Financial Planning Competency Handbook, Second Edition

Firm News & Events, YeBu in the Mediaon August 13th, 2015No Comments

Certified Financial Planner Board of Standards, Inc. announced that it has completely revised and updated it’s popular reference guide for financial planning students and practitioners. John Wiley & Sons published the first-of-its-kind Financial Planning Competency Handbook in 2013. Elissa and Dave contributed 30 chapters to the original Handbook as members of a select team of practitioners and academics invited to write this comprehensive guide to financial planning. In the fully updated second edition, Elissa and Dave collectively contributed over 20 chapters on topics including Economic Concepts, Investment Strategies, Estate Tax Compliance and Tax Calculation, Gifting Strategies, Retirement Income and Distribution Services and more.

“The financial planning profession has evolved significantly in the two years since the Financial Planning Competency Handbook was first published. The second edition has been revised accordingly, giving financial planning practitioners, students and educators a one-stop resource on issues facing today’s financial planning professionals as they seek to meet their clients’ changing needs,” said the book’s editor, CFP Board Director of Academic Programs and Initiatives Dr. Charles Chaffin. “With nearly two-thirds of the handbook’s content brand new, CFP Board is continuing to work to expand the body of knowledge in the financial planning profession.”

“The fully updated second edition includes brand new content based upon the new Principal Knowledge Topics developed through the most recent Job Task Analysis. Each of these topics are explored from both a theoretical as well as a practical perspective through connections diagrams, practitioner profiles, and vignettes. There is also a detailed case that runs through each stage of the financial planning process. In addition, a completely new section is devoted to the interdisciplinary nature of financial planning, including diverse fields like psychology, behavioral finance, communication, the aging population, and marriage and family therapy.” – CFP® Board Press Release

The 944-page book is available in hardcover and electronic book formats and is available through the publisher and on Amazon.com.

The 20 Fears That Are Keeping You From Being Rich

YeBu in the Mediaon July 30th, 2015No Comments

Written By: Lauren Vitt, RP®

Senior Worman with Piggy BankA recent article by Lou Carlozo, The 20 Fears That Are Keeping You From Being Rich, outlines behaviors that oftentimes come between you and your potential wealth. It seems ironic that while many feel additional wealth would be the answer to their financial fears, it may be fear that is holding them back from the additional wealth. Dave contributed his thoughts for Lou’s article to help identify two of the twenty fears and how you can mitigate these fears and change them into positive thoughts:

You’d Rather Not Be a Target: Money can inspire envy and jealousy from competitors, family members and friends — and who needs that? “As the old proverb goes: ‘The nail that sticks up gets pounded down,’” said Dave Yeske, managing director at the wealth management firm Yeske Buie and director of the financial planning program at Golden Gate University. “Then again, the other proverb says: ‘Nothing ventured, nothing gained.’”

Rejection, Rejection, Rejection: If you still pout about getting shot down for a junior prom date, you might loathe the thought of a venture capitalist or potential business partner dismissing your vision. “I’ve known a number of people with a great project proposal who never got anywhere because they were never quite confident enough to just take what they had and present it,” Yeske said. So if you fear you have everything to lose, reframe it: You probably have nothing to lose.

For those who find that even one of these fears resonates with them, we offer the following quote from Marianne Williamson that we infuse into our culture at Yeske Buie as a reminder to lose those fears and replace them with powerful thoughts:

“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

 

San Francisco Chronicle: Money Tips for the Newly Married

Financial Planning, YeBu in the Media, YeBu Millennialon July 14th, 2015No Comments

Written By: Lauren Vitt, RP®

The engagement of a couple instantly triggers a waterfall of congratulations, wedding plans, and questions for the bride and groom-to-be. The planning of a wedding involves countless decisions including selecting a wedding date, creating a guest list, planning a honeymoon and more. And while the couple most certainly takes into consideration the cost of their big day, it can be easy to overlook the legal, tax, and financial decisions and questions that result from getting married. Recently, Dave talked with Kathleen Pender, business columnist for the San Francisco Chronicle, about money tips for newly weds. Before making any decisions regarding taxes, insurance, separate vs. community property, retirement accounts, and estate plans, Dave suggests that the couple schedule a time each week to talk about money. “It can be fun,” Dave said. He also provided a several questions that can initiate productive conversations, including:

  • What is you first money memory?
  • How did it feel to get your first paycheck?
  • What did you learn about money from your mother?
  • What did you learn about money from your father?

“The single biggest cause of strife in a marriage is money,” Dave said. Having such conversations “is the basis for defusing strife and somehow finding your way to the same page.”

In addition to having important financial conversations, Kathleen’s article “Money Tips for the Newly Married” lists eight tasks for newly wed couples to consider before getting married. When it comes to insurance, Dave notes “If you have auto, renters or homeowners insurance, make sure both spouses are named as an insured on each policy. If you have life insurance, change the beneficiary to your spouse, unless you have a good reason not to.”

If you or a loved one is engaged to be married, Yeske Buie can provide a variety of tools for the engaged couple to help start financial conversations so that for rich or for poor, the couple starts off their marriage with a strong foundation.

Yusuf Abugideiri Named Co-Chair of the Recent Alumni Board of the Pamplin College of Business

Firm News & Events, YeBu in the Mediaon June 23rd, 2015No Comments

Yusuf AbugideiriVIENNA, Va, June 23, 2015 /PRNewswire/ — The Pamplin College of Business at Virginia Tech, ranked in the top 10% of accredited business schools, has named Yusuf Abugideiri, CFP® as co-chair of its inaugural Recent Alumni Board effective June 22, 2015. The Recent Alumni Board of the Pamplin College of Business is a diverse group of young professionals whose work is aimed at advancing the present and future community of Pamplin College. The Board is composed of twenty-five professionals who have graduated from the Pamplin College in the last two to ten years with careers as CEOs, entrepreneurs, managers, and consultants. Members hail from companies across the country including NBC Universal, BB&T, IBM, General Electric, and Boeing. Potential candidates for the board were nominated by staff within the Pamplin College; the Pamplin Advisory Council then selected candidates for the Board based on the candidates’ leadership roles, engagement with the college, professional goals, and community involvement. Only one-third of the nominees were named to the Board.

Yusuf will serve a three year term as co-chair with the Board and will have responsibilities including supporting current students in finding post-undergraduate careers, developing and strengthening relationships with recent alumni, and advocating for the Pamplin College to increase awareness with employers and potential students. He will do this by participating in speaking engagements in various business courses at Virginia Tech and by designing initiatives to be launched in the coming months as the Board devises a plan of action for the coming years.

Yusuf graduated in 2009 after earning a Bachelor’s of Science in Finance from Virginia Tech’s CFP® Certification Education Track, a CFP® Board-Registered Program. Yusuf has been invited back as an alumnus to speak at Virginia Tech on several occasions: he has talked to prospective students at Hokie Focus, to accepted students at Orientation, and to incoming freshmen at Hokie Camp. He has also been a guest speaker in several financial planning courses and information sessions where he meets with students to answer questions and provide advice on effectively using their time in college as a launching point for their careers. “I am most looking forward to being able to give back in a bigger way to the university that gave me so much,” said Yusuf Abugideiri, CFP®. “So much of my success can be attributed to people seeking me out, giving me advice, and being a mentor to me and for that I am very grateful. Now, I want to be that person for someone, or ten people, or one hundred people and being on the Recent Alumni Board gives me the platform to do that.”

Yusuf has been a Financial Planner at Yeske Buie for six years and is a member of the Financial Planning Association® (FPA®). He served on the Financial Planning Day and Career Day committees through FPA’s National Capital Area chapter and is a member of FPA’s NexGen community. He is also a graduate of FPA’s Residency Program. Yusuf is currently pursuing a Master of Arts in Economics at George Mason University. In addition to his visits to Virginia Tech, he also makes regular visits to The Washington Center to speak about financial planning and assist students with their career development.

Learn more about Yusuf and Yeske Buie at www.YeBu.com.

 

SOURCE: Yeske Buie

Huffington Post: 15 Ways to Retire Early

YeBu in the Mediaon June 23rd, 2015No Comments

Dave recently gave his thoughts to Lou Carlozo, contributor for the Huffington Post, to help compile a list of 15 major financial and lifestyle moves you can make to help you retire early. When asked about actionable tips people can use to retire before the standard retirement age, Dave noted that there’s a degree to which the financial forces at work when you plan for retirement are a little bit like the laws of physics: there’s no free-lunch and there are inevitable tradeoffs that cannot be avoided. Specifically, you have three levers or dials at your disposal when you try to manipulate your plan: Time-to-Retirement, Savings-Level, Spending-in-Retirement. Once you set any two of those, the last one is out of your control.  If you choose to dial down the Time-to-Retirement dial and aim for an early retirement, you’re left with two choices, you’ll have to either increase your Savings-Level or reduce your Spending-in-Retirement. In this instance, the major financial moves are going to have to come in one of those two realms. Dave’s advice on how to dial down in both of these realms appeared in Lou’s recent article, 15 Ways to Retire Early:

  • Jump on Employer Stock Purchase Plans
    • How about some free money? The ESPP typically works by payroll deduction, with the company converting the money into shares every six months at a 15 percent discount. If you immediately liquidate those shares every time they’re delivered, it’s like get a guaranteed 15 percent rate of return,” said Dave Yeske, managing director at the wealth management firm Yeske Buie and director of the financial planning program at Golden Gate University. “Add the after-tax proceeds to your supplemental retirement savings.”
  • Don’t Let Your Money Sit Idle
    • To get to an early retirement, you have to periodically revisit your IRA, 401(k) or other retirement account to make sure your money doesn’t grow cobwebs. For example, the way your retirement account is diversified shouldn’t put too much emphasis on low-yield investments — such as money market funds and low-yielding bonds. “Dividends can pile up in the money market account, typically earning one one-hundredth of a percent,” Yeske said. “Make sure your cash is invested properly.”
  • Start That Retirement Account Today
    • That is, the earlier the better. Millennials who kick off retirement accounts early will reap big rewards later. A 25-year-old who socks away $4,000 a year for just 10 years (with a 10 percent annual return rate) will accrue more than $883,000 by the time she turns 60. Now then: Can’t you just taste those pina coladas on the beach?
  • Plan Smart Vacations and Travel — and Invest the Difference
    • There’s no sense in depriving yourself of every single thing, especially well-deserved time off. But Yeske points out that you can save a ton in 150 countries through a service called HomeExchange.com. “My wife and I have stayed for free in London, Amsterdam, New York and Costa Rica,” he said. “And when you’re staying in someone’s home or apartment, you don’t have to eat out at a restaurant for every meal, so your food costs nothing more than if you were at home.”

Yeske Buie Named to 2015 Financial Times 300 Top Registered Investment Advisers

Firm News & Events, YeBu in the Mediaon June 18th, 2015No Comments

FT_400_Advisers_Logo_2015VIENNA, Va., June 18, 2015 /PRNewswire/ — Yeske Buie is pleased to announce that it has been named to the Financial Times 300 Top Registered Investment Advisers list, as of June 18, 2015. The list recognizes top independent RIA firms from across the U.S.

This is the second annual FT 300 list, produced independently by the FT in collaboration with Ignites Research, a subsidiary of the FT that provides business intelligence on the investment management industry. More than 2,000 elite RIA firms were invited to apply for consideration, based on their assets under management (AUM). The 630 RIA firms that applied were then graded according to six criteria: AUM; AUM growth rate; years in existence; advanced industry credentials; online accessibility; and compliance records.

The “average” FT 300 firm has been in existence for 23 years and manages $2.6 billion in assets. The 300 top RIAs hail from 34 states and Washington, D.C., and, on average, saw their total AUM rise by 18% in 2014.

The FT 300 is one in a series of rankings of top advisers that the FT developed in partnership with Ignites Research: the FT 401 (DC retirement plan advisers); the FT 400 (financial advisers from traditional broker-dealer firms); and the FT 100 (women financial advisers). Elissa was named to the inaugural FT Top 100 Women Financial Advisers list in November, 2014. In compiling this 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.

About Yeske Buie: Yeske Buie is a wealth management firm providing financial planning and asset management to over 200 clients around the world. Yeske Buie helps individuals and families achieve their vision for their lives by harnessing the transformative power of financial planning. We develop creative strategies that are executed with the grounded wisdom that comes from taking an evidence-based approach to everything we do. We are known nationally for our volunteer service and our Principals’ writing and presentations on topics such as Evidence-Based Financial Planning, Policy-Based Financial Planning and Financial Planning Strategy Modes. We are also guided by our unique Live Big® philosophy, through which we help clients harness their material resources in service to what matters most to them.  Live Big® – It’s about the size of your life, not the size of your wallet®.

FT 300 Disclosure: The 2015 Financial Times 300 Top Registered Investment Advisers is an independent listing produced by the Financial Times (June, 2015). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials and accessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

SOURCE Yeske Buie

Remembering a Pioneer

YeBu in the Mediaon June 8th, 2015No Comments

The Journal of Financial Planning has a long-standing tradition of working with some of the best minds in the profession through the role of Practitioner Editor. In April, we announced that Dave would become the next Practitioner Editor of the award-winning, peer-reviewed Journal of Financial Planning effective June 1, 2015. When the news was announced, Dave gave his thoughts on what he hoped to contribute during his term in the position,

“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.”

With this in mind, Dave knew that his inaugural contribution as Practitioner Editor to be to profile Lynn Hopewell. Today, we share Dave’s inaugural contribution to the Journal, Remembering a Pioneer.

 

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


“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