DAVID AND DJ BOIKE – SENIOR PARTNERS OF RETIREMENT
RESOURCES, A FEE BASED REGISTERED INVESTMENT ADVISORY
FIRM – BRING YEARS OF COACHING EXPERTISE TO
THEIR ROLES AS FINANCIAL CONSULTANTS
TO HUNDREDS OF RETIREES
In describing the way they work with clients to create long term financial game plan, many financial advisors use sports analogies – but David and DJ Boike, father and son Senior Partners of Retirement Resources, bring years of actual hands on team coaching expertise to their roles as consultants for hundreds of retirees from their home base of Southern Michigan and throughout the United States.
David, who launched his company (www.theretirementresource.org) in 1982 as Boike Financial Services after two years as an insurance agent at what is now Northwestern Mutual Financial Network, coached high school basketball and baseball while teaching history and business in his post college years. DJ, who worked at various capacities at the firm while growing up, followed in his father’s footsteps, teaching history at a private school for six years and coaching various sports. He was recently inducted into the Michigan Coaches Association’s “100 Win Club.” DJ has been associated with Retirement Resources for 20 years and has been there full time for the last 12. Both David and DJ also played college basketball at what is now Cornerstone University in Grand Rapids.
David originally entered the financial industry when family health issues (his mother in law passed away and father in law was ill) brought him and his young family back to the Flint area and he couldn’t find a teaching position commensurate with his previous job. His financial education and certifications continue to this day. “When I founded Boike Financial Services, I decided I wanted to provide full financial planning services,” David says. “I felt it was the best way to use my teaching and coaching skills to help get people’s financial lives in order. It was a way for me to broaden my scope and become a financial coach.”
DJ likens his experience as a trusted advisor to his former role as a basketball coach. “I was always good at encouraging people to do the right thing,” he says. “Anyone can grow stagnant in their life, and my skill set has always been helping them make good small decisions. None of our clients who come to us to invest a million dollars got that huge amount all at once. Rather they compounded their way to it. Their retirement years are similar, where it’s all about making the small good choices that have a positive effect moving forward. They have to learn how to dribble the ball, then master how to shoot it, and eventually they’ll turn into a good ballplayer, so to speak.
“Our mission,” DJ adds, “is to teach retireees how to guarantee income, protect and preserve accounts, reduce their fees, and not take too much risk so that the small issues can add up over time to something big. Dad and I draw on our years of playing and coaching basketball when we work with our clients. The coaching part is what separates us from other financial advisors. We’re not selling products. We are fee based advisors. When a client comes on board, we Become their financial coach, designing for them an action plan to help them achieve their financial goals and solve their financial problems.”
David completes his son’s thought: “Beyond just offering advice and standard coaching, like players, sometimes people need a little ‘rah rah’ behind them to keep them on the right track and help them make continue to make good decisions based on the roadmap we’ve laid out for them.”
With offices in Flint and Auburn Hills, Retirement Resources currently has 12 employees, including five full time advisors servicing approximately 1000 clients – with each advisor working at any given time with a manageable clientele of 100-200, allowing for the kind of personal service that huge brokerages with their thousands of clients per advisor, cannot. Clients are between 60-75 years of age, either retired of within a few years of retirement, with a typical minimum under management of $250,000.
Though Investment Resources mostly caters to higher net worth clients – some sign on with up to $1 million – David insists that the numbers are negotiable. The true criteria, he says, is “good people looking for advice rather than wanting to be sold some one size fits all financial services product. We want to help anyone we can.”
In 2007, the firm was honored by The National Ethics Bureau for their longtime commitment to ethical business practices with their Member of the Month award. Retirement Resources has also been nominated for the National Advisor of the Year award, presented annually by Senior Market Advisor. They’ve been featured as leading financial professionals in the Wall Street Journal, Newsweek, and USA Today, and have appeared on ABC, NBC, CBS, and FOX.
For 2011 and 2012, Retirement Resources was awarded the 5 Star Wealth Manager of Michigan – a distinction only given to the top 7% of advisory firms. David was featured on NBC25 every weeknight at 6 p.m. for four years discussing the daily market wrap up. Both David and DJ appeared on 1270 AM WXYT, discussing timely economic and retirement topics critical to a successful retirement.
The Boikes also speak regularly on a local and national basis to groups of retirement age people, averaging 6-10 engagements per month at lunch and dinner seminars, Rotary Clubs, business, churches and charity organizations – imparting their experience, wisdom and advice to 25-30 folks (and prospective clients) at a time. They also do regular workshops for retirement age people who live closer to home. While the bulk of Retirement Resources’ clientele is in Southern Michigan, the company has clients everywhere from Alaska and California to Massachusetts and Florida.
David is a Chartered Financial Consultant, a designation awarded only to experienced Advisors who have completed a 10 course program of study, through the American College in Pennsylvania, focusing on Tax, Investment, Risk Management, Retirement and Estate Planning. He is an approved Member of the International Association of Registered Financial Planners, the Society of Financial Service Professionals.
David and DJ were co-authors in the Best-Selling book The Ultimate Success Guide. They’ve now authored a powerful new book called “High Tide: A Practical Guide For Affluent Retirees To Protect, Profit and Prosper From The Coming Storm.” David and DJ have authored a powerful new book called “High Tide: A Practical Guide For Affluent Retirees To Protect, Profit and Prosper From The Coming Storm.” During the last decade, David and DJ took every opportunity possible to share his feeling about a coming financial crisis based on “The Perfect Storm” of underfunded Pensions and Social Security, rising government debt, the implosion of the housing market, volatile financial markets and terrorism, among other contributors. As the webpage for the book (www.hightidebook.com) indicates: “The bad news, we are no longer waiting for the storm, we are right in the middle of it! The good news, in this limited edition book, you can see Dave’s tried and true methods of how he helps people just like you everyday protect, profit and prosper during this financial storm.”
“We wrote it as a simplified guide for affluent retirees about how they can have a financially successful retirement regardless of these issues,” David says. “Its seven chapters deal with the main issues they should be concerned about. When a client first comes to us and we’re both deciding if a relationship would be mutually beneficial, I have them read the book first. It covers things like family, tax rates and income issues, and obviously each client will have certain specific concerns. Once we are working together, we will work with the client one on one on the issues most pressing to them.
“The book addresses the crucial fact that these are very different financial times in American from when I started the company 30 years ago,” he adds. “For many years, people could get 8-12% return on a traditional CD at a bank, but now banks are paying less than one percent. Doing the math, that means that back then, you could invest $100,000 in a CD and based on that 12% you could earn $12,000 to live on as a supplement to any other retirement fund. Now you get .7%, which translates to $700. And of course it costs so much more to live now. Obviously a retiree cannot just take his or her money to the bank and stick it there and expect to survive on that.”
While the Boikes’ firm has blossomed well beyond David’s initial goals three decades ago – and secured the financial futures for more clients than he ever dreamed possible – he has enjoyed the added bonus of working with family. DJ’s brother Jake, also a Senior Partner and Registered Financial Consultant, is firm’s Chief Operating Officer; Dave’s wife Cherie has been actively involved on the administrative since the beginning; she is currently Dave’s Executive Assistant.
“Beyond our immediate family members,” Dave says, “everyone who works on our team here at Retirement Resources shares our founding vision that we are there to make a difference in people’s lives. DJ and I could not continue to build the company with the high standards we have if the entire team was not on board with us, committed to living that vision every day.”
Retirement Resources was built on four core values: Always Do The Right Thing (honesty, integrity and trust have always been their guideposts); Make A Difference (“We understand that we cannot be all things to all people so we only accept new clients we know we can help”); Truly Care About People (“Service is not just a department of our business, it IS our business”); and Surround Ourselves with Successful People – “a staff of highly talented and committed professionals to help us serve our clients.”
David says, “All of our advisors ask two main questions of prospective clients: Can we help you? And, Do you Want Our Help? We ask them to tell us what they are looking for and what they are most concerned about – losses in their portfolio, not enough income, a tax problem, etc. We focus on what they are trying to accomplish. The only kind of client we will not accept is one with a gambler’s mentality, looking for high risk, high reward investments. We don’t believe retirement age people should be gambling with their retirement security, so we’re not about taking extraordinary risks to get extraordinary returns. We tell them up front we work with conservative investors whose goal is to protect their money and create a reasonable rate of return, which currently ranges from 4-8%, with an average of 6-7%.”
“We want to make sure that our clients don’t outlive their money,” DJ adds, “and that means finding ways to ensure that they have retirement income well into their old age – in fact, until they are 100 years old, because in a few years that won’t seem crazy at all. That includes considerations like long term care and rising health care costs. It’s about finding a balance between overly risky investments and others so conservative that the client is eating into the principle of their original retirement fund. So you can’t be looking for 15-20% return, but it also can’t be 1-2% to get some real results.”
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