For hundreds of thousands of Americans, military service is a defining chapter – one that shapes not only character but also lifelong financial habits.
As the country observes Veterans Day – and, for those a bit more in the know, the 250th anniversary of the US Marine Corps – InvestmentNews sat down with two ex-military advisors, who shared how their own time in uniform continues to inform their approach to personal finance and client relationships.
According to Ryan Quigley, wealth advisor at Beacon Pointe and William Minor, a financial advisor with Wells Fargo Advisors, the financial trajectory of most military members' lives is substantially distinct from that of most civilians. Service members often enter the workforce at a younger age, with a compensation structure that includes stable income, subsidized healthcare, and the promise of a pension for those who serve long enough.
“There’s really, in my opinion, a big structural difference in both the financial picture and the overall trajectory for a military service member compared to the typical American,” Quigley says.
While those in uniform would have lower taxable income for most of their early years, that can be offset by their greater cash benefits and career stability. For those who reach the 20-year mark, Quigley says a pension can be “life-changing.”
Minor, who continues to serve in the reserves, notes that many young service members tend to be focused on short-term goals. “They might not be looking five, ten years down the horizon. They might only be looking towards the next weekend or the next vacation that they’d really like to be able to afford plane tickets to go home and see their family,” he says.
Both advisors highlight a culture of “living in the moment” that can lead to impulsive spending. Frequent moves, deployments, and high-stress environments often encourage service members to spend now and worry about the future later. Quigley observes that this mindset can result in young military members gravitating toward big-ticket purchases, such as cars and technology, sometimes financed through high-interest loans.
Minor echoes this, recalling how discretionary spending on eating out or energy drinks can add up quickly. But on the plus side, he has seen Marines make huge progress simply by choosing free meals at the dining facility over more expensive options at the base’s post exchange.
“If I do that enough [as an active service member], then I’ll have maybe a hundred or two hundred extra dollars a month – that adds up,” he says.
For many military families, the volatility from frequent moves and deployments can also be a source of strain. Quigley says it can mean repeated disruptions to the spouse's professional life, which can add to the stress of managing household finances.
“Depending on the spouse, that can create a lot of stress as well, as far as establishing his or her career with frequent moves and relocations and essentially handling the household during deployment times,” he says.
While it's not protocol, Minor has seen some of the best leaders step in for people under their command who've made grave financial missteps. He recalls seeing senior non-commissioned officers accompany younger Marines to car dealerships to help unwind poor purchase decisions.
“It’s a culture where, yes, mistakes are going to be made. But leadership really cares about fixing those mistakes or helping that service person set things right, or at least as right as they can be,” he says.
Both Quigley and Minor stress the importance of financial education and planning. Quigley notes that many service members are “very laser-focused on their military occupation,” leaving little time to learn about financial services or benefits. To protect his clients' finances, he emphasizes the need for a coordinated strategy that avoids pitfalls like overlapping investments or unnecessary taxes.
Minor, who once delivered financial literacy education to a battalion of 1,000 Marines, believes that recurring education is key. He points to the Thrift Savings Plan as a valuable tool, but one that requires early and consistent engagement.
“Once Marines, soldiers, sailors, airmen, National Guardsmen, and other service members get a little bit older and get some education on the topic – which hopefully they get from the very beginning – we start to see more service members take advantage of programs like the TSP,” he says.
Quigley also underscores the value of often-overlooked subsidies such as the VA home loan and GI Bill benefits, which help cover at least some school or training costs for veterans and eligible family members.
"I'd tell service members that I served with, 'When you get out, you might as well look to education for something.' Because you’re effectively getting paid to pursue your education as you figure that out,” he says.
After years spent alternating between boot camp, army bases, and fighting on the front lines, the move from military to civilian life brings its own set of financial and emotional challenges. Quigley says shifting from a highly structured environment can be liberating – and disorienting.
“At some point, you get out of the military, and then you wake up – well, you can do whatever you want to,” he says.
According to Minor, the transition can be especially problematic for those with families.
“Oftentimes when people get out of the military, they’re not 18, they've served their four years or five years if they enlisted. Or if they’re an officer, maybe they’re 27, 28, and they probably have formed a family. Then they have to spread their resources out amongst their spouse and children, which can be an additional expense and a strain,” he says.
Both Quigley and Minor encourage advisors working with veterans and active-duty clients to adopt a direct, purpose-driven approach. Quigley advises: “Don’t get too into industry jargon or try to wow them with how smart you are. Just focus on what is the purpose of why you’re recommending something.”
“What sets them apart [is how] they can be very consistent and very disciplined," Minor says, emphasizing the value of goal-setting and investing extra earnings that have accumulated over time. "Working with clients like that, you can really show the power of compounding interest and of having that money invested and working for them."
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