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I Don’t Want to Retire

Junesoo Chang, CFPBy Junesoo Chang, CFP

In many countries, the average life span exceeds 80 years. This was unheard of until 1990. Life span is slowly increasing and these days, it is not too surprising to see people live to be 100. Knowing this fact, what career could you see yourself doing for the rest of your life?

I have been a financial planner for 5 years now and I think financial planning is one of the best careers for people who seek to work late into their lifetimes. Financial planning is similar to farming – the only difference being that planners take care of clients while farmers take care of crops. Both occupations have no retirement age. When trust is built between a financial planner and his/her clients, it is common for the relationship to last for a long time, sometimes a lifetime. These special relationships are the reason that financial planners will work into their later years.

Retirement is Overrated 

Some people might prefer to retire early and live a leisurely life and I believe that everyone has their own idea of what happiness looks like in their later years. In general, many older people who are happy say that continuing to work makes their life more fulfilling. For those who see themselves working for as long as they are healthy and willing to work, financial planning is one of the best professions.

In Korea most employees of financial institutions retire in their mid 50s. It is more like a mandatory retirement though because they are not old enough to retire and they are willing to work more. It is difficult for them to get a new job because employers prefer young job-seekers. Many of the retirees are not financially confident of their future and need more income.

I was a retiree from a big financial institution in late 2006, and in the spring of 2007, my new career as a financial planner began. My former colleagues were skeptical of what I had chosen to do. My friends, relatives and even my family were opposed to me becoming a financial planner. They thought I would give up after a few months. At the time, I fully understood why they did not support me. They thought I should become an insurance salesperson but this was not my passion. After I had received my CFP certification in 2002, I understood the value of financial planning.

The Perks of Financial Planning 

It’s been over five years since my financial planning career started and about 90% of my former colleagues are still looking for work. I think I will be able to work until I’m 70 years old and keep balance between work and leisure.

There are other perks of being a self-employed financial planner, too. I enjoy the freedom of creating my own schedule. A flexible schedule is especially important to me as I get older. Another benefit of being a financial planner is that I get to be creative with my work. The work is more like art than science. I think it is a promising career for young people entering the job market for the first time and seniors seeking their next career.

What Makes a Good Financial Planner?

Financial planning is a great career choice for people who want to continue working after retiring from large financial institutions. Their experience from their previous career will make the transition smooth, too. What’s really required to be a good financial planner is a true understanding of the value of financial planning. CFP certification may be the best way for people to gain this understanding, as it was, in my case, what persuaded me to become a financial planner.

2 comments to I Don’t Want to Retire

  • Very true, Mr. Chang. And nice to know about your transition in career. Actually similar has been my story & experience, except for that I took early retirement, this year.

  • Very nice article . I really loved the analogy of financial planner similar to a farmer. We wrote an article come time back where we differentiated between two kind of advisors which are either acting like a HUNTER or a FARMER .

    1. The Farmer

    Who want to educate investors community with the help of educational blog , social media, seminars, workshops, email newsletters and through one to one interactions. They want to help investors in making right choices when it comes to wealth creation. They want to bring innovative services to the market place that serves investors. Every morning, they leave their homes to contribute and to serve people. They see investors as an opportunity to serve. They believe in serving people and giving them the best they can. Investors look for them. Farming is seeding. Farmers are go-givers. Here the focus is on what investor will get. Here service and value gets created. They believe in building relationships. They are building a garden. Here the focus is never on any attractive schemes (No Dubai and Thailand is required).

    2. The Hunter

    Hunting is an activity that involves tracking and chase. They look for people everywhere . They want business to take place, some transaction to happen. They want to meet their targets no matter what. Their primary religion is Profits. They see investors as a business target and not someone who is holding hard earned money in his hand. They see commission in each investor. They believe in pleasing people and getting something from them. Hunting is attacking. Hunters are go-getters, They are street smart people. Here the focus is on what will I get. Here barter takes place. They believe in doing cold-calling. They are moving with a net in their hands. Hunters design schemes that attracts investors

    You can read it here if you want to http://jagoadvisor.com/what-advisor-are-you-farmer-or-hunter/

    I hope you liked what we wrote.

    Manish

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