Key Takeaways
- You don't need everyone—assess your specific situation
- Many professionals offer free initial consultations
- External perspective is invaluable during crisis
Your Layoff Support Team
"This seems like overkill" — Maybe. Let's figure out what you actually need.
The Potential Team
| Professional | What They Help With |
|---|---|
| Financial advisor | Money decisions, planning |
| Employment lawyer | Severance review, discrimination |
| Tax professional | Low-income year strategy |
| Career coach | Job search strategy, interview prep |
| Therapist/counselor | Mental health support |
| Immigration attorney | Visa issues (if applicable) |
Who Do You Actually Need?
| Your Situation | Likely Needs |
|---|---|
| Simple layoff, fair severance, healthy | Maybe no one |
| Complex severance, potential claims | Employment lawyer |
| High assets, complex finances | Financial advisor |
| Struggling emotionally | Therapist |
| Visa holder | Immigration attorney |
| Extended search, not getting interviews | Career coach |
Finding Affordable Help
| Strategy | How It Works |
|---|---|
| Free consultations | Most professionals offer 30-min free |
| Hourly rates | Pay only for what you need |
| Legal aid | For qualifying income levels |
| EAP programs | May still be active post-layoff |
| Sliding scale therapists | Reduced rates based on income |
Employee Assistance Programs (EAP)
Many companies provide EAP that continues for 30-90 days after termination:
| Service | Typically Covered |
|---|---|
| Mental health counseling | 3-6 sessions |
| Legal consultations | Initial consultation |
| Financial guidance | One session |
| Career resources | Job search help |
Check your termination paperwork for EAP information.
Common Mistakes Advisors Prevent
| Mistake | Consequence |
|---|---|
| Cashing out retirement | 10% penalty + taxes = lose 30-40% |
| Ignoring the problem | "Many go into denial and keep spending, hoping to find another job quickly. That's when credit card debt spirals." |
| Not filing for unemployment immediately | Can lose days or weeks of benefits |
| Not communicating with creditors | Silence leads to collections and credit damage |
| Making emotional decisions | Present bias and action bias erode returns |
| Taking on high-interest debt | Credit card advances can trap you in debt spiral |
The "Advisor as Anchor" Concept
During a layoff, your judgment is compromised by:
- Stress and anxiety
- Financial pressure
- Emotional reactions
- Information overload
A professional provides:
- External perspective — They're not emotionally invested
- Pattern recognition — They've seen this before
- Accountability — Someone checking on your progress
- Clear thinking — When you can't think clearly
Industry resilience: During the Great Recession (2007-2010), the advisory profession gained 23,000 jobs despite overall economic turmoil. Advisor employment rose 17.3% during peak job loss years.
Questions to Ask Any Professional
| Question | What You're Assessing |
|---|---|
| "What's your experience with layoffs?" | Relevant expertise |
| "How do you charge?" | Cost transparency |
| "What should I expect?" | Realistic outcomes |
| "What can I do myself?" | Honest guidance |
| "When would you NOT be able to help?" | Self-awareness |
Red Flags
| Warning Sign | What It Means |
|---|---|
| Pressure to sign immediately | Protecting their interest, not yours |
| Won't discuss fees upfront | Hidden costs coming |
| Guarantees outcomes | No one can guarantee results |
| One-size-fits-all advice | Not listening to your situation |
| Pushing expensive services | May not need what they're selling |
Too Proud for Help
High earner who is embarrassed to seek professional help
Setup
A former executive earning $300K is embarrassed to file for unemployment, see a therapist, or ask a financial advisor for help. They see needing help as failure.
Client says:
“I know I probably should talk to someone, but honestly, I feel ridiculous. I was making $300K a year. I was the one people came to for advice. Now what—I'm supposed to go see a therapist and tell them I'm sad about losing my job? File for unemployment like I can't take care of myself? I feel like admitting I need help means admitting I've completely failed.”
Practice Objectives
- 1Validate their feelings without agreeing with their conclusions
- 2Reframe seeking help as strategic, not weakness
- 3Point out that successful people routinely use advisors, coaches, and therapists
- 4Address the unemployment stigma specifically
What resource might still be available for 30-90 days after a layoff that provides free counseling and legal consultations?