Financial Planning By Profession

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Today’s Question:

Financial advisors work with all sorts of different clients who work in a variety of different professions. What kinds of mindsets or challenges do they face?

Click on the timestamps below to jump to specific topics. 

Confidence Corner

Whether you are a doctor or a teacher, the type of job you do (and benefits you have) may impact your mindset when financial planning. What kind of professionals does Nathan work with and how does he advise them accordingly?

Let’s think about some of the hometown heroes. Teachers have had a lot of hurdles to overcome in 2020 and are good at thinking creatively. Many teachers have to be good at saving and are often risk adverse. What about doctors? They may be good at making money, but how are they with planning? While they may save large amounts of money, it’s not always as much as they could compared to what they make.

Engineers like a lot of information and math upfront. They may get along well with financial advisors and ask a lot of good questions. They may even challenge the advisor to teach them more. But what happens if the answer is, “I don’t know”?

Entrepreneurs and small business owners often put a lot of their money right back into the business. Unfortunately, some feel their business is worth a lot more than it is. Financial advisors have to make sure that business owners are protecting themselves and saving for themselves. It’s important that we all learn from our mistakes.

Government employees may have good benefits or even a pension. The stability can sometimes help them feel confident about saving on their own as well. For others though, they can overly rely on those benefits instead of saving for a rainy day.

Do you work in one of these industries? How do you approach financial planning?

[0:38] – There’s been some recent market volatility.

[2:04] – In the News: FedEx is hiring 70,000 workers for the holiday season.

[4:35] – What kinds of professionals do financial advisors commonly see?

[5:00] – Teachers have to find creative ways to save.

[6:32] – Doctors make money, but do they plan well?

[8:42] – Engineers need a lot of data.

[10:54] – Entrepreneurs make up a large part of our economy.

[14:56] – Government employees have good benefits.


A Point Of Wisdom:

You’ve got to diversify, tremendously.

-Nathan O’Bryant



Related Content:

PODCAST: Finding the Right Advisor

PODCAST: Is the Customer Always Right?


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