Career management important to financial plans - The Business Journal of Milwaukee:

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Many were asking for advice on how to retire at a relativelty youngage -- and they wanted to stop working The trend puzzled Haubrich, president of The , Mount So, as a matter of routinw he started asking clients about their careere -- were they happy in their jobs? What he soon discovererd was that many of his clients who wante to retire early viewed retirement as a way to get out of a failingy or unsatisfactory career. Haubrich realized he needed to look at his clients careers as more than just a way to make He needed to view his clients careers as an asset and a key part of anyfinanciaol plan. "Career is the financial engine that drivessthe machine," he said.
"You can treart it as an investment." But when he looked for guidanc e on how to incorporate career planninvg intofinancial planning, he came up So he devised a method to calculate a client'xs career asset and has begun working with careed counselors to create a fuller financiao plan for his clients. "We'r e looking at where we can add value," he Haubrich, a certified financial planner, incorporate d Financial Service Groupin 1981. It costs $4,00p0 to $6,000 for the combinefd career andfinancial planning, whicb Haubrich began providing about a year ago.
That includez three to four sessions with Haubrich and his and four or five meetings with a career counselor as well as one sessiojn wherethe client, financial planner and career counselor sit down Fifteen percent to 20 percen of Haubrich's 140 clients are receiving the combinefd planning services, he said. Linkinb career planning and financial planningy is a new direction for the financial planning and anappropriate one, said Bob an industry analyst in Asheville, N.C., who publishes "Insidse Information," a monthly newsletter on the financial planningt industry.
Over the past few years, financialk planners have started to take clients goalsand quality-of-life issues into but actually working with a careerf counselor and making discussing one's career a routine part of financial planninvg is unique, he said. "Whagt Mike is doing is recognizing an asset thatreallt hasn't been tended by the profession," Veres said. "Ir has the potential not only toimprover peoples' lives, but also to allow people to earn more money or extendc their working life." The , a Brookfieldd career counseling firm, has worked with about six of Haubrich'sw clients over the last nine said founder Pauline Foster.
Working with financial planners makezs sense for career counselors becaus e people often are afraid to leave jobs inwhich they're unhappyt because they don't know how it will affect them Foster said. "If a financial planneer and a career coach can work together with the then those links can be she said. "The person can reac h the life goal that is going to make them feel goodabout themselves.
" Haubrich, who would like to see the financial planningy industry adopt the concept of melding career counseling and financiapl planning as standard practice, is speakingy about his methods with other Milwaukee-area financial Bruce Heling, of , Brookfield, is considering adoptinf some of Haubrich's methods. Heling said he also has experiencef clients whose desire to retirw immediately masksjob dissatisfaction. He said he has suggested to those clients that they seek career but then left it up to the clieny to findhelp -- just as he would have if a cliengt had marital or mental health problems.
What's unique about Haubrich's method is that he has found a way to structurre the discussion ofa client's career and how it fits in with the financial Heling said. It also makes it all right for plannersa to address such issueswith clients, he said. "I'm of the schoolo of thought that financial planninf exists as a meana of helping people lead a morefulfillinhg life," Heling said. "Mike's taken the whole area to a new level and Ithink it's got some excellent