Navigating the Transition: How Financial Advisors Can Thrive After Their Career Ends

By Marianne Oehser

As business owners, financial advisors reaching the end of their careers may face a tough decision: when to gracefully step away. As the authors of Changing Gear: Creating the Life You Want After a Full-On Career put it, “Recognizing the time to step away before others start wondering when you might take off your crown is one of life’s great skills. Many think they will do this and then fail to do so when the time comes.” 

This is a common experience for many financial advisors. You may be bored and feeling underchallenged. The industry is rapidly evolving around you. Your partners and potential successors urge you to retire. Family and friends encourage you to slow down. But you still feel a responsibility to your clients and team. How will they fare without you? And let’s not forget the financial annuity you've worked hard to build up. It's hard to walk away from that.

Sawyer found himself in this dilemma. He knew it was time to take off his crown but he had no idea what life would be like if he did that. Fortunately, he found a coaching program designed to help exiting advisors figure out what they want their next chapter to be like. It helped him begin to see himself outside his role as a trusted advisor in a way that awakened interests that had been lying dormant. He began to focus on ways he could make a difference and feel like he had a purpose if he wasn’t helping clients. 

As he worked through the program, he began to see the exciting possibilities that lay ahead. He lost his fear of being bored and focused on this time of his life being rewirement not retirement. With newfound clarity, Sawyer set his exit date and confidently took off his crown.

Creating Your Vision: Moving from Uncertainty to Possibility

One of the biggest obstacles to being ready to step away from being an advisor is not having a clear vision of what life could look like. The thought of walking into a void—unsure how to fill your days or what your purpose will be—can be terrifying. What will others think of you? How will you stay relevant?

If that is what you fear, your first step is to shift your mindset from “this is the end of the road” to “this is the beginning of a new adventure.” If you can do that, you will begin to see positive possibilities ahead. You may need someone to help you shift your view like Sawyer was able to do. Retirement coaches are trained to help you do that. 

When you have a picture of what's possible, the decision to step away becomes easier. But once you have made the decision, how do you transition into this new phase?

The Messy Middle: Embracing the Transition Process

In the beginning, retirement feels great like a honeymoon: less stress, fewer time obligations, more things you really enjoy doing. But like all honeymoons, at some point “everyday” sets in and then the other parts of the transition begin. 

According to Dr. Nancy Schlossberg, an expert in adult transitions, moving from what’s familiar to something new is a messy process. This transition is often non-linear and involves three key components:

1. Letting Go: It’s natural to feel relief from the stress and pressure of the job. But retirement also means letting go of things you loved about your career—being in charge, being the go-to person for solutions, and making things happen. To truly move forward, you must release the roles and responsibilities that defined you. Only then can you begin to embrace what’s ahead.
   
   
2. The Time of Confusion and Discovery: This phase is often uncomfortable. As you transition, it’s easy to feel adrift since your title, office, and clients are gone. You might question who you are now but this phase also offers incredible opportunities. It’s a time to rediscover yourself, redefine your purpose, and find new passions. This is where you can uncover what makes you feel alive—whether it’s relationships, hobbies, or intellectual pursuits.
   
   Chip Conley, creator of the Modern Elder Academy, refers to this as “the messy middle.” As you navigate this uncertainty, a new way of living starts to take shape. Your new life is a canvas, and you get to decide what it looks like.
   
   
3. New Beginnings: As the fog lifts, a new beginning emerges. This period will be different for everyone. It may include exploring new hobbies, joining groups or boards, going back to school, or taking a long-desired trip. You might not have all the answers right away but will learn through trial and error—and your new life may end up even better than you envisioned.

Designing Your New Life: Finding Balance and Fulfillment

Just like you need a financial portfolio to afford to retire, you also need a Happiness Portfolio^® to thrive. It is your plan for the non-financial areas of your life—and it also needs to be balanced and diversified. It’s easy to focus on relaxation and fun but a fulfilling retirement also needs intellectual stimulation, physical activity, some kind of giving back, emotional well-being, and most of all meaningful relationships. Explore new opportunities to learn, engage with others, and contribute in ways that resonate with you.

Conclusion: The Reward of a Thoughtful Transition

For financial advisors considering retirement, the transition can be both exhilarating and intimidating. But with the right mindset and a clear vision of what’s next, you can craft a new chapter that’s even more rewarding than the one you left behind. Just like Sawyer, you’ll find the decision to move on, although difficult at first, leads to a more fulfilling and balanced life.

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Marianne Oehser helps people create happy, fulfilling lives in their next chapter. She is a Founding Partner of Next Chapter Lifestyle Advisors Transforming Your Next Chapter | Retirement Lifestyle Planning, as well as a certified Retirement and Relationship Coach and the author of Your Happiness Portfolio^® for Retirement – It’s Not About the Money!. 

image credit: Adobe Stock Images