New Career Path into Retirement Plans

[HarleyBabe]

I have a daughter interested in this field.  I've been in this filed for 25 years.  It's a completely different line of work than her current experience.  She is currently a homicide detective so a definite shift.  Unfortunately every job listing wants at least a years experience.  How can she break into this field with zero experience but clearly smart enough to learn it quickly being she is the youngest detective in VA I believe.     Her Bachelors is in Criminology.  Suggestions?  Or companies willing to train a brilliant new employee.  She is very bright.  I'm happy to pass on any suggestions or opportunities.  She is looking for fully remote or hybrid and is in the Loudoun County VA area.

Thank you.

[Paul I]

Going fully remote with no experience in the field likely will be next to impossible.

Consider a strategy that demonstrates a strong work ethic and commitment to learning the business along with establishing some personal contacts with people in the business.

Pursuing starting to build professional credentials by enrolling in courses available from industry groups/associations like ASPPA.  A QKA (Qualified 401K Administrator) would be a great start, as would a RPF Certificate (Retirement Plan Fundamentals).

There are many different types of firms that work with retirement plans - third party administrators, recordkeepers, financial advisors, accountants, banks/brokerage houses... - so explore opportunities with any of these firms that are close enough for starting out with a hybrid approach.

Look for professional associations that hold periodic, in-person events.  They provide opportunities to connect face-to-face with industry professionals.

There also are some mentoring opportunities such as the Thrive Mentoring Program.  You can find additional here:

https://www.usaretirement.org/get-involved/special-initiatives/thrive-mentoring-program/

It will be a challenge, but the professionals in the retirement plan industry welcome anyone who is committed to working in the field.

Best of luck to your daughter!

[CuseFan]

Paul I is spot on with everything.  Remote or hybrid arrangement with zero industry experience, not going to happen. My guess is that an employer would want at least 2-3 years of direct on-site experience and supervision of a new hire w/o prior experience before entertaining a remote or hybrid arrangement. My experience is that you learn and retain more with the direct supervision, knowledge sharing, and  professional discussions you get from being in an office, not to mention relationship building. 

From homicide detective to 401(k) administration? I'm sure she has her reasons and best of luck to her. Paul I provided great suggestions.

[truphao]

just sent you a PM.

[ratherbereading]

I  agree with what people have already said.  And "brilliance" in one field doesn't necessarily transfer to "brilliance" in another field.  I was a literary agent in another life and everyone thought their book would be an instant bestseller. Hah! Nope.  

[Gadgetfreak]

The issue is more about compensation, I think. There must be many entry-level positions in this field available. But they come with entry-level salaries. Since her prior experience doesn't translate well to this industry, it is almost like she will have to start at the bottom. 

[Pam Shoup]

I actually hired someone with a criminology degree to work for me, and it turned out to be a good fit. The ability to pay attention to detail and to document everything translated very well into this field.  Also, the ability to speak directly to people and to know the right questions to ask translates well.  However, I would not recommend that anyone work remotely in their first few years in this field. There is too much to learn and too many questions to ask, and the risk is too high if something is done incorrectly.  I can't imagine trying to do it all remotely without a lot of experience. 

[HarleyBabe]

Thank you all.  She realizes fully remote won't be feasible with a new career path.  Hybrid would be great though.  As noted above, big big career change.  Unfortunately husband and wife in law enforcement both very demanding careers doesn't work with a small children.  She is fully aware her salary will reflect entry level.   I wish I were in a position to hire her at my firm but we don't have a big enough block of business to bring on another currently. I will however serve as a great help in training for her lol.  Free answers to questions.