InvestmentNews has named Elissa Buie to its inaugural Women to Watch list for 2015. They launched the list to honor female advisors and industry executives for what they are doing to elevate the financial advice industry. The initiative is not about assets under management, titles, or compensation. Rather, it is meant to recognize women who are distinguished, innovative leaders who are driven and willing to share their knowledge and experiences with other women. InvestmentNews received over 400 nominations to form a list that was then shaved down to recognize just 20 honorees. In this short video featured on Elissa’s Women to Watch profile, Elissa explains how her career as a CFP®professional began and why the financial planning profession is a great profession for women.
Elissa’s profile also details pieces of her career that played a pivotal role in the development of both planners and the profession. Elissa sits on the Board of Trustees of the Foundation for Financial Planning and is the Immediate Past Chair of the Foundation. Elissa is a past Chair of the Financial Planning Association (US) and is a Dean for the FPA’s Residency Program. She has been named as a top advisor by Worth and Washingtonian magazines as well as Bloomberg Wealth Manager and was named to Financial Times Top 100 Women Financial Advisers list in 2014. Elissa has been published extensively in the Journal of Financial Planning and is a frequent conference presenter on the topics of policy-based financial planning, the discovery process in financial planning, and the role of science in the development of the profession. She has been a conference keynoter throughout the world, including the United States, Japan, the UK, South Africa, and Korea. Elissa holds an appointment as Distinguished Adjunct Professor in Golden Gate University’s Ageno School of Business, where she co-teaches the capstone Cases in Financial Planning course. In October 2013, Elissa was awarded the prestigious P. Kemp Fain, Jr. Award, the Financial Planning profession’s equivalent of a lifetime achievement award.
When asked about how she felt to be honored on this list, Elissa said “I’m very proud of this recognition but my tagline has become, ‘I’m not dead yet!'”
We believe sharing unconditionally is the path to abundance.
Several members of our San Francisco Financial Planning team recently participated in Financial Planning Day, an event that allows the public to meet one-on-one with dozens of highly qualified CFP® professionals to discuss personal finance questions, concerns and interests. Attendees of the event received free, no strings-attached financial advice from professional financial planners who chose to volunteer their time and expertise for the special day. Jennifer Hicks, Financial Planner in our San Francisco office, has attended five Financial Planning Day events in San Francisco and served as the chairwoman of this year’s event. When asked why Financial Planning Day is so important, Jen said,
“Every minute, hour, day, or year you choose to avoid your financial questions or savings is literally a costly decision. By addressing your concerns with a professional early, you can either be growing the savings you’ve diligently put aside or ensuring that you have the necessary protection in case of emergencies, which can save you bundles down the road. Professionals exist because each of us have our specialties, and it is impossible to know everything about everything! I don’t know what I don’t know about cars … so I go to a mechanic. I don’t know what I don’t know about being sick … so I go to a doctor. You don’t know what you don’t know about financial planning … so come see a financial planner at Financial Planning Day! “
This year, the event drew an incredible 340 attendees who were assisted by 44 CFP® volunteers. As a committee member, Jen had the opportunity to work closely with many of the financial professionals and affectionately described them as, “people who love to give back and truly believe in the benefits of helping others plan for their future. They’ve committed their lives to financial planning in order to make a living, but are happy and excited to spend a day doing what they love for others who aren’t able to pay them back.” In addition to Jen’s participation, two of our Financial Planning Residents in San Francisco, Russell Kroeger and Sabina Smailhodzic, volunteered for the event. Russell felt a similar appreciation for the volunteers, saying, “It was great to see the number and caliber of planners who volunteered to provide advice. I am encouraged by the passionate interactions I observed between the volunteers and attendees.”
Sabina shared one of her most memorable experiences with us which exemplifies exactly why we feel so strongly about events like Financial Planning Day and sharing pro-bono financial planning with as many individuals as possible,
“I had the opportunity to shadow a financial planner providing free, no strings-attached advice to an attendee. The attendee was an example of why financial literacy is so important! She and her husband earn approximately $30,000 per year and she has a $150,000 student loan with a 9% interest rate that she is not paying towards. She sat in silence for a few moments after the financial planner told her how much the loan balance is growing each year that she defers payments. She finally broke the silence by telling us that she wishes someone had explained to her how a student loan works prior to enrolling in higher education. So do we!”
SAN FRANCISCO, Ca, November 12, 2015 – Yeske Buie was selected as the winner of the 2015 Trailblazer IMPACT AwardTM, part of Schwab’s IMPACT Awards® program created to recognize excellence in the business of independent financial advice. The Trailblazer IMPACT Award honors a firm for its dedication to helping the industry as a whole reach new heights through focused initiatives or the passionate commitment to service excellence. The award was selected by a judging panel of industry experts and presented to Yeske Buie at IMPACT® 2015 in Boston, MA on November 12th. The entire Yeske Buie team was in attendance for the prestigious ceremony.
“I’m very proud that our firm is being recognized in this way,” said Yeske Buie managing director, Dave Yeske, “and I’m also tremendously proud of our talented team members without whom this would not have been possible.”
Yeske Buie is a leading wealth management firm providing financial planning and asset management to over 200 clients around the world. The firm’s founders and principals, Dr. Dave Yeske, CFP® and Elissa Buie, CFP®, have almost 60 years of combined experience practicing financial planning and leading the profession. The firm is known nationally for its volunteer service and the Principals’ leadership in the profession and their writing and presentations on topics such as Evidence-Based Financial Planning® and Policy-Based Financial Planning. Their philosophy of Live Big® and Creative Strategies – Grounded Wisdom® form the pillars for their company vision and strategy and contribute to their primary focus of delivering an exquisite experience to their Clients. Internally, the firm has a culture of excellence, learning, team work, constant improvement and fun.
Yeske Buie’s Financial Planning Resident Program, Give Big philosophy, and ambitious technology strategy are among the reasons why Yeske Buie earned this award. Yeske Buie’s innovative Financial Planning Resident program, fashioned after a Medical Residency at a teaching hospital, equips aspiring financial planners with three years of hands-on guidance and foundational training necessary to qualify to be a CFP® licensee. In return, the firm gains additional capacity and helps contribute to the pipeline of new planners entering the financial planning profession adequately prepared to work with Clients. Additionally, one of Yeske Buie’s defined core values is a commitment to sharing their time, their intellect, and their resources; they call this philosophy, Give Big. The Give Big philosophy encompasses community service, domestic and international speaking engagements, high-level involvement in professional associations, educational engagement, and more. Yeske Buie has incorporated these activities into a culture and a lifestyle that they embody both as individuals and as a team. Finally, Yeske Buie continuously seeks technologies that will leverage internal processes and external communication and will contribute to their primary focus of delivering an exquisite experience to their Clients. They have adopted many technology platforms to achieve these goals including their Client Private Page® which streamlines internal report generation while maximizing the frequency and quality of client reporting. These are just some of the initiatives that defined Yeske Buie as a pioneer in the industry.
As part of the Trailblazer IMPACT Award, Charles Schwab & Co., Inc. will make a $15,000 donation on behalf of Yeske Buie to the Foundation for Financial Planning, an organization devoted to providing pro bono financial planning services to the underserved. Yeske Buie has a strong involvement with the Foundation; in addition to serving many years on the Board of Trustees, Elissa Buie also served a two year term as Chair of the Foundation, and the Yeske Buie Financial Planning Team makes regular donations to the organization.
Yeske Buie and its employees are independent of and are not employees or agents of Charles Schwab & Co., Inc. (“Schwab”). Schwab does not prepare, verify or endorse information distributed by Yeske Buie. The Trailblazer IMPACT AwardTM, part of Schwab’s IMPACT Awards® program, is not an endorsement, testimonial endorsement, recommendation or referral to Yeske Buie with respect to its investment advisory and other services.
The Yeske Buie team gathered in San Francisco last week for our BIGGEST semi-annual company retreat to date. We recognize this as our biggest retreat not only because of the size of our staff, but also because of our retreat work. This year, the team focused on solidifying Yeske Buie’s worldviews and core beliefs which resulted in the formation of what we call, the BIGs. Our Clients and friends are most likely familiar with the terms Live Big® and Give Big. After challenging exercises and vulnerable discussions, the Yeske Buie team distinguished four additional BIG worldviews: Be Big, Think Big, Learn Big, and Client Big. Each of the BIGs are complemented with a meticulously crafted belief statement. Collectively, the BIGs communicate who we are and what matters to us at Yeske Buie.
When the team wasn’t hard at work, we had the opportunity to spend time together, enjoy delicious meals, and experience the San Francisco Opera! The week ended with our Open House in the San Francisco office which featured delicious food from JJardine Catering and beautiful music from a violinist and a cellist. We hope you enjoy the following pictures from our week in San Francisco.
Yeske Buie Worldviews and Core Beliefs
Lauren G and Camille excited to begin our core values work.
Cristin and Cody review core values materials.
The team participated in an exercise to learn more about Elissa and Dave’s worldviews: Elissa and Dave ranked themselves on various scales while the rest of the team estimated where they felt Elissa and Dave ranked on the scales.
The beginning of the BIGs Yeske Buie’s worldviews and core beliefs.
The team discussed and debated the BIGs to ensure we fully captured our values.
The result of our exercises and discussions is empowering.
To practice articulating who we are and what we believe, “reporter” Elissa joined our retreat.
Elissa pretends to be a reporter, asking members of the team to describe specific worldviews and beliefs.
“Reporter” Dave also joined the retreat for a similar exercise.
Dave challenged team members to think on the fly to articulate our worldviews and beliefs.
The team ended the retreat with a visioning exercise to recognize our celebrations, Live Big goals, near-term goals, and more.
The retreat concluded with our Open House in San Francisco. This year’s entertainment included a violinist and a cellist.
Beautiful flowers and delicious food filled the conference room at our Open House.
Of course, the team’s hard work was rewarded with fun events as well. The team enjoyed a delicious Italian meal at North Beach Restaurant.
The University Club of San Francisco was the meeting place for this year’s retreat. The team is enjoying one of several tasty meals in the Black Cat Bar.
The Black Cat Bar is named after the historic Benny Bufano statue of the black cat. For decades, the cat sat in the San Francisco Press Club and marked the boundary of what reporters were allowed to take notes on. If you stood behind the black cat, everything you said was off the record. Rumor has it that the cat is missing his ears because he would take a hit whenever an off record comment ended up in the morning paper.
Dorothy and Victoria at the Opera.
Russell, Sabina, and their significant others are enjoying a night at the Opera.
The group is all smiles after a stunning, one-of-a-kind performance of Lucia di Lammermoor.
Cody Daniels joined the Yeske Buie team this summer as a Financial Planning Resident. Cody earned a Bachelor of Science degree in Business Management, with an emphasis in finance from Brigham Young University—Idaho in April 2012. Subsequent to his undergraduate studies, he sought a position with a financial planning firm in his hometown of Idaho Falls. Soon realizing that few of the available positions would allow him to operate as a fiduciary while serving his clients, he enrolled in a CFP® Board Registered Program at Kansas State University, earning a Master of Science degree in Personal Financial Planning in May 2015. Cody has a passion for financial planning and helping individuals and families achieve their personal financial goals. Cody traveled with his wife to San Francisco to join the Yeske Buie team, and is focused on expanding his financial planning knowledge through Yeske Buie’s Financial Planning Resident Program. In this edition of Meet the Team, Cody answers a few questions about his passion for Financial Planning and his goals during his time at Yeske Buie.
What area of Financial Planning do you find the most intriguing and why?
I definitely find retirement planning and estate planning to be the most intriguing, mostly because that’s the primary concerns that several Clients have. Many Clients come in asking, “What do I need to do now to make my retirement what I envision it to be?” and it’s really rewarding to me to go through that process with them to answer those questions they have. Very similarly to retirement planning, people are very concerned with what kind of legacy they are going to be leaving whether monetary to children and grandchildren or being able to contribute to their alma mater and other charitable giving. I enjoy helping Clients know that their life goals and visions didn’t just end with their end of life but they continue on as they are able to contribute more.
What unique skills and abilities do you feel you bring to Yeske Buie?
I think the greatest strength that I bring is my ability to connect with people. Since a young age, it was very easy for me to connect with people and I was never afraid to get involved and learn more about people and form relationships. Within a professional business such as financial planning, relationship building plays a huge role because you must be able to pick out the areas that are meaningful to Clients so you can in turn incorporate their goals and passions into their financial plan. I see this happen at Yeske Buie quite frequently and I feel I will be able to contribute to this even further. I like that each Client has their own plan that’s made for them because there’s no cookie cutter plan when it comes to financial planning. The plans are individually tailored to each Client and as relationship building is one of my strengths, I think this will play into my success at Yeske Buie.
What are you most looking forward to during your time as a Financial Planning Resident with Yeske Buie?
One of the primary reasons that I found working with Yeske Buie appealing is the opportunity to learn from and be mentored by Dave and Elissa, who are both well-respected financial planners both within the financial planning community and among their Clients. Also, I look forward to learning more about the residency program as well as having the opportunity to meet with Clients and interacting with them. As I mentioned earlier, I enjoy relationship building so I am eager to learn more about Yeske Buie’s Clients’ lives and goals and incorporate what I learned in my education into the real world by applying it on a Client basis. In addition to that, I look forward to the opportunity to branch out from my small town roots of Idaho into a bigger city and explore all that the San Francisco Bay area has to offer, which my wife and I have been quick to start on. Ultimately, I feel that Yeske Buie will provide me with more opportunities that I wouldn’t get at home.
What does it mean to you to be part of the Yeske Buie team and to be part of one of the first Financial Planning Residency programs in the country?
To me it’s very exciting, that’s the first word that comes to mind. When I was first investigating the firm, and now with my experience with the Yeske Buie culture for a few months, one thing that really stands out to me is an attitude of excellence and how this is portrayed in the office and on the webpage. Each individual at the firm is exemplary and brings an array of talents that help make Yeske Buie be the best financial planning firm in the nation. The environment is one that I feel will push me more than perhaps any other opportunity that I could have taken. Being part of the Financial Planning Residency program will be rewarding with respect to my career growth and will help prepare me for other opportunities after my residency; such as working with another well respected firm or going back home to Idaho and opening my own firm. Whichever route I decide to go, I believe Yeske Buie will prepare me well.
What is one of your Live Big® goals?
My current Live Big goal is saving money as my wife and I are working towards a trip to tour Italy for our 10 year anniversary which is in 3 years. We’re fascinated with the Romanesque architecture and vast amounts of art and history that exists there. We’d love to do have the opportunity to celebrate the first decade of sharing our lives together exploring this culture.
Give Big: Yeske Buie’s Efforts Continue to Impact Local Communities
As we’ve shared before, one of Yeske Buie’s defined core values is our commitment to sharing our time, our intellect, and our resources. Accordingly, the team volunteers on a quarterly basis, at minimum, as part of our Give Big initiative to make a difference in our local communities. As time has passed, both teams have identified their favorite organizations on their respective coasts and the team’s most recent Give Big efforts took them back to these organizations: Food for Others in Virginia and SF-Marin Food Bank in San Francisco.
Below we share several pictures of our teams in action! At Food for Others, our team members helped unload a donation of 1,000 power pack lunches for schools, crate and bag fresh, crisp apples for distribution, and pack grocery bags for those in need. In San Francisco, Sabina and Jen both volunteered at SF-Marin Food Bank by packing grocery boxes on their efficient conveyor line, boxing fruit, and bagging rice, pasta, and beans. Finally, our newest Resident Financial Planners volunteered for California Coast Commission’s Coastal Clean Up Day by spending the morning scouring Aquatic Park and the surrounding area for trash. Every year on the third Saturday in September, people join together at sites all over California to take part in the state’s largest volunteer event. In 2014, nearly 67,000 volunteers removed more than 1,190,000 pounds of trash and recyclables from California’s beaches, lakes, and waterways. Stay tuned to future Digests to see more from our next Give Big efforts.
Lauren G. and Kyle help unload a donation of 1,000 Power Pack Lunches for schools.
Lauren G., Cristin, and Kyle help bag fresh, crisp apples for distribution.
Yeske Buie’s Fall Interns, Desiree and Kyle, helped crate apples to keep them fresh for distribution.
Desiree, Lauren V., and Victoria packed grocery bags with milk and pasta.
The Yeske Buie East Coast is all smiles at the end of their time volunteering with Food for Others. (Left to Right: Lauren V., Cristin, Lauren G., Desiree, Victoria, and Kyle)
The conveyor line at the SF-Marin Food Bank where Sabina helped box groceries.
Sabina and her friend volunteered together at the SF-Marin Food Bank.
The Yeske Buie West Coast Team greatly enjoyed their time volunteering with California Coastal Commission’s Coastal Clean Up Day. (Left to Right: Cody’s wife Sha’Nel, Cody, Russell’s girlfriend Paola, Russell, Dorothy, and Camille)
And when schedules don’t align, our West Coast office finds more companions to Give Big with. We know that giving big is not limited within Yeske Buie, but instead a common component of the communities within which we live. Jen volunteered at the SF-Marin Food Bank with the November Project. Can you find Jen in this picture?
A Mediterranean display of hummus, babaghanoush, and tabbouleh, served with dolmas, lavash sandwiches, imported cheeses and crudité accompanied by grilled pita and crackers
Dungeness crab cakes with chipotle remoulade
Vietnamese spring rolls filled with sei fun noodles and vegetable chiffonade
Linguica and Kobe beef sliders on Brazilian cheese buns with pepper jack
Grilled habanero-mange chicken skewers
Wild mushroom empanadas with red pepper chimichurri
Salted caramel chocolate truffles
Strawberries with vanilla mascarpone and house-made candied lemon
Entertainment by Bay Area Strings
Jen Mathers, Bay Area Strings manager, is a cellist and pianist who has played in orchestras and chamber music ensembles for over 20 years, including at the Kennedy Center. She is currently principasl cellist for Symphony Parassus in San Francisco and the Solano Symphony, and has performed professionally with many other orchestras such as the Napa Valley Symphony, Livermore Valley Opera, Berkely Community Chorus & Orchestra, Viva la Musica, and Bay Area Classical Harmonies. Check out their website for audio samples and more!
Yeske Buie Souvenir
Over the summer, you may have seen our “Where in the World is the Live Big Glass?” campaign where individuals sent us pictures of them and their loved ones living big with the Live Big glass in hand. We will have the Live Big glasses on hand for attendees to take home after the event which we hope you will use to add to our gallery of those enjoying their glasses.
Featured Wines from Elissa and Dave’s Favorite Wineries
Iron Horse Wedding Cuvée – Iron Horse is best known for this cuvée. Fresh and festive, this bubbly is built for a party!
Iron Horse Russian Cuvée – This cuvée was first produced for the historic Reagan Gorbachev Summit Meetings, ending the Cold War. This is the richest of Iron Horse’s Sparklings and has been served at the White House for five consecutive Presidential Commemorates.
Iron Horse Classic Vintage Brut – The Classic Vintage Brut is a traditional blend of estate Chardonnay and Pinot Noir, aged four plus years en tirage. Perfectly named, it is both classic and vintage in every sense of the word; a sleek and impeccably focused bubbly, that offers a crisp, laser like finish.
Iron Horse Ocean Reserve – This cuvée was created to celebrate the 125th anniversary of National Geographic and $4 from the sale of each bottle will be donated to create marine protected areas and reduce overfishing around the world.
Iron Horse UnOaked Chardonnay – With no oak, this Chardonnay stars pure pineapple, orange, green apple, lime, and tropical fruit flavors, brightened with crisp acidity. This wine is a beautiful, pure expression of Green Valley, where Iron Horse is located, in the coolest, foggiest reach of the Russian River Valley.
DeLoach Forgotten Vines Zinfandel – San Francisco firefighter Cecil DeLoach spearheaded Pinot Noir wine growing in the Russian River Valley in the early 1970s. After the Boisset Family from Burgundy, France assumed ownership in the early 2000s, they have since enhanced the health of the land and the quality of the wine by incorporating eco-friendly farming practices through Biodynamic winemaking. The Forgotten Vines blend is comprised of several exemplary mature vineyards first planted in the late 1800s and early 1900s in the warmer reaches of the region.
Merry Edwards Russian River Valley Pinot Noir – It’s been said that in many ways, Merry Edwards is like her wines – complex, balanced, and memorable. An intricate blend of artistic vision, scientific training, spirit and grace, she leaves a lasting impression. This wine combines grapes from six different vineyards located across the range of Russian River Valley.
Merry Edwards Sauvignon Blanc – In the glass, the wine is mouthwatering, showing off floral notes of jasmine, orange blossoms and lemon verbena. This delicate perfume is complemented by rich citrus tones of lime zest, tangerine and mandarin orange. White peach and ripe pear along with tropical accents of pineapple, lycheé and guava round out the aromatic profile. A hint of minerality, along with a bit of exotic barrel spice — cumin and coriander — add even more intrigue.
With the roughly 100 attendees, FWR provides a more casual and intimate atmosphere than other financial planning conferences – a traditional regional conference can draw in about 500 attendees or more. Additionally, one popular FWR tradition is to gather all attendees together on the first evening for introductions and an informal “roundtable” type of discussion focused on “The Question”. This year, the question was proposed by the Sherriff, which was dutifully carried out by our very own Dave Yeske, and it generated some quality discussion about the future of the financial planning profession. Such a discussion could only be had at FWR.
The added benefit of the FWR conference is that you can get all this quality as well as the opportunity to network with like-minded colleagues in a relaxed collegiate atmosphere. Simply put, this conference radiates quality in everything it does, and they’ve been able to do so consistently year after year after year!
Boot Camp! – Pro Bono Military Initiative Disability Base (Col. John R. “Dick” Power)
This session was dedicated to how we can better serve our service men and women by providing pro bono financial planning to the military. Speaking from his years of experience as both a retired Army veteran as well as a financial planner, Dick provided great insight into how the financial planning profession can counsel military personnel, veterans, and their families. In an effort to highlight the need for more financial planners to offer pro bono services, Dick revealed that there are currently over 20 million military veterans, of which 3.6 million are disabled. Certainly there is a need among this group for dedicated financial professionals to volunteer their talents! Due to the nature of its content, this session was particularly interesting to Financial Planning Team member Sabina Smailhodzic, who shared, “Although all of the sessions were exceptional, my favorite was ‘Boot Camp!’. Dick Powers demonstrated the many ways we can help our military personnel and disabled veterans including defining goals, creating budgets, establishing savings plans, taking advantage of employee benefits, protecting assets and covering risks, planning for the unimaginable, and much more. This is a very large community with different and complex needs and being able to serve them to the best of our abilities is just one way we can say ‘Thank you for your service.’” Thank you indeed!
Benefits are like a dysfunctional family, they make no sense. (Daniel Fortuno)
Focusing on the difficulties surrounding disability benefits, this session was packed full of useful tips and tricks when helping Clients formulate a financial plan involving Social Security Disability Income and health coverage for people with disabilities. As part of his presentation, Daniel provided a great reminder of the real possibility that people will become disabled, walk away from their benefits, and not even realize that they were covered. Therein lies our responsibility as financial planners to ensure that our Clients are aware of their disability coverages as well as provide recommendations if coverage is inadequate. Furthermore, this type of planner awareness is a part of the added value that Yeske Buie provides to its Clients.
Traditional “Certificant Connection” at Roundup? Kevin and Rich make it happen!
The Roundup attendees were pleased to engage in a town hall style meeting with two members of the CFP® Board leadership, CEO Kevin Keller and CFP® Board Chair Rick Rojeck. As a part of their presentation, Rick spoke about the CFP Board’s Strategic Plan that began in 2013, specifically focusing on the “Five Pillars” of that plan. These pillars are comprised of competency, professional standards and enforcement, public advocacy, communications and outreach, and sustainability. In respect to the CFP Boards efforts, Kevin illustrated the impact that their awareness campaign has had on consumers. According to their data, awareness for the CFP certification brand has doubled since the awareness campaign began in 2011.
Beyond the Estate Planning Fast Food Drive Lane – Creating a More Meaningful Estate Planning Experience (John A. Warnick)
One of the challenges regarding estate planning is finding a way for the process to be more simplified and meaningful to Clients. John A. Warnick is an estate attorney that focuses on Purposeful Planning, and turning estate planning from a transaction into an experience. Throughout the session, it was reassuring to realize that the emphasis we have in getting to know our Clients on a deeper level, helps facilitate (with the assistance of estate attorneys) the creation of a more meaningful estate plan.
Currency Conundrums & Fixed Income Liquidity Labyrinth (Gerard O’Reilly)
As the title indicates this session was very technical, and dealt with the complexities surrounding hedging currencies and fixed income liquidity. Having said that, this session was very interesting in the aspect that it confirmed empirically Yeske Buie’s investment philosophy with respect to hedging. Financial Planning Team member Yusuf Abugideiri shared his excitement saying, “Hearing the speaker walk through the ‘math’ helped me understand our decision to not hedge the stock portion of our Clients’ portfolio on a much deeper level.” Such a session is an example of the rich content that exists at FWR.
Why the IRS is Really Your Friend—and other tax discussions (Todd Ganos)
This session dealt with a tax reduction strategy particularly beneficial to larger estates and was geared towards households with a very substantial amount of assets. With that in mind, a primary tool that can be used to avoid trust state income taxes is the creation of a Nevada Incomplete-Gift Non-Grantor (NING) Trust—due to the fact that Nevada doesn’t have any state income taxes. Additionally, Todd spoke to the importance for planners to present more value to their Clients than simply investment management, otherwise your value is minimal. Hence the reason why Yeske Buie incorporates a comprehensive financial plan that encompasses all of the areas of our Client’s financial lives.
Policies and Practical Tools to Carry Clients into – and through – a Long Retirement (Dave Yeske and Jon Guyton)
This presentation was quite popular among the Financial Planning Team (biases excluded)! In their presentation, Dave and Jon spoke about the need for creating a portfolio that will be able to withstand—Dave often refers to this as resilience—the inevitable ups and downs that will occur in the financial markets. Sound familiar? Such resiliency is generated by utilizing the financial planning and safe spending policies that Yeske Buie practices. It is always exciting to hear the reactions of other planners to the financial planning policies and safe spending policies that we use every day at Yeske Buie. This certainly wasn’t new material for Yeske Buie’s Financial Planning Team, however, it did allow us to better appreciate the policies that we use.
More than Green… Making a Difference (Gloria Nelund)
This session dealt with “Impact Investing”, a relatively new area of investment management that incorporates an investor’s philanthropic desires into their investment philosophy. Much has been said lately with regards to Impact Investing, however, this presentation was by far the most meaningful. Gloria states that Impact Investing could be defined as, investing with the specific objective of achieving both a competitive financial return and positive, measurable economic, social and/or environmental impact, or simply stated as competitive financial return + quantifiable impact. Moreover, Impactful Investing is increasingly popular among Generation X and Millennial Generations, who are demanding businesses to play a more active role in society.
The Science behind Motivating Humans to Save Long Term—Neuro-Economics (Denise Hughes)
As the saying goes, the Roundup Posse “Saved the best for last!” The need for financial planners to connect with their Clients beyond the numbers is increasingly noted by the financial planning community. This session expounded on bridging the gap between “knowing and doing,” and offered practical practice applications that could be integrated to re-engage Clients on their desired financial paths. One such application was the use of visualization techniques to literally “picture your future self” via photographic morphing; by doing so, it is easier for you to connect with your future self and in turn save for that future. Financial Planning Team member, Russell Kroeger, shared his thoughts about the necessity for a purposeful approach to achieving the future we envision. He says, “Statistics show that individuals who are able to strongly identify with their ‘future self’ are more likely to forego near term gratification to secure future success.”
Altogether, the Financial Planning Team had great time at Far West Roundup and left the conference motivated to incorporate the ideas and solutions that we learned in our work with Clients moving forward.
Pictured from left to right: Camille, Lauren G, Jen, Sabina, Dave, Elissa, Russell, Yusuf, and Cody.
The Financial Planning Team Enjoys FPA Far West Round Up
The Yeske Buie Financial Planning Team attended the 2015 Far West Round-Up Conference on the UC Santa Cruz campus from Thursday August 13 to Sunday August 16. The team has been attending this informal, retreat-style gathering of financial planners for several years now with Dave serving his sixth term as Sheriff. The intimate environment creates a comfortable space for dedicated practitioners to engage in thought-provoking discussion and invite guests to speak to the energetic group. Lauren Grove sums up the reason we love attending this gathering every year:
“It’s a great learning opportunity with impressive speakers and engaging, actionable topics each year. It’s also a fun and casual atmosphere! We sleep in the UCSC dorm rooms and share snacks and conversations on the quad each evening. It’s a great time for team bonding with both the San Francisco and Virginia teams together in one setting!”
We were appreciative of the variety of presentations arranged for the conference as we had the opportunity to learn about a wide range of topics such as disability benefits, impact investing, and getting in touch with our future selves to save more for retirement. We also had a unique opportunity to welcome CFP® Board CEO Kevin Keller and Chair of the Board of Directors, Rich Rojek, to speak to our group and answer questions. We will be sharing some of the insights gleaned from the conference in the next Digest but for now, we hope you enjoy some of the photos from the event.
Beautiful Santa Cruz, the host of 2015 FPA Far West Round Up.
Dave giving his thoughts on the first day at the introduction section.
The Yeske Buie Financial Planning Team minus Elissa and Dave.
Dave and fellow friend and financial planner, Jon Guyton, discuss safe withdrawal rates and spending policies.
Elissa discussing her thoughts on the session with Russell, Cody, and Yusuf.
Kevin Keller (left) CEO of the CFP® board and Rich Rojek (right), Chair of the Board of Directors of the CFP® Board share the Board’s latest projects.
Cody, Yusuf, and Russell learn about pro-bono military initiatives from Dick Power, CFP®.
When meeting with clients, we explore their personal history by asking questions like the following:*
Tell us about your family during the years you were growing up.
When you were growing up, your mother taught you that money was . . .
When you were growing up, your father taught you that money was . . .
As a child, what was the most important lesson you learned about money?
In addition to looking back at their personal history, we also look forward to the legacy that clients would like to leave behind. What we learn is always focused on the important people in their lives, including children, grandchildren, nieces, nephews, and god children. And almost invariably, it is about far more than money, encompassing also the memories they hope to leave their loved ones and the values they hope to impart.
All of which makes us think about our own families and the legacy we have received and hope to bequeath. At Yeske Buie, we took the time to go through the exercise of completing our family trees, which led us to reflect upon the lessons we learned from loved ones past and present. Today, we share the family trees from a variety of our team members. Despite having a “template”, it’s interesting to note that no two trees look alike – some are more detailed while others are simple; some follow the traditional family tree format while others are more artsy. We have also included a blank template that you can print out and complete for yourself. We find that this is a fun exercise to do anytime, but especially around the holidays when many are visiting family.
We hope you find our family trees enjoyable, and we look forward to receiving a copy of your family tree, as well!
The presentation can be made larger by clicking in the lower right hand corner.
Click the arrows at the bottom of the presentation to view each family tree.
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? Your playing small does not serve the world. There is nothing enlightened about shrinking so that others won't feel insecure around you. We are all meant to shine. And as we let our own light shine, we unconsciously give others permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.” ~Marianne Williamson