Job Loss & Identity: How Financial Advisers Help You Cope

Few things in life are as devastating as the unexpected loss of employment. The future you had in mind is uncertain, and your carefully laid plans have fallen apart. This unforeseen disruption leads to several emotional responses, such as dread and anxiety. The psychosocial impact is very real and is aggravated by the immediate financial decisions that must be made.

Your trusted financial adviser plays a critical role in restructuring your financial situation, as well as guiding you through these troublesome times. To begin with, they will review your current budget to identify essential versus discretionary expenses.

This is also where your emergency fund, which your adviser helped put in place during better times, provides a much-needed safety net. They will assist you with structuring the best way of using these funds until you secure new employment.

Depending on the outlook of your situation, your adviser may also assist you by considering possible debt repayment solutions, whereby they negotiate payment holidays, reduced instalments, or even temporary debt freezes.

They can assist with accessing unemployment benefits (UIF) and exploring possible new methods of deriving an income, even if they are temporary. They will work closely with you as you apply for new positions and monitor your situation to see if your financial plan needs to be realigned. If necessary, a review of withdrawing from your savings pot retirement account, while considering your marginal tax rate, can also be done.

Your financial adviser will offer support by helping you to reframe long-term financial goals. Purchasing a new home or saving for tertiary education may need to be postponed or restructured. With a clear revised plan in place, you will experience a new sense of

direction and control. It is not only a plan to survive the storm, but also to grow during it and manage it with confidence.

Your “golden years” have arrived, and you have toasted the culmination of your professional life. Time to put your feet up! But now what? Many retirees struggle to settle into their new identities and to redefine their purpose.

After such a long time in the workforce, you may experience a loss of structure, which can be extremely disorientating and affect your mental health. Your trusted financial adviser can help you transition into your new lifestyle.

Planning for retirement has been something you have worked on together for several years, but now that the time has arrived, your financial adviser can make all the difference in this exciting transition phase.

They can assist in reframing this life stage as a new beginning, not only from a financial point of view, but also from an emotional one. It is time to investigate your passions and spend more time involved in your hobbies. You can travel more often if that is an option, or take on part-time or voluntary work, which provides a sense of purpose and self-enrichment.

With the help of your financial adviser, strategic retirement income structuring will be carefully implemented to ensure that you can sustain your lifestyle. Advisers will help you to decide how to draw from living annuities, pensions, or discretionary investments in such a way that you can live within your means, while managing the risk of longevity.

Restructuring assets will take place, and it is important that expert knowledge be applied so that this is done strategically, considering market conditions, client profile aspects, and the most appropriate products.

Through behavioural coaching, your financial adviser can help you to better understand fluctuations in investment values and how to navigate financial uncertainty without making detrimental changes when panic strikes.

At this stage of your life, it is important to lean on your adviser to ensure that all financial decisions are carefully considered to guarantee a stress-free and secure retirement.

As the years pass, your retirement needs will change. It may be time to downsize and let go of your large family home or other lifestyle assets. The guidance of your experienced financial adviser will ensure that this is done in the most tax- and cost-effective way possible. This also includes continuous estate planning to ensure that your loved ones will be taken care of.

Behavioural coaching becomes increasingly important at this stage. Holistic financial planning not only offers guidance on managing your finances but also includes emotional preparedness for stages of uncertainty. Retirees may panic during economic downturns

and be tempted to make impulsive decisions. A trusted financial adviser will help you weather any storms to ensure your long-term financial well-being.

Read More: The importance of future-focused accounting professionals

By partnering with a financial planner throughout your life, you will make deliberate and well-thought-through financial decisions. You will benefit not only from a well-structured, continuously reviewed financial plan but also from emotional support that is so often needed during the process of financial decision-making.

This holistic approach offers guidance on managing your finances and developing emotional preparedness during stages of uncertainty. An ongoing partnership with your financial adviser is about enabling a life of meaning, security, and peace of mind where money is the tool, not the goal.

Whether you’re facing the uncertainty of job loss or stepping into retirement, one thing is clear — you don’t have to navigate it alone. A trusted financial adviser provides more than just numbers on a spreadsheet; they offer clarity, structure, and emotional support when life takes an unexpected turn.

If you’re ready to become the kind of financial adviser who makes a meaningful difference in people’s lives, take the first step towards a rewarding career. Apply for a qualification in financial planning with Milpark today and empower yourself to guide others through life’s most critical transitions.