“Everyone knows with absolute certainty what they are retiring from,” stated Mark Finke. “Very few people know what they are retiring to.”
Mark Finke is the co-author of the book “So, You Think You are Ready to Retire.” The book focuses on the truth surrounding the transition to retirement. Mark stated, “Our industry is so focused on the money and the math surrounding retirement. But quite often, the largest part of retirement has nothing to do with money.” Mark has very real conversations with clients about planning out their first 365 days once they retire. He explained, “We talk to each of our clients about the non-financial contributions they are going to make once they retire."
Think of “So, You Think You are Ready To Retire” as the playbook, and Mark is the coach.
As the former varsity hockey coach at Chaminade and now a successful wealth manager, the analogy works. “I became a wealth manager because it married my passion for coaching with my passion for finance,” Mark said.
Mark traces his love for coaching back to his parents. He recalled, “My mom and dad had a great influence on my coaching and parenting. The number one thing I learned from them is this little saying ‘When you say good enough, it is really neither one of those.’”
As the father of two daughters in college, Mark commented on the advice that MSMF Wealth Management gives parents of college-age kids. “We coach our parents to have their child participate in some financial way toward their own college education,” Mark explained. “We recommend against parents paying for the entire college education. If the child has no skin in the game, they graduate from college with the mindset of a 14-year-old with money.” Mark adds, “From our perspective at MSMF, requiring a child to help pay for college puts them on the path of having a healthy relationship with money, which is one of the greatest gifts you could give your child.”
Mark talked about his plans for retirement from the company he helped create. “It goes back to the coaching aspect,” he said. “When I leave this business, I want to leave a mark - not just on my clients but on the industry itself. For instance, the wealth management industry is woefully inadequate when it comes to recruiting female advisors. MSMF is focused on moving the needle on that. One of the major contributions that I’ll make during my retirement is to continue to coach young advisors and help the firm recruit women to this business.”