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RETIRED LIFE

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NOW WHAT?

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You spend years preparing your clients for this moment, but what does the next chapter look like for advisors? Deanne Gage found out from  longtime financial industry professional Jim Rogers

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Jim Rogers, 70

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Chairman and founder, Rogers Group Financial, Vancouver

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Years in the Business: 44

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Retired for : five years

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Why I retired

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From age 55 to 65 I spent more than half of my working time as an elected volunteer leader of CAIFA (the Canadian Association of Insurance and Financial Advisors, now Advocis and MDRT.

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During that time, I put in place an effective leadership group at Rogers Group Financial. They did an excellent job 0f running our company day to day in my  absence.

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So why come back and get in their way? I had enough money to retire and pursue a host of other volunteer   interests that appealed to my wife, Penny, and me. So, it was time to start chapter three of my life.

What retirement is like for me

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I define retirement as doing what you really want to do every day. I started out doing exactly that: I was volunteering a lot and picking the work that interested me. But it grew to the point where I had to cut back. I overdid volunteering without  imagining how involved  it would be.

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I’m on my second three-year term at St. Paul’s Hospital but I’ll finish that commitment next month. Instead, I’ll concentrate more on my volunteer work at two  federal pen­itentiaries. I’m there once a week for the day. I run two book clubs and the selected books are inspirational and motiva­tional because these men have been  convicted of murder and it’s hard for them to see the end of the tunnel. I  also help with the application process if prisoners are interested in a university education.

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I continue to read a lot about what’s going on in  the industry. When I do see an article of interest, I’ll print it off and give it to Rogers Group Financial managing director Clay Gillespie, in case he hasn’t seen it. We play squash together every couple of weeks.

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Advice for future retired advisors

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Many advisors say they’ll work until they die. But doing that leaves many of your clients in the lurch . That’s not fair, it’s not professional. It’s your duty as professionals to plan your exit and do it over time. By that I mean winding down slowly. For me, it was a five-year segue.

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Philosophically, it’s important that the new advisor have the same general approach to the business and  the same education in the way of dealing with clients. Clients, especially older clients, don’t like radical changes. So you want to make the transition as smooth a possible. To see how well your transition has fared, look at whether the revenue has held up and, ideally, improved.

As for retiring , doing the numbers is the easy part. The hard part is figuring out what you are going to do every day. So that’s why planning your exit is important to do.

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You’ll work three quarters of the time, half the time, or a quarter of the time, but at the same time you’ll also build the percentage of your day with work that you want to try. Over a five-year period, you’ll figure out what works for you in terms of peer work, getting more exercise, travelling, and  so forth.

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 Deanne Gage

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Forum Magazine

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Advocis

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Toronto

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A PERSONAL NOTE:

JIM ROGERS IS A CANADIAN LEADER IN THE DELIVERY OF PROFESSIONAL FIDUCIARY BASED FINANCIAL ADVICE.

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IT HAS BEEN A PRIVILEGE KNOWING HIM PROFESSIONALLY FOR OVER 38 YEARS.

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DAN ZWICKER

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TORONTO

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