Tips that may help with an unexpected change in your career.
By Jake Falcon, CRPC®, CEO, Wealth Advisor
We specialize in helping individuals work through life’s transitions, whether that may be retirement, receiving an inheritance, or various other financial events. Corporate America is ever changing and with the pressure to constantly do more with less, sometimes companies are forced to make tough decisions. An unfortunate by-product of being in the business of giving wealth advice is that, at times, our clients and their friends are asked to leave their company through some sort of reduction in force or buyout. Sometimes this happens voluntarily and sometimes it does not. So, what are they to do when they receive this surprise? Below are some tips that may help with an unexpected change in your career.
First, don’t overreact.
Far too many times have I met with clients who are devastated by the news their company has announced layoffs, only to ultimately discover, financially, they are not in all that bad of shape.
In my experience, this type of event often provides an opportunity to start an exciting new career or use skill sets at another company that is desperately needing experience. Even more frequently, it represents an opportunity to simply retire outright. Either way, overreacting and jumping to conclusions is not the healthiest response.
Next, gather all the facts from
I understand getting surprise news that you are no longer needed at your company where you have often spent multiple decades of your life can be very emotional. However, it is critical to get all the facts straight. It is common during this transition period for employers to provide different options around forms of buyout payments or ways to handle pension payments. The decision one makes during this period may affect them for the rest of their lives. Getting all the necessary documents in order and seeking answers to questions from Human Resources is critical to making sound financial decisions.
Finally, seek the advice of
a wealth advisor.
Once you have gathered all the information and understand your options, it pays to seek the advice of a wealth advisor. Specifically, an advisor that has experience guiding clients through different types of transitions. Often you can find someone who is already versed in your retirement plan options that has the resources available to help you crunch the numbers and develop a financial plan. Establishing a plan will help to guide you along this next important stage of your life. I believe it’s also important to work with an advisor that is a fiduciary and is legally required to act in your best interest. Working with a salesman from a large institution during an already stressful time may end up confusing the situation more than helping.
If you create a financial plan and evaluate your options, you may find the door that opens provides you with more happiness and fulfillment than you ever dreamed.
To schedule a complimentary wealth
management consultation, contact Falcon Wealth Advisors at 913-326-1900 or visit us online at
2000 Shawnee Mission Parkway, Suite 230
Mission Woods, KS 66205