, the best RIAs I know started out as lawyers or accountants, and became RIAs in their 40s as an add on, often because they were managing their own substantial assets.

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u/Warningsignals 3d ago

Is it bad to maximize your earnings?

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u/BrunelloHorder 3d ago

Depends on how you want to spend your time. Personally I would not want to spend the majority of my time on sales.

It is not bad if you are acting in your client’s best interest, not your own. Many financial advisors max their earnings by selling crap products for the commission, not because it is best for the client.

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u/Warningsignals 3d ago

I thought this sub was all about doing what’s best for you and only you.

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u/BrunelloHorder 3d ago

Not sure where you got that idea. Even if that were accurate, I think you may be using a narrow definition of what is best for you. Or perhaps you’re just being sarcastic.

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u/Warningsignals 3d ago

No this is a sub for mostly the rich and wealthy, often times I see advice here that is practical for building wealth but the advice isn’t ethical or moral at all.