Losing a job is a major life event, especially when you’re a corporate executive. You dedicate years and way more than 40 hours a week to your role. Beyond income loss, separating from an employer can impact your identity and financial confidence.

If you just lost your job, or if you think this kind of change might be on the horizon, consider consulting a CERTIFIED FINANCIAL PLANNER® Professional (CFP®). They have the highest level of accreditation in their industry and have deep and broad expertise that goes beyond what a financial advisor can typically provide.

Here are seven ways that a CFP® professional can help you make informed, strategic decisions about your severance package, investments, and financial future if you separate from your employer.

If you don’t already work with a CFP® professional or financial advisor, you can use this post as talking points in your first conversation with a financial advisor (even if you decide to book a 15-minute consultation with us).

1. Reviewing Your Severance Package

Have you ever thought to share your package with a financial professional? Someone with a sophisticated level of expertise like a CFP® professional can look at what’s included, and they can tell you what’s missing to maximize its value. For example, a CFP® professional can help you:

Understand how your severance is taxed and structure payments to reduce tax liability.
Evaluate the impact on your retirement contributions and stock options.
Assess equity compensation and optimize payout timing for tax efficiency.
Connect with an employment attorney so you can hopefully negotiate the best possible package.

2. Managing Your 401(k) and Investments

In the days, weeks, or months after your job loss, you may be wondering what to do with the 401(k), RSUs, or stock options from your former employer. A CERTIFIED FINANCIAL PLANNER® Professional can help you:

Rollover your 401(k) into an IRA for greater control and investment flexibility.
Determine whether to keep it with your former employer’s plan or transfer it to a new employer’s 401(k).
Understand why you might want to avoid cashing out your 401(k), which can trigger tax penalties and reduce retirement savings.
Decide what to do with your Restricted Stock Options (RSUs), stock options, or severance payouts.

3. Understanding Tax Implications of Job Loss

A CFP® professional has a unique background when compared to most financial advisors, in that they can provide in-depth guidance on tax-efficient strategies. This can help you retain more of your money during this transition. They could help you:

Minimizing severance taxation.
Setting up the correct withholding for unemployment benefits.
Managing capital gains and losses from investments.

4. Securing Healthcare Coverage

Losing employer-sponsored benefits is one of the biggest challenges of a layoff. A CERTIFIED FINANCIAL PLANNER® Professional can help you explore:

COBRA to extend employer-sponsored coverage.
Spousal employer plans for a potentially lower-cost option.
Marketplace insurance options and potential subsidies.

5. Creating a Financial Stability Plan

Since your financial picture has changed, it’s a good time to reassess your overall strategy for all things related to money. A CFP® professional can help you:

Develop a budget that aligns with your new income and expenses.
Identify tax-saving strategies to optimize your resources.
Model different scenarios, like taking a sabbatical, starting a consulting business, or retiring early.

6. Defining Compensation Goals for Your Next Role

When you’re ready to start thinking about what’s next, a CERTIFIED FINANCIAL PLANNER® Professional can assist with:

Determining your minimum salary requirements to maintain financial stability.
Identifying your ideal total compensation, including bonuses, equity, and benefits.
Preparing a negotiation strategy to secure the best possible offer.

7. Maintaining Long-Term Financial Health

A financial advisor can help ensure that your finances remain strong post-layoff by:

Keeping your retirement savings on track.
Adjusting your investment portfolio as needed.
Exploring alternative income sources, such as consulting or board positions.

Final Thoughts

A layoff doesn’t have to derail your financial future. Consult a CERTIFIED FINANCIAL PLANNER® Professional now so they can provide strategic guidance on your severance package, investments, and career transition.

At Primary Financial Advisors, we specialize in helping corporate executives navigate job loss and financial planning. Our approach is broad and diverse, and we treat each financial life as if it were a business of its own. We analyze cash flow, expenses, and long-term projections—to show our clients how their wealth might evolve over the next 20, 30, or 40 years. We ask the executives that we work with to turn to us first, anytime they have a question about money.

If you recently lost your job or if you think this kind of change could be on the horizon, schedule a free 15-minute consultation today to discuss your next steps.

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Any opinions are those of Primary Financial Advisors and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP® and CERTIFIED FINANCIAL PLANNER® in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.

Corporate Executives: 7 Smart Financial Moves to Make After a Layoff