Making the Most of Music City

Financial PlanningPosted on October 19th, 2017No Comments

Summary By: Lauren Mireles, RP®

At Yeske Buie, we believe learning fuels potential. Embodying this company value, the Yeske Buie Financial Planning Team took full advantage of the opportunity to learn from some of the brightest minds in the profession at the Financial Planning Association’s recent Annual Conference in Nashville, TN. The entire Yeske Buie team took over Music City to support Dave as he received the P. Kemp Fain Jr. Award, and used the opportunity of being at the conference to the fullest; each team member attended three to five informational sessions per day during the 3-day conference. Topics of this year’s conference included behavioral finance, health care considerations, millennial needs, helping clients through a divorce, staying secure in the technology age, tax reform, employee development and more.

Reflecting on the experience, the team shared some of their most impactful learnings and the ways that they can incorporate these learnings into their work with Yeske Buie Clients.

 

Charitable Giving Trends: Leveraging Complex Assets to Maximize Impact for Your Clients

Lauren Stansell’s favorite conference session was on the topic of charitable giving trends:

This session was in the very last round of sessions during the conference and it was the most impactful (and entertaining) session I attended! The presenter, Bryan Clontz, CFP®, shared a wealth of knowledge and experience on complex (and sometimes extremely odd) assets he has helped Clients donate to charity. He explained the benefits of using certain types of assets (with large embedded gains, like the appreciated shares some Clients donate to their Donor Advised Funds) and he explained the pitfalls of using other types of assets (i.e. tax complications, inability for the charity to get use from the asset, etc.). This session opened my eyes to how much is possible with charitable giving and how the benefits and complexities can vary in different situations.

– Lauren Stansell, CFP®

Five Industry Trends Reshaping Financial Advice

Ryan Rasmussen and Daniel Tripp, members of our newest class of Financial Planning Residents, both expressed that the session titled “Five Industry Trends Reshaping Financial Advice” was their favorite session of the conference:

I thoroughly enjoyed the “Five Industry Trends Reshaping Financial Advice” session presented by Michael Kitces. This session informed planners of key drivers evolving the profession, and provided strategies for firms to thrive in the midst of change. Michael touched on the advancement of technology, the firm’s ability to differentiate their image, and a transition to working with Baby Boomers, Gen X, and the Millennial generation. The recommendations presented will help me at Yeske Buie adapt and thrive in a profession that continues to change at a rapid rate.

– Ryan Rasmussen

The presentation I enjoyed most while attending the FPA National Conference was “Five Industry Trend Reshaping Financial Advice.” Michael Kitces, a renowned thought leader in the financial planning profession, explored the role of technological disruption during the industrial revolution and made comparisons to the recent changes our society is undergoing due to the digital revolution. Kitces outlined five significant trends shaping the financial planning industry and explained how digital technology is disrupting the financial advice landscape. Michael stressed the importance of embracing digitalization, the need for financial planners to focus on new business models, and how differentiation is key to surviving in a very competitive business environment. Kitces also stressed that the advent of digital technology, far from eliminating the need for financial planners, will enable planners to serve clients more comprehensively and efficiently. He explained how those financial planners who embrace the new digital environment, while finding ways to leverage new technological tools to help clients better, faster, and in a more experiential way, will be the ones to prosper most in the new digital economy.

– Dan Tripp

CyberSecurity Issues in Financial Services: How to Stay Protected

There’s no question that cybersecurity is a hot topic in the financial planning profession and in society at large. Lauren Mireles’ favorite session was a presentation sharing ideas for how to keep your personal information and your Clients’ personal information safe in the age of technology:

The cybersecurity presentation was by far my favorite session. It is my belief that you can never be too knowledgeable in the topic of cybersecurity, especially because the techniques and types of cybercrimes are becoming more and more sophisticated by the day. The session shared examples of common and uncommon phishing techniques to be aware of, best practices in keeping information safe, and training programs for employees and Clients that help reduce the likelihood of a cybercrime. I also enjoyed the fact that the speaker was engaged with the audience and answered questions related to real experiences that firms and Clients have encountered. I feel more knowledgeable in the realm of cybersecurity and I feel more comfortable with my ability to share that knowledge with colleagues and Clients if the need arises.

– Lauren Mireles, RP®

The Leadership Pipeline: Recruiting, Mentoring and Developing the Next Generation

Zach Bennedsen and Ryan Klemm both thoroughly enjoyed the presentation by close friend and fellow CFP® professional, Cheryl Holland, on the topic of leadership development for the next generation of financial planners:

My favorite session would have to be Cheryl Holland’s “The Leadership Pipeline: Recruiting, Mentoring and Developing the Next Generation” presentation. As an aspiring young advisor in this profession, the presentation provided concrete examples of the opportunities that are possible going forward. I appreciated the attention given to a young advisor’s value in a firm and the ways to help develop their talent to better serve their Clients and the firm itself.

– Ryan Klemm

Cheryl Holland’s session on leadership pipelines had so many great takeaways. Cheryl’s firm uses thorough yet flexible timelines to map out an employee’s progression of responsibilities and proficiencies. We’ll certainly be able to incorporate some of her ideas to help bolster Yeske Buie’s own leadership pipeline.

– Zach Bennedsen

NexGen Mini-Talks

With a similar tone to Cheryl Holland’s session on developing the next generation of planners, Yusuf Abugideiri’s favorite session was a crowdsourced session titled “NexGen Mini-Taks”:

My favorite session was the NexGen Mini-Talks. Three young financial planners each had 10 minutes to share their thoughts about important issues the profession is facing. Russell Kroeger, one of our former Financial Planning Residents, spoke about ways to help young clients connect with their future-selves in support of their long-term financial planning goals. Roger Ma, an investment-banker-turned-CFP®, spoke about different service offerings and fee structures advisors could consider when launching a new firm. Brian Kelleher shared his ideas about mentorship and ways mentors and mentees can make the most of the relationship. It’s always exciting to see young financial planners feeling empowered to take on the challenge of furthering the profession!

– Yusuf Abugideiri, CFP®

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