Steeped in Tradition. Dedicated to Success.
Boston Financial Management, Inc. was established 40 years ago by Richard H. Morse to answer the unique challenges that come with wealth. The firm has grown into an investment management and wealth advisory firm, serving the needs of individuals, families, and institutions.
We remain committed to our clients’ best interests and pride ourselves in helping them meet their investment objectives and financial goals. We look forward to providing deep wealth management expertise and investment perspective well into the future.
BFM is an independent advisor registered with the Securities & Exchange Commission. Under the Investment Advisors Act of 1940, registration does not imply level of skill or training. If you wish to view our firm on the SEC website, please click here.
Frequently Asked Questions
What does BFM do for me as a client?
Our team of specialists creates a comprehensive, customized and understandable financial map to address your financial needs and life goals based on a review of your financial situation and investment goals. We offer strategic advice that integrates with that of other advisors you may have and can draw from our comprehensive network of experts to answer any questions on financial challenges you may encounter. Our team monitors your portfolio, manages investment changes and communicates regularly with you to review your personal and financial situation. As changes happen in your life, we can implement appropriate adjustments to your plan and approach to taxes.
Can you describe BFM’s company culture?
First and foremost, we are invested in our clients, work hard to create long lasting relationships, and aim to work with generations within families. To us, putting our clients first means we know you and your family’s goals (instead of you as a number); and we leverage our employees’ diverse skills to ensure that you get the most valuable advice.
We believe you are best served by a healthy company, and so our employees lead balanced lives in and outside of BFM. Our employees are involved in charities, churches, sports, and their communities. Many of our people seek continuing education opportunities, as well as additional certifications.
Does BFM require a minimum account size to become a client?
Yes. BFM has a minimum of $2 million in investable assets for an individual relationship. Maintaining a minimum relationship size helps assure that we can provide you with customized and personal service.
Can BFM work with my current accounts and holdings?
Yes. BFM invests in individual securities, which enables us to manage your legacy positions. We can also recommend tax-efficient strategies to transition from current holdings into more suitable target holdings if applicable. Our team can recommend a plan to consolidate your various accounts to simplify your financial affairs.
Who answers questions about my portfolio?
At BFM you will have a specific team dedicated to addressing your questions and needs. We can also arrange for you to speak directly to one of our investment team analysts. Any questions you might have will be addressed thoroughly and promptly by our client-focused employees.
How can you reassure me that my investments are safe at BFM?
To assure your assets are protected, we use reputable financial institutions (banks or brokerage companies) to custody our clients’ accounts. These institutions act like a safe deposit box for your account. They are responsible for crediting and collecting income, settling purchases and sales, reconciling cash and security positions and providing you with an accurate report of your security holdings. While the custody provides safekeeping of your securities, your investments are still subject to market value changes due to changing market conditions and specific company performance.
By retaining the advisory responsibilities ourselves, and entrusting the custody of your assets to an independent firm, we believe that we are most prudently fulfilling our fiduciary responsibility while assuring you of transparent accounting. BFM clients may select from a variety of custodian institutions such as Charles Schwab and Fidelity. Each custodian carries SIPC and private insurance on client accounts.
How do I set up an initial appointment with you?
Contact us by calling 617-338-8108. You may also email any one of us personally or reach out to email@example.com. We will put you in touch with one of our wealth managers for a brief preliminary conversation to discuss your particular situation and needs. After this, our next step is normally to schedule an in-depth meeting at a location convenient to you.
If you were introduced to BFM by a friend or family member, please let us know. The greatest compliment a current client can provide is the introduction of a friend or family member, so we want to thank them.
What is a Chartered Financial Analyst (CFA)?
The CFA Institute awards this designation to investment professionals that have passed a series of comprehensive security analysis examinations over at least a three year period. The credential is globally recognized for setting high standards of integrity, investment competence and professional excellence. BFM’s investment team includes CFA charter holders, and we believe credentials like the CFA are an important indication of an investment firm’s commitment to excellence and integrity.
What is GIPS?
The Global Investment Performance Standards (GIPS) were created by the CFA Institute to provide investors with a uniform approach. The GIPS website states that the GIPS standards are voluntary and based on the fundamental principles of full disclosure and fair representation of investment performance results. Having a global standard enables investors to compare and evaluate investment managers.
What does “fiduciary duty” mean?
Fiduciary duty is our obligation as an independent investment adviser registered with the SEC* to act in the best interest of our clients. Investment brokers advising clients are only required to recommend investments to clients that are deemed suitable, while investment advisers are obligated to put clients’ interests first. We believe your interests are well-served by an independent adviser like BFM.
How is BFM compensated?
BFM is a 100% fee-based adviser. This means BFM’s only compensation from you is a professional fee based on the size of your portfolio. We charge a percentage of your portfolio value at the beginning of each quarter. The annual fee starts at 1.2% for the first $2 million, and the percentage declines for larger portfolios. If the value of your portfolio increases, so does our fee. And if the portfolio value declines, our fee declines, so our interests are aligned.
What type of client does BFM typically serve?
Aside from meeting our minimum asset size of $2 million for one relationship, every BFM client is concerned with creating a comprehensive understanding of his or her financial goals. Beyond that, our clients are individuals, trusts, charitable trusts, retirement plans, IRAs, foundations, endowments and other institutions.
What is the difference between fee-based advice and commission-based advice?
Fee-based advice is very different from commission-based advice, and it is important that you understand how your adviser is being paid. If an adviser is paid on commissions it is normally an up-front fee, and the amount depends on what product the adviser is recommending for sale. For example, commissions (or “loads”) on “A” share mutual funds are typically several percentage points, and commissions can vary widely from fund to fund.
In contrast, a fee-based adviser is not influenced by the commission amount, so the fee-based adviser can objectively select the investments that are aligned with your goals.
Our team believes in the importance of relationships with our clients, and also the importance of relationships with our communities. We are proud to give back through involvement and support throughout the year.
- Abbott House
- Abby’s House
- Alternatives Unlimited, Inc.
- Alzheimer’s Association
- Barnstable Land Trust
- Beth Israel Deaconess Hospital
- Boston Bruin’s Foundation
- Children’s Trust
- Community Work Services
- Domenic Ferrante Engineering Scholarship
- Friends of the Park City Library
- Heading Home
- Killington Mountain School
- Marblehead Old North Church
- Martha’s Vineyard Preservation Trust
- Massachusetts Correctional Officers Health and Welfare Fund
- Memorial Sloan Kettering Cancer Center
- Peachtree Road Methodist Church
- Pine Street Inn
- Schwartz Center for Compassionate Healthcare
- Smile Train
- The Pat Waterman Nursing Scholarship