Jon Henschen's article, "Retirement is overrated for Many Advisors" references two examples of deferring retirement as long as possible and their motives is preferable to many advisors.
MINNEAPOLIS, June 21, 2023 /PRNewswire-PRWeb/ -- Featured June 16th, 2023 on WealthManagement.com, independent broker dealer recruiter Jon Henschen's "Retirement is overrated for Many Advisors" shows how the personal experiences, as well as witnessing others' journeys, mold the preconceived notions on whether retirement is ultimately in the best interests of most advisors. "The sharing of journeys as well as statistical data on the subject of retirement have shown us that working longer brings greater fulfillment, maintains your sense of purposefulness and adds longevity, all while helping to preserve mental acuity."
Speaking with a family member that is a CFP, "EA has had a tax practice and financial planning business for many years, but at 68 he decided to slow down, so he sold the tax preparation side of the business to his partner and half his book to his son. He intended to spend more time with family and golf more often, while managing a smaller book. Over the next few years, his book grew back to where it was before the sale. Being connected to his community and being older, people came to him for his wisdom and experience." The gentleman explained to Henschen, "You can only golf so much, and frankly, I feel that God made me for serving the clients I have. I enjoy what I do, so why not keep doing this as long as I can?"
Henschen approached an advisor placed in 2016 "Can't bring himself to retire when his clients, as he puts it, "Aren't clients but friends." He goes on, "He works 20 hours a week with a book made up of mostly mutual funds, so his income is almost all trails." Even when a diagnosis of Parkinson's hadn't slowed him down nor caused him to contemplate retirement. "He also appreciates the time at work, as it provides time apart from his wife because too much time together can be problematic, as they can drive each other a bit crazy without some space. Absence often does make the heart grow fonder; couples usually enjoy each other more after they have had some time apart."
Citing a study done by Oregon State University in 2016 Henschen notes, "Healthy persons who worked just one more year beyond 65 had an 11% lower risk of death from all causes compared with those who retired at 65. A Netherlands study came to the same conclusion, as they studied the five-year mortality rate of men and women aged between 62 and 65, with the results showing without question, that our average life expectancy increases by delaying retirement." A 2015 study by the CDC added to this consensus, finding that people working past age 65 were about three times more likely to report being in good health and half as likely to have serious health problems.
Offering the best of both worlds, Henschen shows how semi-retirement can be a sweet spot. "You can still travel, spend time on outside interests or expand into new interests. You will still be active with your best clients, maintaining purpose and mental acuity, while enjoying greater financial freedom."
Jon Henschen is founder of henschenassoc.com, an independent recruiting firm focused on independent broker dealers and RIAs based in Marine on St. Croix, MN. With more than 30 years of industry experience, Jon is a staunch advocate for independent financial advisors, and is widely sought after by both advisors, broker dealers and RIAs for his expertise and insight on industry topics. He is frequently published and quoted in a variety of industry sources, including Wealth Management, ThinkAdvisor, Investment Advisor Magazine, Wealth Management Magazine, Financial Advisor IQ, Financial Advisor Magazine, Investment News and others
Media Contact
Cristi Barkley, Henschen & Associates, 7578464107, cristi.barkley@gmail.com
SOURCE Henschen & Associates
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