Become a Financial Planner for Other Baby Boomers

written by Anne Field

For many career-changers who like math and are good with people, one obvious choice for a new profession is financial planning. After all, job opportunities for planners should increase at a faster-than-average rate through 2014, according to the Department of Labor. And, for baby boomers, what better audience to target than clients of their own generation?

But, working as a financial advisor to this group requires a special set of considerations. These five tips should help.

--Collaboration is key. Baby boomer clients tend to expect a give-and-take with their financial advisors. "They're not typically willing to hand everything over to someone and let that person run the show for them," says John Nersesian, managing director of Nuveen Investments. "They want to be an active participant in the process." That means spending extra time educating clients about their investments, explaining your rationale for your recommendations, and listening to their own suggestions.

--Use your own areas of interest to find new clients. It's not enough just to focus on baby boomers. To attract more clients, you also need to make the most of hobbies and previous professional involvements. Are you a former teacher? Focus on other educators. Do you love to golf? Mine the golf course for prospects. Remember: Your best source for new business is referrals from existing accounts. Once you get the ball rolling, it should be easier to find clients.

--It's not just about retirement. Many baby boomers are stretched in a number of areas-helping to support aging parents and college-age or young adult children. Or, they may be looking to explore new interests. The upshot: Don't just concentrate on building a retirement portfolio, but rather take into consideration other needs, as well.

--Working with couples may pose special complexities. For one thing, married baby boomer men and women seem to have very different expectations for the future. Men look forward to working and relaxing more after retirement, while women anticipate opportunities for career development and personal growth, according to a recent study by Merrill Lynch. In addition, women are considerably more likely than their mothers to share responsibility for investment decisions with their husbands.

--Look into life planning. A fairly new approach, it emphasizes more than just forging a financial plan. Instead, you work with clients to pinpoint larger goals-anything from living for a year in, say, the south of France, to the ability to work full-time as a poet-and then determine ways to help them achieve those objectives. To learn about life planning, go to www.kinderinstittute.com.

For more information about becoming a financial planner, try the Financial Planning Association or the National Association of Personal Financial Advisors.

About the Author: Anne Field is an award-winning small-business writer based in Pelham, NY