Jason Gulosh On 5 Things to Look For When Hiring a Financial Advisor

No Judgment: People are generally uncomfortable with discussing finances. You are letting someone look under the hood of your income and spending. The last thing you want is someone who is condescending and berates you for not having enough saved. I once heard that going to see a financial advisor was slightly less enjoyable than going to the dentist. This is a stigma we need to change.

As a part of our series about what one should look for when hiring a financial planner or adviser, I had the pleasure of interviewing Jason Gulosh of Bogart Wealth.

As Bogart Wealth’s Director of Advisory, Jason Gulosh leads the firm’s team of Financial Advisors and oversees the Advisory department. He brings over 20 years of industry experience to Bogart Wealth. In addition to Jason’s management experience, he has extensive experience building, maintaining, and implementing financial plans for clients. Jason is a graduate of William & Mary in Williamsburg, VA with a Bachelor of Arts in Economics. He is an investment adviser representative and is a CERTIFIED FINANCIAL PLANNER (CFP®). Jason lives in Northern Virginia with his wife, and two teenage daughters. He enjoys running, hiking, and kayaking on the Shenandoah River. Jason is also actively involved in the conservation and monitoring of Eastern Bluebirds in Virginia.

Thank you so much for doing this with us! Our readers would love to ‘get to know you’ a bit more. Can you tell us a story about what brought you to this specific career path?

My career path was very uncertain when I graduated from college in the late 90s. I was an economics major but didn’t know exactly what to do with that degree. The decision was made to relocate in hopes of landing a full-time job. As my job search dragged on, I began working for a temp agency. Fortunately, my first assignment was at an investment firm, and after three months, they hired me full time. As I excelled in my new role, I quickly became a registered sales assistant and worked my way into a broker training program.

It wasn’t until five or six years later when I got my CFP® that I truly understood the importance of Financial Planning and the tremendous impact it can have on clients’ lives. I had to cut my own path and beg and plead for every opportunity and experience that I had. Once in my early days as an advisor, I asked a mentor to help me with a case and was met with, “Sure, let’s set up a joint rep number and split the commission.”

Seeing the resources and training programs we have at Bogart Wealth, I am envious of the experience we are providing to our Advisor Growth Track (AGT) participants, so the next generation of advisors have a clear path — unlike I did. I truly wish I had the opportunity to obtain the knowledge and skills early on that the AGT participants receive through a three-year rotational program like we have at Bogart Wealth.

Can you share a story about the most humorous mistake you made when you were first starting in the industry? Can you tell us what lesson or takeaway you learned from that?

We learn by our mistakes, and a good rule is to not make the same mistake twice. When I was a newly minted CFP®, I was in the office early one day hitting the phones and calling my assigned prospects. I was in Arizona and proud that I was being so productive well before 8am. That all changed when I called a high-ranking military official who lived in Hawaii. His wife politely informed me that it was 3am there and asked me if I would like her to wake the Admiral. Needless to say, after I profusely apologized and hung up with a face red with embarrassment, I never made that mistake again. I learned about time zones and the importance of attention to detail.

Are you working on any exciting new projects now? How do you think that will help people?

I am always working on exciting projects. Often, I say that when I stop having fun, it’s time to retire. We are a long way from that point. Currently, I am working closely with our marketing team on content generation and educational materials. There is a LOT of misinformation out there on finance and investments. The more education we can provide, the better informed our prospects and clients become. We also make most of our educational content available for the general public, on our website and social media channels. Anything we can put into the world that cleans up misinformation and helps someone put their finances on the right track is a win in my book.

Are you able to identify a “tipping point” in your career when you started to see success? Did you start doing anything different? Is there a takeaway or lesson that others can learn from that?

My career really started to blossom in 2008 into 2009. We were experiencing the great recession and having many difficult conversations with unhappy clients. This was the second major market downturn I had seen in my career, the first being the dot-com bubble burst in 2000/2001. It was during this time that I realized you cannot be all things to all people.

I also learned to “focus on what you can control”. Those six little words have become my marching orders since. When I feel stuck or am facing a seemingly impossible challenge, I remind myself of that message and begin moving forward again. The lesson here is that as you focus on what is in your control, hone those skills and narrow that focus as much as possible. Find a niche and realize that not every prospect you meet fits your client criteria. Be selective about who you work with and where you work.

What three pieces of advice would you give to your colleagues in the finance field to thrive and avoid burnout? Can you give a story or example?

As I mentioned previously, #1 is to focus on what is in your control. #2 is to find balance — you want to be supported by a firm that values both professional and personal growth. #3 is to take time off. I see many advisors so focused on the next deal that they over-rotate towards their work at the expense of family. When you are at work, be focused on work and when the day is done… go home and shift your focus to the most important people in your life.

Ok. Thank you for all of that. Let’s now move to the core focus of our interview. As a “finance insider”, you know much more about the finance industry than most consumers. If your loved one wanted to hire a financial advisor (not you :-)), which 5 things would you advise them to find out about before committing? Can you give an example or story for each?

Of course! The most important things to look for, in my opinion, are as follows:

1. No Judgment: People are generally uncomfortable with discussing finances. You are letting someone look under the hood of your income and spending. The last thing you want is someone who is condescending and berates you for not having enough saved. I once heard that going to see a financial advisor was slightly less enjoyable than going to the dentist. This is a stigma we need to change.
2. Honest and Relatable: I think it’s fair to say that no one wants to be taken advantage of. We all want someone who is honest, understands who we are, and listens. We hear about financial scams daily. You also want someone you can relate to. Clients tend to gravitate toward advisors that they can relate to. As financial advisors, we need to discuss complex topics and ideas with clients who may have little to no background with these topics. Using stories and analogies to make the topics relatable goes a long way. Clients may not fully remember what asset allocation is, but they will remember the story you told them about the guy on the beach that sells sunscreen and umbrellas. He makes money whether it’s sunny or raining.
3. Accessible and Responsive: It’s critically important that your advisor be available when you need them. As advisors, we often talk to our clients during their darkest days — they lost a job or are dealing with the death of someone close. Having an advisor that takes weeks to respond and has so many clients that they are simply overwhelmed is a deal breaker. Be sure to ask your potential advisor about their accessibility and the number of families they serve.
4. Clean U4 / License: When shopping for an advisor, ensure that they do not have any negative marks on their license. This information is publicly available through FINRA, the SEC, and the CFP Board. I am shocked when I review public records and see dozens of violations spanning several years. Clients need to be informed.
5. Fiduciary: You should always ask your potential advisor if they are a fiduciary, meaning they are legally bound to put their client’s best interests ahead of their own. If you receive an answer like “it depends”, it’s time to interview another advisor. This should be a simple yes or no answer, and your advisor should be able to state this to you in writing.

I think most people think that financial advisors are for very wealthy people. This is likely not actually true. Can you explain who would most benefit from hiring a financial advisor and why? Can you give an example?

It is NOT true that financial advisors are only for wealthy people. Financial advisors can guide you on a path to building wealth or simply help you achieve your financial goals. I think everyone can benefit from working with a financial advisor. A financial advisor can help you with debt counseling, budgeting, and creating solid foundational financial habits. This work seeks to create and grow your wealth, and a financial advisor can help you manage that. Lastly, a financial advisor can assist with end-of-life transfers of your assets to your heirs. Financial advisors are beneficial at ALL stages of life to all types of people.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

I am extremely grateful to the many coaches and mentors I have had throughout my career. There was a time several years ago when I made the decision to get out of a leadership role and focus on training and teaching, which has always been a passion of mine. At the time I was, frankly, burnt out on leading through change. There was a senior leader in another department who knew my background and skillset. She pulled me aside and bluntly advised me that my talents would be better served in a leadership position. She was instrumental in encouraging me to apply for an open role and she wanted me on her team. It was the push that I needed at the time, and she will forever hold a special place in the development of my career. I applied, got the job, and think about the daily guidance I received from her often. She was a major influence on refining my leadership and coaching style.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

My movement would be to have basic financial literacy as a required class in every middle and high school in the country.

We have a problem in this country with youth financial literacy. April is National Financial Literacy month, and it doesn’t receive nearly the attention it deserves. It’s great that we focus on financial literacy as a whole, but we NEED to focus more on youth and building good habits early. Kids are graduating high school with a lack of practical skills on how to pay bills and what money even means. I am certain that I would have used basic finance skills much more than I used the skills I learned from a county-wide mandated square-dancing class!

How can our readers follow you on social media?

You can learn more about Bogart Wealth on our website at www.BogartWealth.com, where we regularly share new blog posts, articles, videos, webinars, white papers, and other educational content. You can also follow Bogart Wealth on LinkedIn and Facebook, and subscribe to our YouTube Channel.

Thank you so much for joining us. This was very inspirational.

Thank you for having me!