How Boomers Can Avoid Going Bust In Retirement

YeBu in the Mediaon May 18th, 2015No Comments

Lou Carlozo, Investment Contributor for U.S. News & World Report, enlisted the expertise of several investment professionals to offer advice to those heading into retirement who may not have the financial security to do so. One of the “nuggets of wisdom” that Lou Carlozo offers comes from Dave:

Work the “three levers.” A secure retirement, no matter your current situation, balances out your savings level, time until retirement and spending level in retirement. “That’s often the secret — looking for ways to make incremental changes across multiple fronts, which together can provide much more leverage than any one strategy alone,” says Dave Yeske, managing director at the wealth management firm Yeske Buie and director of the financial planning program at Golden Gate University’s Ageno School of Business. “The beautiful part of this story is that all three of those levers are within your control.”

And while the key drivers of an individual’s financial plan may differ, one of Yeske Buie’s goals is to show our Clients that they can take control of the levers, or dials, and adjust them in a way to allow them to Live Big® today, tomorrow, and throughout their retirement.

Key Drivers

Read the full article on Yahoo Finance.

USA Today: Plan on Not Working Past Age 65

YeBu in the Mediaon April 29th, 2015No Comments

Older Man Reviewing Bills Looking FrustratedRobert Powell recently wrote an article featured in USA Today that reports that one in two Americans who planned on working past age 65 found themselves retiring unexpectedly for various reasons. As a result, Powell suggests that those who do plan on working past age 65  should have a backup plan in place in case the plan to continue working goes awry. Dave is quoted throughout the article as Powell outlines eight steps that one can take now to ensure your finances, insurance, taxes, estate, and investments are all covered past age 65.

Some of the steps one can take now include:

  • Planning for All Possible Outcomes
  • Setting Aside Cash
  • Buying Enough Insurance
  • Planning on Saving Even More
  • Keeping your Skills Current
  • Planning your Estate
  • Framing your Future Differently
  • Getting Professional Help

Here’s what Dave had to say about setting aside adequate cash reserves:

At a minimum, you should set aside three months of living expenses, but consider setting aside even more to cover out-of-pocket expenses from losses that are not insured, are insured but subject to a deductible or for which reimbursement may be delayed, says Dave Yeske, managing director of Yeske Buie in San Francisco.

“Building up a decent reserve, six to nine months or even more, can give one so much more flexibility, whether to job hunt, retool skills or both,” says Yeske. Consider increasing your reserves if your job is insecure or involves highly variable income.

When asked “How much insurance should you buy?” Dave says:

Given that most people leave the workforce because of health problems or disability, you should check your current employment benefit package. “If there are options for increasing disability benefits, do it,” says Yeske.

And if you don’t have disability insurance through work, buy some. Yes, individual disability insurance policies can seem expensive and may create budget issues, but you might be able to purchase a policy through your professional association or trade group, says Yeske.

How much should you buy? “Our policy is to tell clients to buy as much disability insurance as the company will issue because it will never give you enough,” says Yeske.

One “trick” to consider, says Yeske, is to make sure that your premiums are being paid with after-tax dollars because this makes the benefits, if and when received, tax-free, effectively increasing your benefit.

Dave also gave his thoughts on the importance of keeping your skills current:

Even in your 50s, your human capital — your current and future earnings — is often your biggest asset, both in terms of how every additional year of work is an additional opportunity to save and also another year that you don’t have to dip into existing savings, says Yeske. So, make sure you have the skills, knowledge and experience to stay employed or get re-employed. Yeske recommends attending a community college as your first line of defense.

Read the full article on USA Today.

Dave Yeske Appointed Golden Gate University Financial Planning Program Director

YeBu in the Mediaon April 28th, 2015No Comments

Dr. Dave YeskeSAN FRANCISCO, CA, Apr 28, 2015 (Marketwired via COMTEX) — Golden Gate University (GGU) has announced that noted financial planner Dr. Dave Yeske, CFP(R) will become the Program Director for its Financial Planning program effective May 1, 2015.

Dr. Yeske has built a reputation as one of the most respected practitioners, academics and authors in the financial planning profession. A financial planner since 1990, Dr. Yeske holds a doctorate in finance from GGU and an M.A. in Economics and a B.S. in Applied Economics from the University of San Francisco. He is often quoted in national media and has appeared on CBS, CNBC, CNN and NBC News.

“Dr. Yeske’s expert knowledge of Financial Planning combined with his over 20 years of adjunct faculty experience at GGU made him the perfect candidate to lead the program,” said Stevenson Hawkey, the former Program Director for the Financial Planning program and a professor at GGU.

With its 35-year history, GGU’s Financial Planning program is the oldest financial planning degree program in the country. Dr. Robert Bohn, the program’s director during the 1980s and 1990s, was also co-founder of the Academy of Financial Services (AFS), a professional association devoted to fostering basic and applied research in financial planning. GGU’s financial planning program is designed for students who aspire to become financial planners, investment advisers or money managers and can be completed both on-campus or fully online. GGU’s degree program is registered with CFP Board and graduates qualify to sit for the CFP(R) certification exam. GGU was one of the first five universities in the country to become registered with CFP Board in 1986.

“I am thrilled to have Dr. Yeske head up our Financial Planning Program,” said Ageno School of Business Dean Paul Fouts. “His passion for financial planning extends to his work with clients, GGU and the financial planning community. Dr. Yeske’s insight into all of these areas brings a rich dynamic to his teaching and vision for the program.”

Dr. Yeske is a principal of Yeske Buie, a wealth management firm with offices in San Francisco and Vienna, VA, and is a long-time leader in the Financial Planning Association (FPA) and the profession. He served as Chair of FPA PAC in 2005 and 2006, and chaired FPA’s Research Center Team and its Academic Advisory Council from 2007 to 2012. Dr. Yeske received FPA’s Heart of Financial Planning award in 2012. He is also a long-time mentor in FPA’s residency program.

In addition to his work in FPA, Dr. Yeske was recently appointed practitioner editor of the Journal of Financial Planning.

About Golden Gate University GGU, a private nonprofit, has been helping adults achieve their professional goals by providing undergraduate and graduate education in accounting, law, taxation, business and related areas for more than 114 years. GGU is accredited by the American Bar Association (ABA) and the Western Association of Schools and Colleges (WASC).

SOURCE: Golden Gate University

Elissa Shares Live Big® Philosophy with WRNW Women’s Radio Network

YeBu in the Mediaon April 17th, 2015No Comments

Elissa BuieOn Wednesday, Elissa made an appearance on WRNW, Women’s Radio Network, an international radio station based out of Atlanta with stations on iHeart Radio and TuneIn Radio. The topic of Elissa’s show was one that is near and dear to Yeske Buie – what does it mean to Live Big®?

Click arrow to listen to the interview (the initial background noise clears up after the first few seconds)

 

 

FPA and Journal of Financial Planning Announce Dr. Dave Yeske, CFP to Become New Practitioner Editor

YeBu in the Mediaon April 15th, 2015No Comments

DENVER – The Financial Planning Association® (FPA®) announced today that noted financial planner Dr. Dave Yeske, CFP®, will become Practitioner Editor of the award-winning, peer-reviewed Journal of Financial Planning effective June 1, 2015.

The Journal of Financial Planning​ is published monthly and its content is focused on expanding the body of knowledge in the financial planning profession. Launched in 1979, the Journal features thought-provoking articles, interviews, columns and peer-reviewed technical contributions that are directly beneficial to financial planners in their work.

Dr. Yeske, who has built a reputation as one of the more respected practitioners, academics and authors in the financial planning profession, will serve a three-year term as Practitioner Editor of the Journal and will:

  • ​ Work closely with the publication’s editorial staff to provide unparalleled expertise on practitioner issues, challenges, opportunities, and insight into emerging trends.
  • Provide original writing exclusively for the Journal.
  • Act as an ambassador for the Journal at FPA and other key industry events and conferences.

“In the spirit of the Journal’s first practitioner editor, Lynn Hopewell, I would hope to not only provide the editorial staff with feedback from the practitioner’s perspective, but to be a talent spotter as well,” said Dr. Dave Yeske, CFP®. “Lynn was notable for introducing the profession to concepts like Safe-Withdrawal Rate analysis and Monte Carlo simulations, which were unheard of twenty years ago. If I can be half the talent-spotter Lynn was by helping to shine a light on the great talent and creativity that can be found among my fellow practitioners, I’ll feel that I’ve accomplished something I can be proud of.”

A financial planner since 1990, Dr. Yeske holds a doctorate in finance from Golden Gate University and an M.A. in Economics and a B.S. in Applied Economics from the University of San Francisco. Known for his research and writing in the areas of Policy-Based Financial Planning and the role of financial planner as strategist, he currently holds an appointment as a Distinguished Adjunct Professor in Golden Gate University’s Ageno School of Business, where he chairs the school’s financial planning program.

Dr. Yeske is a principal of Yeske Buie, a wealth management firm with offices in San Francisco and Vienna, Va., and is a long-time leader in FPA and the profession. He served as president of FPA in 2003 and chair in 2004. After completing board service in 2004, Dr. Yeske served two terms as chair of FPA’s Political Action Committee in 2005 and 2006. He then chaired the FPA Research Center Team from 2008 to 2010 and chaired FPA’s Academic Advisory Council in 2011 and 2012. He also represented FPA on the U.S. Technical Advisory Group (TAG) for the International Organization for Standardization (ISO) standard for financial planning, ISO 22222 from 2008 to 2011.

“Dave will bring extensive professional knowledge and unquestioned relational skills to his new post as Practitioner Editor of the Journal of Financial Planning,” said FPA Executive Director/CEO Lauren M. Schadle, CAE. “Editorial staff, FPA members and all readers of the Journal will directly benefit from Dave’s hands-on involvement and leadership.”

Dr. Yeske follows Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, who is concluding a three-year term as Practitioner Editor on May 31.

“Michael’s work, insights and passion for financial planning have helped Journal staff design and execute a publication that is a leader in the profession and respected among those it touches. His passion for financial planning is palpable and we were direct recipients of that passion for the past three years,” added Ms. Schadle.​

 

RELATED LINKS

 

Dave on CNBC: Small Biz Owners Ignoring Succession Advice

YeBu in the Mediaon April 13th, 2015No Comments

Writing on the results of a joint survey by the Financial Planning Association (FPA) and CNBC , Lori Ioannou (@LoriIoannou1) reports that 78 percent of small business owners plan to/need to sell their business in order to fund anywhere from 60 to 100% of their retirement.  The survey found, meanwhile, that while 94% of financial planners had talked to their clients about preparing for succession,  only 30% of clients/owners had actually done so.  As Dave notes in the article:

“There is a huge perception gap among business owners of what it really takes to have a successful payday at the end of their career,” said Dave Yeske, CFP and managing director of Yeske Buie, a San Francisco-based advisory firm. “Selling a small business is not easy; it is very difficult to monetize a closely held business.” As he explained, that’s because most businesses are organized more like a job than an investment. The owner does most of the work, and the profits are more like a salary than operating income. As a result, potential buyers have a hard time figuring out the true value of the company.

The process of finding buyers turns out to be one of the biggest challenges faced by small business owners, with the majority ultimately choosing to sell to family members or employees.  Here’s Kate Rogers’ on-air summary:

 

Fiduciary Focus: Putting Clients First

Economy and Investing, Financial Planning, Videos, YeBu in the Mediaon March 10th, 20152 Comments

Capitol DomePresident Obama has instructed the Department of Labor, which oversees company-sponsored retirement plans, to develop a new set of rules requiring those who advise plan participants to act as fiduciaries. Anyone acting as a fiduciary is required to put clients’ interests first.  The brokerage world normally operates under a different standard known as “suitability,” which merely requires advice to be broadly suitable to clients based on their overall circumstances, but not necessarily be in their best interest.  As President Obama later put it while speaking at an AARP sponsored event, “It’s a very simple principle: You want to give financial advice, you’ve got to put your client’s interests first. You can’t have a conflict of interest.”

This change has been a long time in coming and is anything but certain.  The financial services industry continues to spend heavily lobbying against a mandatory fiduciary standard and they have allies in Congress.  The most common rationale offered by opponents of the proposed rules is that requiring those who advise retirement plan participants to adopt a fiduciary standard will drive up costs and make it harder for participants to get advice.  This is, of course, absurd on its face.  When forced to act as fiduciaries, plan advisors would no longer be able to steer participants to investments with high hidden fees and expenses without disclosing them, as well as disclosing the availability of lower-cost alternatives.  It wouldn’t drive up costs, it would instead drive down the profits brokers have been earning from all those hidden fees and commissions.  There would still be plenty of advisors willing to work with retirement plan participants under the new rules, there would just be less raping and pillaging going on as part of the process.

This issue has been near and dear to us for many years. Elissa invoked the need for financial planners to adopt a fiduciary standard during her presidential speech to members of the Institute of Certified Financial Planners (ICFP) — a predecessor of the Financial Planning Association — at the group’s annual gathering in 1999.  Afterward, finance journalist Bob Clark jokingly shared his surprise and pleasure that Elissa had focused on the fiduciary standard, telling her, “I can’t believe you used the F-word!”  Four years later, when Dave was president of the Financial Planning Association (FPA) in 2003 he made it the centerpiece of his speech to 3,000 association members in Philadelphia.  W. Scott Simon subsequently quoted from Dave’s speech in his Fiduciary Focus column on the Morningstar Advisor website:

No one describes the vital importance of the work we do in the investment advisory profession and the solemn obligations we owe to our clients better than David Yeske, the 2003 president of the Financial Planning Association:

  • Financial planning has the power to transform people’s lives. 
  • We are dealing, after all, with some of the most potent forces in people’s lives.
  • [These] forces will determine whether a couple will be able educate their children, care for aging parents, retire in comfort, travel, and do all else that might mark lives well lived. 
  • We must also come to terms with the corresponding obligations. For the privilege of exercising our power over the money forces in people’s lives carries with it great responsibility.
  • Accepting this responsibility means accepting liability.
  • Many have gone so far as to say that financial planners must step up to the plate and accept the role of fiduciary. I certainly like the concept as I understand it: putting your clients’ interest above your own and being ever mindful of the responsibility engendered by their trust. 
  • I would like to set a higher challenge: to think and act like a fiduciary at all times, whether or not the law says you are. 
  • We must distinguish ourselves by conducting ourselves always as if we were fiduciaries.

Reporting on the same speech and a subsequent interview, Investment News noted more of Dave’s rationale for calling on all financial planners to act like fiduciaries, whatever the law might require:

David Yeske, president of the Financial Planning Association, urged attendees at the Denver- and Atlanta-based group’s annual FPA conference last week in Philadelphia to “think and act like a fiduciary at all times, whether or not the law says you are.”

The broad challenge laid out by Mr. Yeske was controversial because it was directed to everyone who holds themselves out as financial planners.

“People argue about fiduciary [status], whether or not you should be a fiduciary, whether or not you’re required to be a fiduciary at all times in dealing with your clients,” Mr. Yeske tells InvestmentNews.

“I wanted to cut through all that and say, `We should not even care about the legal status. We should not even be nitpicking the legal technicalities. We should just accept the fact that we need to put our clients’ interests first at all times.”‘

In response to the concern about added risks, Mr. Yeske says: “We work with powerful forces in people lives, and liability is going to go along with that. Live with it.”

During Dave’s years on the FPA board, the association also battled the SEC over the so-called “Merrill Lynch Rule,” under which broker-dealers were allowed to offer fee-based accounts without adopting a fiduciary standard, something clearly required by the Investment Advisor Act of 1940.  By not requiring broker-dealers to adopt a fiduciary standard, the SEC left them free to engage in undisclosed self-dealing that was not in their customer’s best interests. FPA ultimately sued the SEC and won.  On the eve of the SEC’s deadline to appeal that decision, Dave appeared on CNBC’s Closing Bell with Maria Bartiromo to discuss the matter.

In the end, the SEC decided not to appeal the DC Court’s ruling and the Merrill Lynch Rule ceased to exist.  As did Merrill Lynch itself in January of 2009 when it was taken over by Bank of America after suffering $52 billion of losses as a consequence of the sub-prime meltdown that Merrill had done so much to create.  Transparency and disclosure were the only thing that might have prevented the Great Recession and all the regulatory and legislative forces during the preceding decade had been moving in the opposite direction.

Let’s hope that the big money being thrown around in Washington right now doesn’t sway Congress to oppose this latest blow for transparency and consumer protection.  And, believing that you sometimes have to fight fire with fire, Dave is again serving on the board of FPA’s Political Action Committee (PAC) and he urges any financial planning colleagues who are reading this and who are members of FPA (only members can contribute) to consider making a PAC contribution.  And if you’re not an FPA member but believe in its mission and the importance of having real financial planners represented in Washington, please consider joining!  The PAC is a critical piece of our advocacy efforts, helping us to gain access to key legislators and tell our version of the financial planning and consumer protection story.

 

Elissa Buie on Financial Times Top 100 Women Financial Advisers List

YeBu in the Mediaon November 20th, 2014No Comments

Elissa BuieFinancial Times, the venerable 126 year old London based newspaper, has named Elissa Buie to its inaugural FT Top 100 Women Financial Advisers list for 2014.  In compiling the list, FT set out to identify the 100 best women financial advisers in the U.S. The guiding principle was to assess advisers from the perspective of current and prospective investors.

Financial Times describes their methodology as “quantifiable and objective” and consisting of the following elements:

FT’s sister company, Ignites Distribution Research, contacted brokerage firms, registered investment advisors (RIA), and other wealth management firms asking for the names of prospective advisors. To be considered, an advisor had to have at least 10 years of experience and manage more than $200 million.  The more than 400 qualifying advisors were asked to complete a detailed questionnaire, which was supplemented by additional independent research by Ignites.

The final analysis included a number of factors, including adviser assets under management, asset growth, years of experience, industry certification (CFP, CPA, etc.), compliance record, and online accessibility. Assets under management was considered a proxy for investment experience and client trust, while asset growth signaled good performance and client satisfaction/retention. Years of experience indicated that the advisor had managed client assets through many different economic environments and certifications signaled a commitment to professional growth and expertise.

Elissa has been practicing financial planning for nearly three decades and has played a pivotal role in the development of the financial planning profession. She is currently Chair of the Foundation for Financial Planning’s Board of Trustees. The Foundation’s mission is to help people take control of their financial lives by connecting the financial planning community with people in need. Visit the Foundation’s website (www.foundationforfinancialplanning.org) for information on how you can help make a difference in the financial lives of others. Elissa is also a past national Chair of the Financial Planning Association (FPA®), the largest professional association for financial planners.

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, and South Africa. She will be presenting at the Korea Financial Planner Association’s annual conference in November, 2014.

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 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.

 

How to Hire the Next Generation

Articles of Interest, YeBu in the Mediaon November 3rd, 2014No Comments

Yusuf FP Mag coverThe November issue of Financial Planning Magazine sports the smiling face of our very own Yusuf Abugideiri under the heading, How to Hire the Next Generation.  Elissa is quoted extensively in the accompanying article, beginning with a discussion of how Yeske Buie has helped support the FPA student chapter at Virginia Tech.

Wealth management executive Elissa Buie, for instance, has co-sponsored FPA chapters at Virginia Tech in Blacksburg, Va., as well as William Paterson. “I pay for dues and pizza, and I’ve also gone and spoken at the FPA chapter at Virginia Tech,” says Buie, co-founder and CEO of Yeske Buie, which has offices in San Francisco and in Vienna, Va. “When students get input from people who are out in the world doing [the work], it’s really valuable.”

Elissa also discusses Yeske Buie’s team approach to serving clients and how this creates opportunities for young planners, interns, and residents to get client-facing experience from day one.

“We always have a senior planner in a meeting, plus a second chair for someone who is more junior. The intern shadows that [junior] person,” says Buie, whose firm offers both internships and residencies. “They learn what it means to prepare for a meeting, take notes, and do the follow-up.”

Buie also assigns interns projects. “Maybe we have client tax returns, but we haven’t been tracking losses carried forward. We might have [interns] create the database, go through the returns and enter the data. Is it generally done very well? Yes,” she continues. “Perfectly? No — but it’s easier for an assistant financial planner to do cleanup than to do it all from scratch.”

Elissa also has the opportunity to highlight the key drivers behind Yeske Buie’s “In Residence” program.

Buie does hire some former interns, but her firm also uses the residencies to attract young talent while managing their expectations. Residents join the firm for two or three years, and are paid the same as a permanent hire at the same level — but everyone knows that their time at the firm is finite.

“You can’t keep growing and hiring and have everyone on a partnership track,” she says. “Our residents fill the paraplanner positions. They … get experience and take the CFP exam while they’re with us. When they leave, they’ll be ready to get scooped up by another firm or start their own business.”

Learn more about Elissa and Yusuf’s background.

Elissa Buie Appears on Washingtonian Magazine’s List of Top Money Advisors for the Fifth Time

YeBu in the Mediaon October 24th, 2014No Comments
November Washingtonian Cover

Source: http://www.washingtonian.com

Elissa Buie, CFP®, co-founder and CEO of Yeske Buie, has been named to Washingtonian Magazine’s list of the Top Money Advisers in the DC metro area for 2014. Ms. Buie has appeared on all four of Washingtonian’s previous lists of top financial planners.

The magazine developed its list by surveying hundreds of financial professionals in the DC Metro Region, asking “Whom would you trust with your own money?” The magazine then followed up the recommendations with their own research, interviewing experts and consulting industry organizations and publications. Those on the list received the most recommendations from all sources. Elissa was one of only 58 fee-only financial planners named.

The November issue of Washingtonian, which is now on newsstands, highlights Yeske Buie and the firm’s unique financial planning philosophy:

“Money, however hard earned, is a renewable resource. At Yeske Buie, we help our clients make the most of their most valuable resource: life. Our motto is Live Big® – It’s about the size of your life, not the size of your wallet®.”

Elissa has been practicing financial planning for nearly three decades and has played a pivotal role in the development of the financial planning profession. She is currently Chair of the Foundation for Financial Planning’s Board of Trustees. The Foundation’s mission is to help people take control of their financial lives by connecting the financial planning community with people in need. Visit the Foundation’s website (www.foundation-finplan.org) for information on how you can help make a difference in the financial lives of others. Elissa is also a past national Chair of the Financial Planning Association (FPA®), the largest professional association for financial planners.

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, and South Africa. She will be presenting at the Korea Financial Planner Association’s annual conference in November, 2014.

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 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

 


“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