Changing careers, either forced upon us or by choice, is one of the major fallouts from COVID-19. Tribeca’s CEO Ryan Watson looks at the key steps to consider when faced with this choice, and how Tribeca can help.
Fourth in our ‘Ask the Experts’ series is the critical topic of career transition. With many people facing life-defining decisions, we asked Tribeca’s CEO Ryan Watson for his insights into how to go about making that next career move, and what role Tribeca can play.
COVID-19 has made many people reassess their careers and lifestyle. At Tribeca, have you seen an increase in clients changing their careers either through necessity or choice?
The forced transition for people being moved out of their current employment is where we’ve seen the biggest increase. And that’s hard. Going from full time work to suddenly having a lot of time on your hands. And really not knowing what to do.
The natural reaction for people in this situation is to go, s@#^, I need to find the next job quickly. But what they don’t realise is that in most cases, they have time to consider their next move. Their redundancy is often enough to have a good three, six or nine months to pay their bills, pay the mortgage, and really take some time to work out the next step in their career and lifestyle.
This is where an advice firm such as Tribeca can play such an important role. To reassure people in this situation that you’ll be OK financially. That we’ve got your back. And we’ll work with you to map out a plan to move forward.
So what are the main points someone should consider if they are thinking of changing careers?
This is where we ask our advisors to challenge their clients to tackle the tough questions. That takes a high level of trust and a fair bit of courage from both sides.
Questions like: What do they really want to do? What lights the fire; that sparks their interest. What makes them happy?
I say these questions can be tough because they can be life-defining, especially for a couple or family. Of course the client might want to stay in their chosen career. But their answers could also place them on a totally different professional pathway with all the ramifications that come with that. That can be pretty scary.
But knowing this, we can then look at all the financial scenarios and models to determine what might a new career look like. Does anything need to be adjusted? And what effect will that have on their short, medium, and long-term goals.
Yes, these are brave discussions. But they are discussions that are so important to empowering a client to take control of his or her future and live their Good Life.
What do we mean by living your Good Life? Ryan talks more on this philosophy here.
Obviously finances play a critical role in this decision making. But how much should they shape this decision?
A key part for the client is to identify their goals and be true to themselves about what their Good Life looks like. Where do they want to go in the future? That’s really the hardest part. Once they really own that, we can then develop financial strategies based on scenario modelling to work out the best way of achieving it.
But we know there’s a whole lot more to career transitioning than goal setting and putting together a financial roadmap. Especially for someone who’s been forced out of a job and may be in the last stages of their working life. That’s why we’ve also put a lot of time into building relationships with like-minded professionals in the career transition space.
We don’t have all the answers. And that’s OK. A career transition expert can delve a lot deeper than we ever could into helping a client work out their next career move and the steps they need to take to get there. But by having a career and financial advisor working alongside each other and looking at scenarios from many different angles, the client can be totally empowered in making their decision. And comforted that we’re looking out for their overall financial wellbeing.
We think that’s a bit of a game-changer. And a massive win for our clients.
Been made redundant? Here’s more details on how we can help.
Any other advice for someone who has left their job?
Reach out to one of our advisors. Sound’s easy, but we know it can also be the hardest step to take when you’re feeling vulnerable, especially if you’re new to Tribeca.
We get it. That takes trust.
But if you’re in this situation I’d challenge you to take that step. Start with that first 15-minute phone call where there’s no obligation to continue beyond that. No pressure. Just a willingness for us to understand how we can help. And to show you that we genuinely care.
That initial phone call, and the follow-up discovery meeting, can be the start of putting you back in control of your financial situation. To put your mind at ease. And to explore new directions and thinking.
It does take courage to reach out for help. But the outcomes can be so valuable to living a full and fulfilling life.
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If you would like to discuss your current financial and/or career situation we’re always ready to chat. Please talk to your advisor or arrange an appointment with one of our Tribeca Tribe here.
We are also offering a free 45-minute consultation if you have suffered financial hardship due to the impact of COVID-19 such as loss of employment. Please see here for more details.
Would you like to read more from our experts? You can by clicking on the following links for our Ask the Expert articles on superannuation, lending and the recession.
