In 2019, as I began to contemplate what my post-20+ year military service life would look like, I knew I had options — but didn’t have a clear direction.
I loved my time in the Air Force, but it was time to retire to allow my daughter to finish high school in one location. I was a communications and cyber-operations officer so I thought I could relatively easily transition into that in-demand career field. My only challenge was that I hadn’t held a day-to-day cyber job for the previous four years. I spent a year in graduate school and then three years as the civilian equivalent of a city manager, operating a base in California. Getting my technical skills back up to speed would take some time, especially with how quickly the cyber world changes.
When I thought about my priorities, I determined that my main goals were flexibility and freedom. I didn’t really want to jump back into another 50+ hour-per-week demanding job. This was also pre-Covid when work from home was less common. I started thinking about other things that I enjoyed doing.
Why Financial Services Made Sense
I have the planner/saver mindset. I started investing in college with some of the money I earned during my co-op work. My DIY mindset intensified after I got suboptimal advice from a company that targeted military members with whole life policies and mutual funds that had 50% first-year sales loads. I determined that no one was going to look out for my interest other than me so I had better figure it out. Throughout my military career, I saved, invested and planned so that I’d have options at retirement. also helped family, friends and co-workers with their finances.
As I thought about what I might do I thought maybe I could do something in the financial space. I didn’t know what that would be or if it was realistic, but I started to do my homework. During my research I stumbled across kitces.com and the XY Planning network. I started to listen to their podcasts and read their blogs about planning-centered firms. I also found the American College of Financial Services and its Center for Military and Veterans Affairs. The college offered scholarships for its combined ChFC® and CFP® education. I applied and received one, and my journey began.
I decided to attend XY Planning Network’s (XYPN) 2019 conference in St Louis to better assess whether building a business was possible and to see if there were any other military-affiliated people in the space. It’s not an exaggeration to say that this conference changed my life.
I met lots of people at the conference, but specifically about 10 other military-affiliated planners who told me it was possible to launch my own firm and gave me the confidence to go for it. XYPN now has a robust and growing number of military-affiliated planners. This group has also created the Military Financial Advisor Association; its two-fold mission helping military and veterans find fiduciary advisors, and also bringing new military-affiliated people into the industry.
Getting Started: CFP Certification and More
I returned to California energized with my new direction. I knew I had until my military retirement in the summer of 2021 to complete my education, take the Series 65 exam, and get ready to launch a business. While Covid was a horrible time, it greatly reduced the extra-curricular activities expected with my job and allowed me more time to focus on my studying. After passing the CFP® exam in September 2020 and finishin the ChFC® coursework that November. I launched Next Mission Financial Planning on November 1, 2021 — the day my retirement became official.
I wish I could say it was all smooth sailing, but building the business has been a challenge. My goal is not to build an empire so I’m trying to play the long game. I’m fortunate to have my pension and have my healthcare covered as part of my military retirement benefits. While that reduces the financial stress and provides the flexibility and freedom I sought, I still struggle with having patience when continuing to grow the business doesn’t happen as quickly as I’d like.
Why Hire Transitioning Military and Military Spouses?
Advisors or business owners should consider hiring military members transitioning from service or military spouses for a variety of reasons. Both typically have no-fail, get-the-job-done work ethics and have had to operate in pressure situations. Military members also have extensive experience in teamwork and leadership experience that can also help growing businesses. They are loyal and dedicated, often seeking to continue serving in some aspect after military service.
Transitioning military or military spouses that haven’t had exposure to financial services probably need training. Depending on the role, great options for training military and military spouses include The Externship, an annual program run by Hannah Moore; Simply Paraplanner (started by a military spouse); or a scholarship through the Center for Military and Veterans Affairs at the American College of Financial Service. The Center could also be a good place to seek qualified candidates who have completed their training.
Military spouses are chronically underemployed because of the frequent moves and challenges with military life. If you’re hiring for a remote position that offers some time flexibility, military spouses are a great option. I know advisors who’ve had great success using military-spouse Facebook groups to find qualified candidates.
Finally, in addition to hopefully finding a great employee, you may get a tax break for hiring certain veterans. Check the Work Opportunity Tax Credit for specific details. This credit sunsets at the end of 2025 and is not currently in the draft budget bill going through Congress. This means you’ll have limited time to take advantage of it.
Next Steps
Transitioning from a military career to becoming a financial advisor and business owner has been a journey filled with challenges and opportunities. I’m excited to continue this path. The skills and experience gained in the military — such as leadership, teamwork and a strong work ethic — are invaluable assets in the financial services industry. Advisors who are looking to expand their team should consider the untapped resource of transitioning military and military spouses when thinking about their next hire.
Mike Hunsberger, ChFC®, CFP®, launched Next Mission Financial Planning in 2021 after spending 25 years in the U.S. Air Force.Visit NextMissionFinancialPlanning.com to learn more.
