Leaving a Legacy: Retirement Advice for Financial Advisors

You’ve worked decades building your financial career and client list. Like many, you probably did so while daydreaming about what life would be like when you retire – lots of free time and little to do.

Then, it seems like you blinked and found yourself facing retirement. What you once dreamed of is about to be reality, and it’s exciting and scary.

If retirement has you feeling all sorts of conflicting emotions, you aren’t alone. It’s a massive shift in identity and schedule for someone who’s worked for decades, and many feel anxious about it.

Read more for tips and tricks to make the transition easier. By taking the proper steps now, you’ll create a lasting legacy, solidify your achievements, and stay mentally engaged until your retirement date and beyond.

Keep Working

It’s a bit of unexpected advice for a retirement article. However, retirement doesn’t have to be all or nothing. For those who love what they do or are having a tough time coping with the idea of not being attached to their profession, staying in the game is a great idea.

Retirees commonly return to work. After all, depending on your health and age, and given today’s life expectancy, you could live another 20 to 30 years after retiring. For some, that’s too long to live without a job.

Should you need something between full-time and retirement, consider cutting your hours to part-time or working as a consultant on special projects. Transfer some of your clients to a colleague while holding onto others.

How about working in a totally different industry? Start a new career utilizing your unique interests or hobbies. Again, consider part-time positions or ones where you set your hours so they better align with the lifestyle you’ve always wanted.

Continuing to work brings in extra money and saves more of your retirement funds. It keeps you engaged, mentally sharp, and feeling valued. Plus, it wards off the boredom and blues that can sometimes creep in during retirement.

Give Back

Giving back can look like many things. For one, teaching others what it took you years of experience to learn is a way to give back.

  • Become a Mentor to one or a few of the new generation in your firm. Challenge yourself to be available, open, and patient as you teach the younger, less experienced financial advisors. Help them build a network of associates and clients. Doing so will keep you engaged, plus you’ll be helping someone else (and your firm) succeed.

  • Write to future generations. Get all that head knowledge on paper or your computer for current and future employees.

    One of the most essential pieces to write is a road map detailing your processes and procedures to your colleagues. In your ‘How To’ guide, include the software, technology, and documentation you use to do your job. List any vital spreadsheets, checklists, or files. Also, write down those little gold nuggets, so to speak, that are only in your memory. You’ll be helping your work associates and clients achieve their goals much faster.

    In addition to writing to those you’ve been working with, consider publishing what you’ve learned over your career so anyone can learn from you. Check out publishers, or skip the middleman and self-publish. In our digital age, you can create a website with very little startup capital and publish weekly content through blogs or videos. You’ll leave your mark on the world by sharing what you’ve learned.

Unite Change With Wisdom

You have the experience. You know what hasn’t worked in the past and what has. Your younger work associates have the desire to make changes.

Why not marry the two views by partnering with those in your firm who want to revise processes or switch technology? Use your experience to guide changes that will take place in your absence. Your knowledge is vital to making transitions as smooth as possible.

Stay Connected

Maintaining relationships and routines is vital to living your best life in retirement. Doing so reduces feelings of depression and isolation. It boosts brain function and memory and satisfies our natural social and emotional needs. Additionally, having a network of friends to lean on when you need help is nice.

When you’ve spent an average of eight hours a week, five days a week for decades at your job, you’re probably leaving some strong relationships at the office. Keep those friendships going strong. Invite your colleagues to lunch occasionally, to your holiday parties, or keep in touch through professional/social/athletic organizations.

Additionally, stay connected to your profession. You’ll improve your brainpower by learning what’s new in your industry. During retirement, you might find the free time to delve deeper into a topic of interest you didn’t have the time for when you were working. You may discover reading industry magazines or attending college classes is more interesting now that you aren’t required to learn. Keeping your industry knowledge current will allow you to return to work if desired.

Maintain a Routine. It doesn’t have to be anywhere near as structured as when you were working. Simply keeping regular sleep/wake cycles and meal intervals is good for your brain, body, and mental health.

Invest in Independent Financial Advisor Coaching

Consider hiring a coach specific to the finance industry. Financial advisor coaches understand what’s important to you at all stages of your career more so than generic life coaches.

Wanting to sell your practice when you retire? What about succession planning?

There’s a lot for a financial planner to think about at retirement – way more than this article can cover. Search for a financial advisor coach to help smooth your transition into retirement.


Leaving a Legacy: Retirement Advice for Financial Advisors