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Frequently Asked Questions

What is the difference between a Broker and an Advisor?

Deciphering today's complex financial services industry can be difficult, even for the sophisticated member of the investing public. Two words - fiduciary and suitability, are critical in understanding the motivation behind the person offering you financial products or advice. When a broker checks the suitability of a potential buyer they are measuring how much financial product can be sold, their objectives, current income and age, NOT the needs of the investor. No disclosure of conflicts of interest is required. Consider the trading commissions paid by the mutual fund to encourage the broker. In contrast, the fiduciary standard requires financial advice to be provided in the best interests of the client including the disclosure of conflicts of interest.

What are your qualifications?

Boerum Hill Financial Advisors is well-qualified to help you with your financial advisory needs. Jonathan Elks (President) has completed his Certificate of Investment Management Analyst (CIMA) certification. He is a Chartered Accountant (FCA), is a graduate of the Wharton Business School Advanced Management Program, holds a Bachelor’s degree Accounting, and is a candidate for Certified Financial Planner professional. He has extensive finance and risk management experience in global organizations and in industries ranging from start-ups to global corporations. Jonathan is an Independent Registered Investment advisor in the state of New York, USA, and adheres to the FCA, CFP and CIMA Board Codes of Ethics.

What does financial planning include?

Every financial plan is tailored to your specific goals, needs, and aspirations. Some of the common areas that make up the comprehensive financial planning process include: statement of net-worth, budgeting and cash flow, investments, business interests, debt management, insurance, estate planning, college savings, employee benefits and retirement planning. Financial planning is not only a documented roadmap but more importantly, guidance and assistance from your fiduciary advisor along the way.

What does Fee-Only Financial Planner mean?

It means that only compensation that Boerum Hill Financial Advisors receives comes from our clients, not from products or services that I would recommend. We do not sell any financial products or receive any commissions from insurance brokers, mutual funds, attorneys or CPA’s. Being a fee-only financial planner eliminates nearly every conflict of interest that exists in the financial industry and allows you to partner with someone whose interests are aligned with yours.

Have you been sued by a client or have had any legal action against you from a client?

No, I have not had any client sue me or have had any legal action taken against me, past or pending.

What if I need to buy an investment or insurance product? How do I do that?

Boerum Hill Financial Advisors does not sell products or receive commissions. We offer specific recommendations and opinions on various products and services that may be appropriate for a client’s situation, and in turn, can advise a client where to obtain those products or services. If appropriate and at the client’s request, we will also help with plan implementation.

I think I’m doing well financially how can Boerum Hill financial Advisors help?

Yes, Boerum Hill Financial Advisors offers many services for those people who need more sophisticated financial planning or advice. You may wish to simplify your financial affairs or develop strategies to transition assets and wealth. Or perhaps you are considering a major transaction, and need a critical sounding board, a partner who knows you and your circumstances and whose only interest is your best interest. You may want a professional review or a second opinion- we can provide that too.

Can you help with all types of securities?

Yes. Boerum Hill Financial Advisors provides advice on all types of securities, including mutual funds, stocks, stock options, bonds, bank deposits, variable and fixed annuities, and limited partnerships. We also provide advice on mortgages, budgeting and cash flow issues, 401(k), 403(b) and other retirement programs, life and disability insurance, and more. If it has to do with money and finances, Boerum Hill Financial Advisors can provide counseling, guidance, and resources.

How do I get started?

Click Contact Us here to request your no-obligation Get Acquainted meeting. Or you can call us to schedule this meeting if you prefer. At your Get Acquainted meeting with Jonathan, he will ask you about your financial concerns, your current circumstances, priorities and the desired ongoing advisor relationship you desire. He will then provide a preliminary estimate of fees, information needs, and an estimate of the work elapse time.

Does Boerum Hill Financial Advisors ever take control of my money?

No, never.

What is Financial Planning?

Financial planning is a process that helps you figure out where you are today financially, understand where you want or need to be in the future, and then helps you determine the best way to get there. With Boerum Hill financial Advisors the process involves an initial in-depth review of your current financial situation and then the creation of relevant recommendations on how to achieve future goals, aspirations, and objectives.

Why should I work with a financial planner?

You may not have received any formal financial knowledge in your education and training. So how are you supposed to know what your current financial position is and what is the best way to plan for your future? Your circumstances may have become too complex to manage, or you just want to spend time doing other things. It’s ok to not know the difference between a Roth IRA, a 401K, a 403b, a solo 401K,and a SEP IRA. What about the difference between an average and an index, the rule of 72 or which 529 plan is best? Our role is to turn complex concepts and jargon into plain English, so you can make the best decisions for your financial future. You may want to know how to invest and understand the risk you are taking. We work with you, so you can make wise financial and investment decisions.

How do you manage my investments?

First, we understand your risk profile and answer the question how much risk you are willing to take with your investments. We will also determine your investment time-horizon. Once we have established your risk tolerance, we will design a portfolio specifically for you. I practice what I preach, I apply the same approach to my own investments.

What’s so different about Boerum Hill Financial Advisors?

Boerum Hill Financial Advisors sole focus is on our clients, not on a product, a particular arrangement or service type, but our clients. We are proud to work with people from all income levels and all walks of life and aim to create long-term relationships with our clients and build a deep understanding of clients’ needs, goals, and aspirations. Boerum Hill Financial Advisors has no minimum income levels, net worth requirements, or investment account size. Boerum Hill Financial Advisors provides our advisory services on a Fee-Only basis. We do not accept sales commissions or any compensation other than directly from our clients. Clients pay only for the time we work with or for them.

Does Boerum Hill Financial Advisors provide just comprehensive financial planning?

No. Although a comprehensive financial plan yields the great benefits, we also can limit our services to individual, specific needs like cash management and budgeting, investment analysis, portfolio evaluation, business transactions, or college education funding—whatever is critical to meet your needs.

My spouse and I need help and guidance getting started building for our financial future. Will you accept us as clients?

Yes. We will be happy to visit with you about your situation. Boerum Hill Financial Advisors has no minimum income levels, net worth requirements, or investment account size. We realize that everyone has financial questions. We are proud to work with people from all income levels and all walks of life. Remember, you don’t have to have a fortune to start building one. Click Contact Us and start building today.

Once my financial plan or project is finished will our relationship end?

No. Boerum Hill Financial Advisors likes to think of ourselves as ongoing providers. Just as someone thinks of a doctor as an ongoing provider and has regular checkups to maintain good physical health, good fiscal health requires periodic reviews of your personal finances by a qualified financial advisor. Because financial planning is a process, not an event, we offer ongoing services, periodic reviews, and day-to-day consultation as requested and/or needed if you so desire. We will have acquired a strong understanding of you and your relationship with your finances, your goals, needs, and aspirations. We leverage this knowledge for all your financial needs. Our preference is to be engaged on a retainer basis, so we can be there as your circumstances change and opportunities arise.

What are the expected time commitments for clients, and what does the financial planning process look like?

I know your time is precious, so I’ve set up my practice to work around your schedule. I’m not a financial planner who is only available 9-5. My hours of business are extended to hours that are suitable for you – at 8 pm after you put kids to bed, while you’re grabbing lunch, or between patients. Short of the overnight shift, consider me on-call. The financial planning process consists of initial meetings followed by quarterly or six-monthly check-ins. Throughout the year, however, I am available to provide guidance and answer questions, but also to address anything that might cause the plan to shift or change course. Need to expand your business, buy-out a partner, buy a business, or create some passive income. Let’s discuss ways to finance this. Want to buy a house, or vacation home, but not sure how much you can afford? We will run various scenarios to not only see how much you can afford but what your budget and spending will look like after the purchase.
THERE'S NO TIME LIKE THE PRESENT

Let's Schedule a Discovery Call

We offer a complimentary "Get Acquainted" meeting to learn more about your financial planning needs and share information on our firm to see if our services are right for you.

3033 Campus Drive, Suite N145
Plymouth, MN 55441

Contact

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    763.432.7875

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