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Next Career - Retired Military

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mbbillings View Drop Down
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    Posted: Oct/02/2017 at 12:36pm
Hi everyone,
 
I'm planning to retire in a few years from a 20 year military officer/pilot career and seriously considering pursuing a CFP designation as my next act.  I'm hoping to get some insight from this forum on the goods, bads, and others that come along with this profession as well as, hopefully, some advice on how to choose a direction and get started so that I am prepared for the transition.
 
In an ideal world I would build my own practice, but I realize that I really don't know what I don't know right now.  Any advice and/or insight is very much appreciated!
 
MB  
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anonymous View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote anonymous Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2017 at 1:28pm
You'll get a lot of sarcasm, including from me. At the end of the day, if you spend all of your time asking people to do business' with you, or if they're ok with you following up, and you keep contacting them, you will become incredibly wealthy. No exceptions.

"Just do shit. It doesnt matter what as long as it gets you and your name in front of people" - Sportsfreak
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mbbillings Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2017 at 7:20pm
Thanks for the response.  How would you go about starting to prepare if in my position?  I lean towards fee only RIA.  Should I take a CFP or other course, try to find part time work in the field, some combination or other path that would be a good way to get started?

I'll retire in about 4 years and probably move from my last duty station to settle down.  I have a young family, but a small pension and health care from the military that can probably get me through some of the lean years as I get started.

    
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Thanks for your service.

I would lean toward a company with a training program for new advisors and recruits Veterans. Edward Jones has a great training program and reputation. I think starting out RIA out the gate is tough.
If you don't know what a DD-214 is, shut your pie hole!
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Even a guy 4 years away knows RIA is the only way to go.
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Originally posted by bc2051 bc2051 wrote:

Even a guy 4 years away knows RIA is the only way to go.

He doesn't know yet that only Edward Jones cares about clients.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2017 at 10:07pm
Originally posted by Army13A Army13A wrote:

Thanks for your service.

I would lean toward a company with a training program for new advisors and recruits Veterans. Edward Jones has a great training program and reputation. I think starting out RIA out the gate is tough.


Easier with a pension.
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

Fiduciary as Fuck - iMo
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ironman Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2017 at 10:08pm
Welcome and thank you for your service. 

First, is your screen name fairly easy to recognize as you if someone knows you? If so, consider changing it.

Are you located now where you will build your business? If so here are some ideas:

- join every club/association you can. Develop a reputation as someone who serves others
- If you are religious get involved in your local church or whatever. Again, build a reputation as someone who serves others
- Don't mention your long-term plans. Just serve people and ensconce yourself in each group. When asked what you will do when you get out tell them you're not sure. You have several ideas...
- If you are an investor develop a "take" on investing. Ever listen to Jim Rome on sports radio? Have a take. Don't suck. Someone told me that and it's as true in this job as a radio show
- When the subject of investing comes up speak freely. Give your take. Because you haven't begun actively prospecting people will listen to you without fear that you're going to ask for their money
- do not get involved in politics at any level. When politics comes up try and stay neutral or just excuse yourself. No matter whether you're on the blue team or the red team people from both teams have money. Don't alienate.
- do you use a CPA to do your taxes? If not, start. CPA's are great sources of referrals. Develop a business relationship. Take him/her to lunch. Let them know that ONE of the things you are considering is RIA. Ask for their advice. Shut up. Listen. Keep asking questions. Let them talk as long as they want.
- I don't know  if you're allowed to access the whole forum if you're that far out from getting licensed. It's not up to me. If you are, comb thorough all of the topics. Useful information is hiding in the most unlikely threads

You are on the right path. If you can go RIA from the start, do it. 

If you are not now where you plan to build your business take up knitting.


Edited by Ironman - Oct/02/2017 at 10:11pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Army13A Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2017 at 10:40pm
Originally posted by Moraen Moraen wrote:

Originally posted by Army13A Army13A wrote:

Thanks for your service.

I would lean toward a company with a training program for new advisors and recruits Veterans. Edward Jones has a great training program and reputation. I think starting out RIA out the gate is tough.


Easier with a pension.


This is true.
If you don't know what a DD-214 is, shut your pie hole!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Ironman Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2017 at 11:24pm
Originally posted by Army13A Army13A wrote:

Originally posted by Moraen Moraen wrote:

Originally posted by Army13A Army13A wrote:

Thanks for your service.

I would lean toward a company with a training program for new advisors and recruits Veterans. Edward Jones has a great training program and reputation. I think starting out RIA out the gate is tough.


Easier with a pension.


This is true.

It can also sap your drive. I have an EJ friend who retired as a career Naval officer. Nice big pension. He has a hard time getting himself to work. He's a quality guy but he doesn't have much need for income. 

As an RIA though it would help you set high standards for who you will take right off the bat. But, if you have a problem hunting for assets the pension may not be your friend. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote BogeyD Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2017 at 12:22am
Originally posted by Ironman Ironman wrote:

Originally posted by Army13A Army13A wrote:

Originally posted by Moraen Moraen wrote:

Originally posted by Army13A Army13A wrote:

Thanks for your service.

I would lean toward a company with a training program for new advisors and recruits Veterans. Edward Jones has a great training program and reputation. I think starting out RIA out the gate is tough.


Easier with a pension.


This is true.

It can also sap your drive. I have an EJ friend who retired as a career Naval officer. Nice big pension. He has a hard time getting himself to work. He's a quality guy but he doesn't have much need for income. 

As an RIA though it would help you set high standards for who you will take right off the bat. But, if you have a problem hunting for assets the pension may not be your friend. 

What about buying a book right off the bat? You wouldn't have the personal satisfaction of building it yourself over time, but if one has the means to do it wouldn't it be a good way to start?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mbbillings Quote  Post ReplyReply Direct Link To This Post Posted: Oct/03/2017 at 7:25pm
Wow, great responses and a big help.  Thanks to all.  I'm not located now where I'd like to build my business, so I guess getting a head start will be difficult.  Any recommendations on qualifications?  Is it worth doing the CFP education piece or studying for the Series 65 ahead of time?  I have an engineering degree and MBA, but wonder if I might need something more specific to financial planning?  

Army13A, thanks for the tip on the EJ Veterans program.  I took a quick look at it and it looks like it might be a good way to gain some experience and help make the move.  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Oct/05/2017 at 11:41am
Thank you for your service.

The American College offers scholarship opportunities for Veteran's for CFP and similar educational designation programs.

Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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