Seven Questions to Ask a Potential Financial Advisor
Seven Questions to Ask a Potential Financial Advisor
1.) Who is this advisor? (What are this financial advisors credentials and experience?)
Jeffrey N. Bogue is principal of Bogue Asset Management, LLC based in Wells, Maine and have been in the financial planning field since 1998. I have been a Certified Financial Planner (CFP™) certificant since 1997. I hold a fiduciary obligation to my clients which means I have a specific obligation to act in the best interests of my client, putting their interests ahead of my own. Previously, I was Chief Financial Officer for Infinity Federal Credit Union in Westbrook, Maine. Prior to that, I was part owner of Oarweed Restaurant Management, responsible for all financial control, human resources, and operations. I am a graduate of the Pennsylvania State University with a Bachelor of Science Degree in Finance. I am a member of the National Association of Personal Financial Advisors (NAPFA), the Financial Planning Association (FPA) and the Maine Estate Planning Council.
2.) What does this particular financial advisor do? (What services does this person provide, including specialized services?)
I provide two distinct services, financial planning and investment advisory services.
Financial planning services involve developing strategies for my clients so they can achieve their lifelong goals based on their underlying values. This involves consultation on cash flow/debt management, insurance, income taxes, retirement, college planning, employee benefits, estate planning and small business planning. Areas of expertise include retirement accumulation and retirement income planning and Mid-Life financial planning.
Investment advisory services involve the ongoing management of assets to help fund and achieve my client's lifetime goals. For our client’s equity allocation needs, we have access to funds from Dimensional Fund Advisors (DFA). DFA’s strategy is to maximize the benefits of equity investing through the findings of academic research, consistency, trade engineering and low costs. Another specialty of Bogue Asset Management is the development of Risk Managed Strategies. The objective of Risk Managed Strategies is to offer an alternative approach to lowering the risk profile of portfolio construction while not sacrificing the growth potential of the portfolio in comparison to using bonds and/or cash.
3.) What is the advisor's philosophy? (What are his or her core beliefs and principals regarding financial planning and money management?)
The foundation for the financial plan is the client's goals and underlying values. These goals and values are used to derive a specific, deliberate plan of action to accomplish the goals otherwise known as a financial plan. All facets of one's financial situation such as budgeting, debt, insurance, taxes, employee benefits, investing, retirement planning, estate planning, and other goals all are dependent on one another and should be viewed on an integrated basis, rather than individually. Life is dynamic as goals and values change over time; one's personal financial plan should be addressed in a similar fashion with periodic review and adjustment as the client's internal situation on external environment changes. The financial plan is essentially a roadmap. Without one, you will never know where you are going to end up.
My investment philosophy is strategic asset allocation with tactical underlay, which involves spreading your investments over a variety of asset classes and over a variety of investment vehicles and management styles within each class, in order to reduce the risk of substantial loss. The portfolio is then tactically “leaned” according to the valuation of asset classes relative to other asset classes and historical valuations. Allocating capital according to a carefully planned diversification discipline will enable one to achieve the greatest possible risk adjusted, after-tax return, commensurate with your needs, willingness to bear risk, and need for current cash flow. Foremost, I believe that the findings within the financial plan should dictate how the investments are to be managed. Managing assets according to the financial plan should override performance of the underlying investments. Financial planning first; asset allocation second; then and only then the portfolio third; If the portfolio drives the car, the car crashes.
4.) How does this financial advisor accomplish my goals? (How does this financial advisor implement solutions and is the process unique?)
The key aspect of Bogue Asset Management LLC is that we are truly independent. Our independence gives us the freedom to find the best solutions for our clients needs.
5.) Who is the financial advisor's clientele?
My primary clientele are pre/post retiree's, professionals, and small business owners. All my clients are similar in respect that they are people that are either very busy pursuing their professional endeavors and/or enjoying their lives. My primary role is that of their Chief Financial Officer, overseeing their financial picture and making sure they are on track to meet their goals.
6.) Does anything distinguish this advisor from the others? (Are the person's services different or unique vis-à-vis other services?)
There are several things that make my services unique from other financial advisors. First of all, I am totally independent. This means that my clients are my employers and my job is to find the most effective solutions to meet their needs. Many non-independent advisors advise what their employer's dictate, which may not necessarily be the most effective solution. Second, I am a fee-only financial planner. This means that I am solely compensated by my clients and advice is not based on the sale of a product. All too many times, I have seen boilerplate financial plans created by large brokerage firms that are based on the premise of a sale of a product and carry little substance. Finally, I stress personal service and communication. I am willing to spend more time helping you derive your goals and values, explain the plan of action, and answer any follow-up questions in the implementation process. Most institutional advisors have too many clients and are too busy to truly work from a financial plan based on your values. I communicate with my clients on a consistent, continuous basis to help ensure their goals reach fruition.
7.) How will my using this particular advisor benefit me? (What real value does he or she bring to the table and how will it improve my life?)
For my clients, I provide clarity, organization, and peace of mind. I give my clients confidence, knowing that there is a clear, concise, plan of action that will help achieve their lifetime goals. From there, they can go about the business of enjoying their lives. My success is measured by my client's progress towards and eventual realization of their goals.