YeBu in the Media
•on December 1st, 2016
Liz Skinner of Investment News talked to Dave in the aftermath of the Brexit vote and he shared Yeske Buie’s measured approach to the event.
“I agree, of course, with staying the course,” one client responded to an email sent early Friday morning by Dave Yeske, managing director of Yeske Buie. “In fact, I would be interested in your take on when it would be appropriate to buy a bit more, and if so, how we do that?”
Mr. Yeske said he responded to the first incoming client email about the Brexit vote at 2:20 a.m. ET, calming someone nervous about the impact on her 401(k) investments. Mr. Yeske sent out a note to all clients a few hours later, suggesting the market reactions over the next week should not be extrapolated far into the future.
“Is it true that this development has negative ramifications? Yes,” the note said. “Will the more apocalyptic predictions now spilling forth come true? Almost assuredly not.”
The Brexit Bust
YeBu in the Media
•on November 17th, 2016
We have shared in this space before Yeske Buie’s thoughts on the Department of Labor’s ruling to broaden the definition of fiduciary investment advice and how and why Elissa and Dave have been promoting the fiduciary standard. With President Obama being a supporter of the fiduciary rule, many are questioning whether or not the ruling will be challenged with a new President coming into office.
Dave and other professionals shared their thoughts on this concern with Ann Marsh, Senior Editor of Financial Planning Magazine. By and large, the professionals interviewed do not anticipate any change in the ruling. Dave provided two reasons as to why he feels this is the case:
First, these kinds of rules and regulations are not easily changed, so the fact that the Department of Labor has developed and rolled out this rule [means it] is going to be hard to undo.
Second, the public and media awareness is so much higher than it’s ever been before. I’ve had calls and emails from Clients about this unlike any other public policy issue ever. I’ve literally had a Client call and ask, “are you a fiduciary?”… That’s powerful.
YeBu in the Media
•on October 5th, 2016
Recently, Elissa talked with a reporter from Investor’s Business Daily, Morey Stettner, for an article focused on the lifecycle of a financial planning firm. Elissa shared experiences including starting her own firm, important decisions she’s had to make, and other insights related to Elissa’s experience building Yeske Buie. Today, we feature the interview between Elissa and Morey to share with you pieces from Elissa’s journey over her remarkable 33-year career.
- IBD: When you left a big firm and started your own practice in 1993, did you think of yourself as an entrepreneur?
- Buie: When many of us set out around 25 years ago to start our own financial planning firms, we were starting our own practices. We didn’t think of them as businesses. But as time went on, that began to change.
- IBD: At what point did you see your firm as a business?
- Buie: There were a couple of inflection points. The first one occurs when you hire your first and second employee. I hired my first employee in 1994. From there, you start to face a series of issues that go beyond what you’re used to doing, which is being a financial planner. You have to think about payroll, managing workflow and all these other administrative things.
- IBD: So once you addressed these practice management issues, you shifted your focus to growing the firm?
- Buie: As you become a business, you realize there’s a point when there is too much non-client work that is just not getting done or not getting done well. And that’s when the owner stops doing the books. You hire a bookkeeper, an office manager. You outsource compliance. That’s how you free up your time to grow.
- IBD: You did your own books at first?
- Buie: Yes. I did our payroll with QuickBooks. But as your firm grows, you start to say, “I don’t want to do this anymore.”
- IBD: So you got to a point where you hired people — or outsourced key roles — so that your business could run more efficiently?
- Buie: That’s all part of the life cycle. There’s this shift that occurs when the organism is operating with enough staff so that the owner doesn’t really need to see everything. The owner is still involved, but the business is operating outside of the owner’s peripheral vision. It was good to get to that point. But it can be disconcerting for control freaks!
- IBD: When you launched your practice, did you anticipate all these stages of a firm’s evolution?
- Buie: Going in, I had no idea where I was headed. I was having kids, so I was building a lifestyle firm that would give me some flexibility to raise the kids.
- IBD: As your firm grew, was it hard to recruit and train staffers?
- Buie: When I hired my second employee, I knew she was great right from the start. I wanted a high-end person, someone who could do lots of things, because I was entering into two years as president-elect and then president of ICFP (Institute of Certified Financial Planners). I paid her more than I could afford, but less than she was worth. She chose to take a pay cut to join us.
- IBD: How did you persuade her to come aboard?
- Buie: We were kindred spirits. She was excited to be part of our firm. We were together for 10 years, and she was an amazing support person.
- IBD: You’ve volunteered to serve in leadership roles in the financial planning industry. Why?
- Buie: It leads to building your practice. And you’re around the best of the best in your profession and you learn from them. You get back so much more than you put in. Plus, it builds credibility. The professional associations send us to make media appearances; I was on “The Today Show.” Clients love that.
- IBD: Reflecting on the life cycle of your firm, what has been the toughest challenge to date?
- Buie: There have been two tough stages. When I had my first three employees, I remember a staff meeting where I’m adding up how much that meeting was costing me. It sounds silly, but it’s a hurdle for sole practitioners to get over. The other scary phase is now. We’ve trained a management team of three people who have bubbled to the surface. The three are getting a lot of authority to manage people. It’s a big transition.
- IBD: You and Dave Yeske are in your 50s. Do you have an exit strategy?
- Buie: We want to build something without us. And we want to create careers for our employees. We’ve brought a value system to this firm over the years. Now that everything no longer passes across our desk, we have to believe that the people we develop will make decisions based on our value system.
The full article titled A Prominent Financial Advisor Steers Her Firm Toward Steady Growth can be found on the Investor’s Business Daily website.
YeBu in the Media
•on September 21st, 2016
Last week, Elissa and Dave participated in the FPA Annual Conference, the largest gathering of CFP® professionals and thought leaders in financial planning. At the conference, Elissa spoke on a panel to discuss best practices for internships and Dave spoke on a panel to discuss Retirement Realities and was a judge for an academic track jointly sponsored by the Academy of Financial Sciences and the Journal of Financial Planning. Both speaking engagements received media attention at the conference and highlight Elissa and Dave’s expertise in the profession.
Elissa’s panel was titled “Internships – The Best Practices Guide for Hiring, Managing, and Keeping Interns in Your Practice”. At Yeske Buie, we believe in supporting the pipeline of new financial planners and have given this support to over a dozen interns who have worked for the firm. Depending on the firm’s needs, we have hired interns to complete both financial planning and business management related projects. No matter the position, we strive to provide hands-on training, real experience, and mentoring opportunities to every student who walks in the door. As Elissa shared during her presentation, “It is so important to offer internships [in which] the students get actual exposure to what financial planning really is.”
As part of Yeske Buie’s internship program, financial planning interns are given the opportunity to draft insurance, beneficiary and estate templates, and start the process of creating or updating financial plans. They also get to sit in on different types of Client meetings. Similarly, our business management interns will also gain real experience as they work on projects related to social media, researching new software, learning about compliance, vendor management, marketing, business development, database management/clean-up, and more. We share a full description of our internship program in our piece titled: Yeske Buie’s Internship Program: Good for the Company and for the Intern.
Dave’s panel was titled “Retirement Realities” and he was joined by Marc Milic, CFP® and David Blanchett, PhD, CFA, CFP® Head of Retirement Research for Morningstar. The panelists discussed how to approach retirement planning in a way that meets the needs of individuals in today’s environment. Dave shared that at Yeske Buie, “One of the ways we’re handling the low-rate environment is that we hold more equities in retirement portfolios than most studies typically assume. When a client moves into retirement, whatever their stock-bond allocation has been, we move it to 70-30, and we only move that much into bonds because our thought is that we want to only use bonds as a stable reserve. A 30 percent allocation to bonds, along with allocations to dividend-paying equities, can create a bridge that can see retirement portfolios through market downturns.” In addition to the economic factors, the panelists agreed that human factors must also be considered. Dave shared, “With retirements lasting 30 or more years, a higher equity allocation also helps address inflation risk. The cost of living might double twice over the course of someone’s retirement. They’d better have some growth in that portfolio.” To close out their discussion, the planners noted their responsibility to provide Clients with grounded wisdom. Dave shared that, “”As financial planners, we are dealing with powerful forces in people’s lives.”
YeBu in the Media
•on August 25th, 2016
Yeske Buie is pleased to share that Elissa Buie and Dr. Dave Yeske have been named to Northern Virginia Magazine’s Top Financial Professionals list for 2016. The listing is featured annually in the September issue of the magazine which is on newsstands today. Elissa and Dave have appeared on all five of Northern Virginia Magazine’s previous lists of Top Financial Professionals.
To compile the listing, Northern Virginia Magazine sends surveys to area financial professionals including those who specialize in Investment Planning, Retirement Planning, Estate Planning, Tax Planning, and Insurance Planning. The survey asks the professional to nominate other experts to whom they would recommend to their family and friends who need financial advice. Those on the list received the most recommendations from all sources. Elissa and Dave together with fifty-five other Certified Financial PlannerTM Professionals total just over one-third of the financial professionals to be named to the list.
Elissa and Dave have almost 60 years of financial planning experience and have played a pivotal role in the development of the profession. In addition to practicing financial planning at Yeske Buie, Elissa and Dave give their time to philanthropic and industry activities in an effort to support the continued growth of the profession. Their involvement includes work for the Foundation for Financial Planning and the Journal of Financial Planning, serving as distinguished adjunct professors in Golden Gate University’s Ageno School of Business, writing and speaking at conferences and with the media, and much more.
Read more about Elissa and Dave on our website and see the full listing from Northern Virginia Magazine.
VIENNA, Va., June 27, 2016/PRNewswire/ — Yeske Buie is pleased to announce that Yusuf Abugideiri has been named to InvestmentNews’ 40 Under 40 list for 2016. The goal of this list is to recognize members of the financial advisory industry who are under 40 years of age and have changed the industry for the better. InvestmentNews reviewed over 800 nominations from industry peers and selected finalists based on personal accomplishment, contribution to the industry, leadership and future promise. Yusuf was also selected as one of five nominees to be featured on the cover of this week’s issue of InvestmentNews.
This year, the tagline for the listing is “The Power of Personality.” With this theme, all 40 nominees were asked to take a personality test to identify what it is about the nominee that makes them stand out. Based on the nominee’s answers, each earned an archetype such as The Maestro, The Guardian, The Editor-in-Chief, or The Victor. Yusuf received the archetype, The Talent. When asked if he agreed with this assessment, Yusuf said, “Yes, I believe I do my best work when I’m able to use my passion to empower and encourage others to achieve.” Yusuf’s archetype is displayed playfully in this week’s issue of InvestmentNews as he poses with a microphone in his photo.
InvestmentNews also asked each nominee to express what they feel makes them stand out from their peers to be recognized as one of the 40 Under 40. Yusuf shared, “I have a passion for development. I feel most fulfilled when I am able to use my experiences to relate to others, connect with them, and then help them make progress on their journey towards wherever they’re headed.” In addition, Yusuf acknowledged his appreciation for those in the industry who help encourage younger professionals like him and his peers who made the list. “I am inspired by how willing the more experienced generation of advisers has been to share their experiences in building this profession. This reminds me to never forget that all of the good things in my life can be traced back to decisions I made in service of others and motivates me to always put forth my best effort.”
You can find Yusuf’s profile, photos, and video interviews on InvestmentNews’ webpage dedicated to the 40 Under 40 project.
Yusuf has been a Financial Planner at Yeske Buie for six years and is a member of the Financial Planning Association® (FPA®). He is a member of FPA’s NexGen community and is a graduate of FPA’s Residency Program. Yusuf has served on the Financial Planning Day and Career Day committees through FPA’s National Capital Area chapter and is currently serving on the chapter’s board as the Director of PR, Media Relations and Communications. He is co-chair of the Recent Alumni Board of the Pamplin College of Business at Virginia Tech and visits campus frequently to speak in financial planning classes.
Learn more about Yusuf and Yeske Buie at www.YeBu.com.
Written By: Lauren Vitt, RP®
Earlier this month, the Financial Planning Association®, Journal of Financial Planning, and FPA Research and Practice InstituteTM released a report on the 2016 Trends in Investing. Most notably, the report shares that Exchange Traded Funds or ETFs are the preferred investment vehicle among advisers for the second year in a row. As Practitioner Editor of the Journal of Financial Planning and having over 30 years of experience in the profession, Dave Yeske spoke with Michelle Zhou, contributor for FinancialPlanning.com, about the results: “‘Index funds including ETFs have really become dominant in the industry,’ says Dave Yeske. Yeske added that in addition to those reasons and the general shift toward passive management, the dramatic growth in the variety of ETFs is also a chief contributor to their enduring popularity. ‘ETFs track every kind of index now… which leads to greater exposure and a rising propensity for advisers to be more creative in their management approach.'” So what can we expect in the future? As Zhou writes, “Yeske believes ETFs will not be easily outdone by other products. He says that most other investment vehicles introduced in the past that reached the same level of popularity as today’s ETFs were mere fads. ‘Other things will come along, but they won’t surpass ETFs,'”
It was recently announced that Millennials – defined as anyone who was 18 to 34 years old in 2015 – are now the largest living generation in the United States and have surpassed Generation X to become the largest generation in the U.S. labor force. And while Millennials often face workforce stereotypes including entitlement, job hopping, and social media addiction, they are finally gaining some positive attention as leaders when it comes to saving money. A recent CNBC article by Landon Dowdy shares statistics about Millennial’s saving habits and saving tips from financial professionals including Dave Yeske.
One habit that Yeske Buie has observed with Millennials – and would recommend for those who aren’t doing it – is that they’re more inclined to use technology, including apps, to do two things: save automatically and take a data-driven approach to saving opportunistically. Dowdy shares Dave’s thoughts in her article saying, “Apps like Goodbudget, Wally or Mint can help you track all of your accounts. Take advantage of being part of a particularly tech-savvy generation and use a data-driven approach to saving,” said … Dave Yeske, CFP® of Yeske Buie.”
Additionally, Millennials seem less nervous than other generations about sharing login information in order to set up electronic money-links between their various financial accounts and also tracking systems like Mint.com. Setting up systems to automatically transfer some amount – whether $20 or $200 – every month from checking account into mutual fund or brokerage account is very powerful. Like payroll deducting into a 401(k), set-and-forget automatic transfer arrangements utilize one of the most powerful of the mental biases that the behavioral economists talk about: inertia. Once we’ve put some arrangement in place, it tends to continue indefinitely because of this bias. Harnessing it in this way takes something that in some settings could be a vice and transforms it into a virtue.
Knowledge is power, meanwhile, and as Dowdy shares in another quote from Dave, using tracking systems like Mint.com, “Not only [lets] millennials “know where their money is going — opening up the possibility of changing spending behavior — but also allows them to be aware in real time when surpluses appear that can be swept into a savings or investment account”.
To learn more tips for stashing away your cash, read Dowdy’s entire article on CNBC and watch the short informational video below.
VIENNA, Va., March 24, 2016 /PRNewswire/ —Elissa Buie, CFP®, co-founder and CEO of Yeske Buie, has been awarded the title of Top Wealth Advisor by Washingtonian Magazine as part of the magazine’s Top Wealth Advisors listing for 2016. Washingtonian Magazine awards the honor of Top Wealth Advisor to the individual with the most peer-nominations for this already-prestigious recognition. Ms. Buie has appeared on all five of Washingtonian’s previous lists of top wealth advisors. The listing appears in the March issue of Washingtonian Magazine which is now on newsstands.
To compile the listing, Washingtonian Magazine surveys hundreds of financial professionals in the Washington, D.C. area, asking “Who, besides yourself or someone else in your own firm, would you trust with your own money?” In addition to the peer survey, the magazine follows up the recommendations with their own research, interviewing experts and consulting industry organizations and publications. Those named to the list received the most recommendations from all sources. Elissa was one of only fifty-seven fee-only financial planners named.
“Every award and recognition is a genuine honor, but to be recognized by your peers feels particularly rewarding,“ Elissa stated when learning of the 2016 Washingtonian listing.
Elissa has been practicing financial planning for over three decades and has played a pivotal role in the development of the financial planning profession. She is currently Immediate Past Chair of the Foundation for Financial Planning’s Board of Trustees. Elissa is also a past national Chair of the Financial Planning Association (FPA®), the professional association for financial planners.
In 2013, Elissa was awarded the prestigious P. Kemp Fain, Jr. Award, the Financial Planning profession’s equivalent of a lifetime achievement award. She has been named as a top advisor by Worth Magazine and by Bloomberg Wealth Manager and was named to Financial Times Top 100 Women Financial Advisers list in 2014. In 2015, Elissa was listed on InvestmentNews’ inaugural Women to Watch list, a list of 20 top female advisors in the country.
Elissa has 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 is a Dean in FPA’s Residency Program and holds an appointment as Distinguished Adjunct Professor in Golden Gate University’s Ageno School of Business, where she teaches the capstone course in the school’s graduate financial planning program. She has been quoted in many national media, including The Washington Post, Time, and Business Week, and has made appearances on The Today Show, NBC News, and CNBC. Ms. Buie is a Certified Financial Planner® licensee and holds business degrees from the University of Virginia and the University of Maryland. Learn more about Elissa and Yeske Buie at www.YeBu.com.
SOURCE – Yeske Buie
YeBu in the Media
•on March 10th, 2016
Yusuf Abugideiri, CFP® was named to WealthManagement Magazine’s listing of Top CFP® Holders Under 36 featured in the March edition of the magazine. The listing highlights ten financial advisors from all over the country who carry the CFP® designation and are members of the Financial Planning Association. Each individual is recognized as an up-and-coming advisor who continues to grow by catering to the next generation of Clients. To generate the list, WealthManagement Magazine worked with the Financial Planning Association in addition to their own familiarity with the profession.
“Being listed as one of the top CFP®-holders under 36 is humbling,” Yusuf said. “I’m honored to be included in such excellent company.” When asked how he feels about the list of advisors being recognized as leading the next generation of financial planners, Yusuf said, “It’s encouraging to see such a diverse group of talented advisors working to build the profession. Being on this list means accepting the responsibility of representing the profession’s next generation of advisors, and that’s a responsibility I feel privileged to accept.”
Yusuf has been a Financial Planner at Yeske Buie for six years and is a member of the Financial Planning Association® (FPA®). Yusuf is a member of FPA’s NexGen community and is a graduate of FPA’s Residency Program. He has served on the Financial Planning Day and Career Day committees through FPA’s National Capital Area chapter and is currently serving on the chapter’s board as the Director of PR, Media Relations and Communications. Yusuf is co-chair of the Recent Alumni Board of the Pamplin College of Business at Virginia Tech; he visits campus frequently to speak in financial planning classes. In addition to his visits to Virginia Tech, he also makes regular visits to The Washington Center to speak about financial planning and assists students with their career development.
The full listing of advisors to watch can be found at WealthManagement.com.
Read more from Yusuf: