Investment News: The ‘Great Resignation’ is for Advisors Too

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Investment News: The ‘Great Resignation’ is for Advisors Too

May 28, 2023

Leland was recently quoted in this article by Investment News! Here is his excerpt from the article:

“…Leland Gross, who recently founded PeaceLink Financial Planning, described a similar experience. Being able to operate “under freer terms” was a deciding factor.

“I had thought about resigning for a while. When the pandemic happened and we went to remote work, things became more restrictive,” Gross said. At the same time, “we were told to do more.”

His job included good compensation and benefits, and “the work-from-home life provided enough freedom for me to begin building what I wanted to do,” he said. “It gave me the freedom to execute on it.”

His wife was a contract worker, so the benefits question weighed heavily in the decision.

They came to the realization that their income was going to drop, but “with the current ACA market subsidies, we were actually able to find insurance that was relatively affordable for us and our child.”

The process has helped inform his discussions with clients who are in the same boat, he said.

“I tell all my clients, ‘Don’t rush to leave your employer,’” Gross said.

People tend to focus on income replacement when starting their own businesses but neglect to fully consider the costs of health insurance, disability insurance and 401(k) contributions, he said.

SEP or Simple 401(k)s are a good alternative, but “you still need to be making a fair amount of income” to allow for contributions, Gross said.

But small business owners also have something that employees don’t, he noted.

“You’re building an asset … that one day you can hopefully sell,” he said. “But that takes risk.”…'“

Read the article here!