The 2018 Trends in Investing Survey

Yeske Buie in the Mediaon June 14th, 2018No Comments

Written By: Lauren Mireles, FPQPTM

This year’s results of the 2018 Trends in Investing Survey conducted by the Journal of Financial Planning and the FPA Research and Practice InstituteTM have been released and in many ways, last year’s trends parallel this year’s findings. Specifically, the use of Exchange Traded Funds (ETFs) has climbed again for the eighth consecutive year, with 87% of surveyed advisors reporting that they currently use or recommend ETFs with Clients. Additionally, there was a new investment vehicle added to this year’s survey – cryptocurrencies – which advisors largely agreed are “an interesting concept to keep en eye on, but not invest in yet,” at best.

In his role as Practitioner Editor for the Journal of Financial Planning, Dave assisted in the development and interpretation of the survey that was fielded online in April and May and polled over 250 financial planners. His insights on the use of ETFs and the general agreement on cryptocurrencies were shared in Financial Planning media following the release of the survey:

From Financial Planning Magazine

Regarding the rising use of ETFs over the past eight years:

A Mere 2% of Planners See Cryptocurrencies as a Viable Investment Option

“With only 200 active ETFs out a universe of nearly 5,000, the continued rise in advisers’ use of this investment vehicle is clearly congruent with the uptick in their adoption of a purely passive approach to investing,” says Dave Yeske, managing director of Yeske Buie and practitioner editor of the Journal of Financial Planning. “And while 65% of advisers continue to favor a blend of active and passive approaches, these results suggest that the ratio may be shifting in favor of passive.”

From ThinkAdvisor

Advisors Say Yes to EFTs, No to Crypto: FPA

The survey found that 53% of advisors were responding to client questions about cryptocurrencies, but only 1% were using or recommending these investments — a result Yeske called “gratifying.”

Read more about Dave’s take on Bitcoin in this piece, “What is Bitcoin actually worth?”

The Financial Planning Success Series

Yeske Buie in the Mediaon June 11th, 2018No Comments

Always willing to share our experiences and expertise in pursuit of growing the financial planning profession, Elissa and Dave are very proud to have been part of Ed and Jody Jacobson’s Financial Planning Success Series. The series is an online collection of wisdom, tips, and strategies from 30 leading experts and thought leaders across the profession – financial planners, CEOs, marketers, authors, speakers, coaches, and consultants – all of whom shared their insights on delivering an exceptional client experience to those seeking financial planning advice. Those who sign up for the series will receive access to interviews, weekly digests of links, exclusive free gifts, and more, including the interviews where Elissa and Dave share their thoughts. Other information available in the series includes:

  • The business case for Financial Planners to align their business and their life
  • Why knowing what Financial Planners don’t do is as important as knowing what they do…do
  • Reviewing both the “hard” and “soft” toolkits related to the Financial Planning Process
  • Strategies to increase engagement at all levels

The best part of The Financial Planning Success Series is it’s completely free and you can attend in your PJs! You can register today to receive access to this series via our unique link.

Women in Wealth

Yeske Buie in the Mediaon May 3rd, 2018No Comments

Summary By: Lauren Mireles, FPQPTM

Discussions about diversity and inclusion in the workplace are becoming more and more common and two of Yeske Buie’s own – Elissa Buie and Lauren Stansell – are leading by example to support women in financial planning. Both women recently participated in panel discussions at two separate conferences to talk about ways that Yeske Buie seeks to support a more diverse future for the financial planning profession. In addition to the panel, Lauren also shared her thoughts on attracting and retaining the next generation of planners in an interview featured on Asset TV. See what Lauren had to say about Yeske Buie’s practices via the full transcript below or via the full, five minute video.

  • Interviewer: What’s the business case for hiring NexGen advisors or professionals on your staff?
    • Lauren: I think first and foremost it’s passion. We are young and really excited to be in this profession and we are excited to show up as sponges and learn everything we possibly can. And that mentality comes with passion and a willingness to work hard, to do what it takes to get to best serve our Clients, and to do everything we can to constantly be improving. I work with a lot of NexGen planners at Yeske Buie and also in the San Francisco area and around the country, and there’s just an energy that I think we all bring to the table that’s really exciting. I’ve heard it been referred to as refreshing by many of the people I work with!
  • Interviewer: Yeske Buie is always on the forefront of diversity and inclusion, can you share more about your experience with that?
    • Lauren: Our focus is on attracting and retaining the best of the best, next generation talent – men and women equally. To support this, we’ve recently done an overhaul of our hiring, training, and onboarding process to make sure we are finding ‘A Players’ who are going to fit really well in our culture and who are passionate about what we do as a firm. We also wanted to make sure that we have a really comprehensive onboarding and training program so those who do come on are up to speed and working on real client work from week two and are giving back and contributing to the firm. This makes the role even more exciting; for someone to be able to come in and say three months in, “I’ve been in ten client meetings, I’ve been taking notes, I did the prep work for this meeting all by myself, etc.”, that’s really powerful.
  • Interviewer: What can our industry be doing to attract more women?
    • Lauren: I think a lot of it starts with awareness of the industry itself and the financial planning profession. To support awareness within our firm and with our clients, we do a lot of work with financial literacy for children of our clients so that they can start to learn about financial planning and financial literacy and also so they know we exist. Externally in the community and in the profession, I think as more and more undergraduate and graduate programs with financial planning degrees come about, there will be a lot more awareness about our work which will hopefully help us get more people into the profession.

Yeske Buie in the Media: A Close Bond?

Yeske Buie in the Mediaon May 3rd, 2018No Comments

Summary By: Lauren Mireles, FPQPTM

CNBC recently shared an article questioning Americans’ relationship with bond funds which they claim to be “America’s favorite investment.” The article argues that while bond funds have been growing in popularity due to their simple, cheap, and diversified nature, the projected increase in interest rates may make them a less desirable investment over the coming year. To gain a broader opinion on the argument, a number of prominent financial professionals including Dr. Dave Yeske shared their opinions with CNBC. Here’s what Dave had to say about Yeske Buie’s opinion of bond funds:

  • Regarding the Projected Increase in Interest Rates
    • CNBC: “For the first time in a very long time, it appears that interest rates are headed higher. Inflation remains below the Federal Reserve’s target of 2 percent, but it is rising and there is growing expectation that it will soon become something more to fight than to hope for. The Fed seems convinced. Last month it raised rates a quarter point, to the range of 1.50 percent to 1.75 percent, and is telegraphing at least two more rate hikes this year. While 10-year bond prices have recovered slightly from their fall early this year, most analysts expect the 10-year yield to continue moving higher and to finish the year above 3 percent.”
    • Yeske Buie: “‘We think rates may finally march upward from here,’ said David Yeske, co-founder of investment advisory firm Yeske Buie.”
  • Regarding the Advantages of Bond Funds
    • CNBC: “The growing popularity of bond funds for investors is due to the simple fact that they are the simplest, cheapest way for investors to buy a diversified basket of bonds. Investors can buy the broad market of government and corporate bonds, they can target international fixed-income markets, or they can invest in slices of the market or sectors therein. Bond funds offer a degree of diversification that only large scale can bring.”
    • Yeske Buie: “’We think it’s imperative to be diversified with bonds if you want more than just Treasurys,’ said Yeske. “Bond funds can give you a globally diversified portfolio at a low cost.’ Yeske currently has his clients’ bond allocations parked in funds with a duration of only one year, and he never stretches beyond three to five years’ average duration. ‘Our view of the role of bonds is as a stable reserve of value,’ he said. ‘We’re looking for low volatility.’”
  • Regarding Costs to Bond Fund Investors
    • CNBC: “Unlike the stock market, transaction costs in the bond markets are very high, depending on the broker you purchase them from. With yields as low as they are now, the costs of building a bond portfolio can consume much of the income generated.”
    • Yeske Buie: “‘No individual investor I work with has the scale of the bond fund manager we work with,’ said Yeske at Yeske Buie. He suggests that investors who need to sell portions of their bond holdings for income can do it more efficiently by investing in multiple bond funds of staggered duration. ‘Depending on the rate environment, you liquidate the one that has been hit the least by rising rates,’ Yeske said. He also argued that bond funds are not a trap in a rising rate environment. While their bond holdings can fall in value as rates rise, they are constantly reinvesting the proceeds of maturing bonds into higher-yielding replacements. That means income generated from the fund increases more versus a static portfolio of bonds.”

Read the full CNBC article here: Americans love bond funds, but will funds love them back?

AdvisoryHQ Recognizes Yeske Buie

Yeske Buie in the Mediaon March 21st, 2018No Comments

For the third straight year, AdvisoryHQ recognized Yeske Buie as one of the Top 11 Financial Advisors in the SF Bay Area. The financial review and media company compiled the listing based on their 4-step objective methodology which focuses on ranking firms with the everyday Client in mind and looks beyond analyzing a firm’s assets under management, revenue, and size. Instead, they consider a firm’s fiduciary duty, independence, transparency, level of customized service, history of innovation, fee structure, quality of services provided, team excellence, and wealth of experience. As detailed in their full listing, here are a few pieces that AdvisoryHQ noted about Yeske Buie that contributed to our appearance on this ranking:

Financial Planning Evangelists℠

Giving a friend or family member a referral to a San Francisco financial advisor—or visiting one for the first time—can be intimidating.

To alleviate reservations about meeting with a financial planner in San Francisco, the advisors at Yeske Buie pride themselves in being Financial Planning Evangelists℠, welcoming anyone who is referred to them for an introductory session.

If the firm is not a good fit, Yeske Buie is committed to finding a financial advisor in San Francisco that is, demonstrating their commitment to helping everyone attain great financial health.

Life-Long View

Yeske Buie believes that successful wealth management comes from the development of unique strategies that give its clients an edge over the market.

This San Francisco wealth management firm’s knowledge and expertise is called upon by colleagues and clients across the country and is founded on disciplined research and time-tested facts.

The firm views wealth management as a process that spans a lifetime, providing clients with the creativity and wisdom needed to make the most of their life journeys.

This holistic view is both unique and inspiring, contributing to Yeske Buie’s inclusion on this list of the top San Francisco financial advisors.

Rating Summary

As a top financial advisor in San Francisco, Yeske Buie exhibits a unique approachability and down-to-earth attitude, making the firm a great choice for clients that are partnering with a San Francisco financial advisor for the first time.

With a wide range of financial services, a fee-only structure, and a genuine desire to provide clients with expert, valuable financial resources, Yeske Buie is a great financial advisor in San Francisco to consider partnering with this year.

RELATED:

Elissa Buie Recognized – Again – as a Top Wealth Advisor by Washingtonian Magazine

Yeske Buie in the Mediaon January 4th, 2018No Comments

Elissa Buie, CFP®, co-founder and CEO of Yeske Buie, has been recognized, again, as one of the area’s best fee-only financial planners by Washingtonian Magazine as part of the magazine’s Top Wealth Advisors listing for 2018. Elissa has appeared on all of Washingtonian’s previous lists of top wealth advisors. The listing appears in the January 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 fifty-nine fee-only financial planners named. Below are just a few examples of ways that Elissa has made an impact in the financial planning profession over her 35-year career practicing financial planning.

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Associations
  • Elissa played a significant role in merging the Institute of Certified Financial Planners (ICFP) and the International Association for Financial Planning (IAFP) to form the Financial Planning Association (FPA).
  • Elissa is a past President of the Financial Planning Association and remains avidly involved with the Association.
  • Elissa was the 2013 recipient of the P. Kemp Fain., Jr. Award, the profession’s equivalent of a lifetime achievement award.
Research and Publication
  • Elissa has authored numerous articles and book chapters including…
    • “To Feel… Like a CFP®”; published in July 2000 in the Journal of Financial Planning.
    • “Policy-Based Financial Planning Provides Touchstone in a Turbulent Word”; co-authored with Dr. Yeske and published in July 2006 in the Journal of Financial Planning.
    • “Evidence-Based Financial Planning: To Learn… Like a CFP®”; co-authored with Dr. Yeske and published in November 2011 in the Journal of Financial Planning.
    • 17 Chapters of the CFP Board’s first-of-its-kind Financial Planning Competency Handbook; published by John Wiley & Sons in April 2013.
    • Policy-Based Financial Planning as Decision Architecture“; published by the Journal of Financial Planning in 2014.
    • Chapter 15 of the Financial Markets and Investment Series, Financial Behavior: Players, Services, Products, and Markets; co-authored with Dr. Yeske and published in May 2017.
Speaking and Media
  • Elissa has been quoted by and appeared on virtually every major media.
  • Elissa was named among Financial Times’ Top 100 Women Financial Advisors, InvestmentNews’ inaugural Women to Watch list, and Northern Virginia Magazine’s Top Financial Professionals listing.
  • Elissa 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.
Philanthropy
  • Elissa is past Chair of the Foundation for Financial Planning for the Board of Trustees and is a significant financial contributor.
Education
  • Elissa holds an appointment as distinguished adjunct professor in Golden Gate University’s Ageno School of Business and co-teaches the capstone Cases in Financial Planning course.
  • Elissa is a long-time Mentor for and Dean for the Financial Planning Association’s Residency Program.

Yeske Buie in the Media: Annuities and the Advisory World

Yeske Buie in the Mediaon November 15th, 2017No Comments

According to a recent CNBC article, annuities are near the top of the list of financial products that fiduciary advisors hate. The article shares that the reasons for this are plentiful, ranging from cost, to complexity, to their reputation for not acting in a Client’s best interest. Dave spoke with the reporter for this article, Andrew Osterland, to share his thoughts on the declining use of annuities among advisors and his reasons for not recommending annuities for Yeske Buie Clients.

In regards to the declining use of annuities among fiduciary advisors, the article shares, “David Yeske, managing director of registered investment advisory firm Yeske Buie, said that variable annuities have fallen out of favor with the fee-based advisors he regularly surveys for the Financial Planning Association. ‘The use of variable annuities has been declining for years, and that’s probably representative of the fiduciary side of the advisory world,’ said Yeske.”

When it comes to using annuities for Yeske Buie’s Clients, the article quotes Dave saying the following:

For his part, Yeske is not categorically against fixed or immediate annuities that guarantee income streams for investors, but he has never used them for his own clients. He thinks the adverse tax treatment of variable annuities — the gains in all distributions from the contracts are taxed as ordinary income — makes them a bad idea for savers.

“Variable annuities are a perfect machine for converting capital gains to ordinary income,” he said. While the gains within a variable annuity portfolio are tax-deferred, they are ultimately taxed at up to 39.6 percent, versus the 15 percent capital gains tax rate. “It’s hard to find scenarios where the benefits of tax deferral justify getting taxed at the higher rate.”

The full article titled “Despite what you’ve heard, annuities aren’t all bad” can be found here.

CNBC Small Business Survey

Yeske Buie in the Mediaon November 2nd, 2017No Comments

Written By: Lauren Mireles, FPQPTM

According to the third-quarter results of a recent CNBC survey, taxes are currently at the top of the list of critical issues for small businesses. This finding does not come as a surprise, especially considering the current Administration’s proposed tax reform changes. In a recent CNBC article on the topic of tax reform, Dave shared his thoughts with reporter Elaine Pofeldt, offering a perspective from a professional who works with small business owners and as a small business owner himself.

As is shared in the CNBC article, “Trump proposed a variety of tax-reform measures, both for individuals and business. The reforms to individual tax rates would affect small-business owners, who are often taxed on their income at individual tax rates.” Dave confirmed this statement by sharing, “’The vast majority of small-business owners pay taxes through their individual return,’ says Dave Yeske, CFP, managing director of Yeske Buie, who works out of the firm’s San Francisco office.”

The article also makes an argument that when it comes to taxes, “simpler is better.” The study found that, “many in the business community say they welcome the ideas for simplification and tax cuts that have been proposed so far — but the big questions are whether lawmakers can reach a consensus on these reforms. Business owners are also wondering if the tax code is overhauled, when will changes take effect.” Dave supported this point as well stating, “Tax simplification would be a boon to small business owners—and a boon to everyone.”

The full article titled “GOP Tax Bill Slashes Taxes on Main Street: Can It Keep the American Dream Alive?” can be found here.

Media Download

Yeske Buie in the Mediaon October 18th, 2017No Comments

As we’ve shared in this space before, Yeske Buie is a supporter of team attendance at impactful events and conferences because of our belief in the value of learning from other bright minds in the profession and the value of having opportunities to grow our connections with other planners, finance professionals, media, and more. The team’s recent attendance at the Financial Planning Association’s Annual Conference was no exception. While a summary of the team’s key learnings is available here on our website, we’d like to share in this piece a collection of our networking efforts that attracted media attention.

P. Kemp Fain Jr. Award Media

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The above is a tribute video that was shown at the ceremony where Dr. Dave Yeske received the P. Kemp Fain, Jr. Award, the financial planning profession’s highest honor.


Market Perspectives

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CNBC

The Biggest Stock Market Trade of the Year May Be At a Tipping Point

Dave spoke with Jeff Brown, special to CNBC.com on the topic of foreign stocks:

“Dave Yeske, managing director of financial advisory firm Yeske Buie, said he has always been “geographically neutral,” which has resulted in allocations that are roughly half U.S. and half overseas — and roughly 11 percent emerging markets, specifically, right now.”

“Yeske said his firm sticks with its target allocations over time and lets the markets tell it when a market is expensive or cheap through rebalancing. ‘We’re making all of our adjustments at the margin, never making big bets,’ he said.”

” Yeske [said] most U.S. investors should be putting more money into foreign stocks, with an added focus now on value stocks, which have ‘vastly underperformed’ growth stocks.”


Exchange-traded Funds are the Go-To Investment for Advisors

Dave spoke with Andrew Osterland of CNBC on the growing popularity of ETFs:

“‘The proportion of advisors using ETFs more than doubled in the last decade,’ said David Yeske, head of registered investment advisor Yeske Buie and practitioner editor of the FPA’s Journal of Financial Planning. ‘ETFs now represent the biggest investment category for advisors.’ The reasons are simple enough: low costs and broad diversification.”

“Advisors have been slower to make use of passively managed index funds in the bond market than they have in equities, but that is now changing. Many still feel that riskier sectors such as municipal and high-yield bonds still require an active hand, but in the Treasury and investment-grade markets, ETFs are rapidly gaining market share. ‘In a market with lower returns, lower expenses are all the more important,’ said Yeske at Yeske Buie.”


The Financial Planning Profession

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The Journal of Financial Planning

10 Questions: Dave Yeske on Evidence-Based Financial Planning, an Evolving Profession, and the Role of Science

“Not everything we do can be subjected to scientific inquiry, but I believe that anything that can, should be.” – Dr. Dave Yeske

After nearly three decades serving clients and being an influential thought leader whose efforts have served to advance the financial planning profession, Dave Yeske sheds light on who has inspired him in his career, how he’s evolved as a financial planner, if he has any regrets in his career, and more.


Financial Planner Podcast

Live Big with Dr. Dave Yeske

Dave joined Hannah Moore for the recorded podcast series titled “You’re a Financial Planner; Now What?” where he shared insights on:

  • The why and how of staying passionate about financial planning.
  • The importance of finding your tribe.
  • The background of Dave’s research in Evidence-Based Financial Planning.
  • How financial planning does not simply involve the “art and science,” but how it’s the artful application of science in all areas, including the “interior” side of planning.
  • Where Dave sees the financial planning profession growing when we finally have the confidence in what we bring to the table.
  • How the big problems facing our profession can only be solved together.
  • Why “Live Big” is the tagline of Dave’s financial planning firm.

InvestmentNews

The Distinction Between Financial Advisors and Financial Planning

Industry icon Dave Yeske talks about the challenges and opportunities facing the financial advice profession.

“I think we have to have a bright white line between financial planning and financial advice. As my partner Elissa Buie likes to say, ‘Financial planning is magical. Financial advice is nice; financial advice is useful.’ The reality is that there is a lot of financial advice that is masqueraded as financial planning and the public can’t tell the difference and the difference matters. Financial planning is contextual, and it’s comprehensive, and it’s integrated, and it’s strategic. Financial advice is more transnational, ask and answer.”

Dr. Dave Yeske


Investopedia

The Evolution of Financial Planning

Dr. Dave Yeske is Awarded the Profession’s Lifetime Achievement Award

Firm News & Events, Yeske Buie in the Mediaon October 3rd, 20171 Comment

NASHVILLE, TN, October 3, 2017 – The Financial Planning Association (FPA®) awarded the profession’s lifetime achievement award, the P. Kemp Fain Jr. award, to Dr. Dave Yeske, CFP®, Managing Director of Yeske Buie.

“Over my 20 years in our profession, I have been fortunate to come to know so many talented leaders, but few have given back as much and are as knowledgeable as Dave,” said 2017 FPA President Shannon J. Pike, CFP®. Pike continued, “Dave is one of those dynamic voices and leaders who has mastered so many areas of financial planning and is a true historian of our profession. He has never rested on his accomplishments and continues to support the next generation of financial planners through education and mentorship both in and out of FPA. No one is more deserving than Dave for this prestigious honor.”

At the award presentation ceremony in Nashville, TN, Dr. Yeske was lauded for his contributions as a thought leader in the profession and his dedication to teaching and mentoring future generations of planners. Dave has contributed to many of the profession’s major publications, including FPA’s award-winning Journal of Financial Planning, where he currently serves as Practitioner Editor. Dr. Dave frequently shares his thinking on financial planning theory and practice at conferences around the country and around the world.

Dr. Yeske is dedicated to the growth and development of future financial planners. He is a long-time mentor and Dean in FPA’s Residency program and is the director of Golden Gate University’s financial planning program, where he has taught for more than two decades.

P. Kemp Fain, Jr. was a notable pioneer in the development of the financial planning profession. Kemp Fain was the first person to enroll in the nascent CFP education program and among the first class of graduates in 1973. He formed the first chapter of the International Association for Financial Planning (IAFP), served as national president and chair of the Institute of Certified Financial Planners (ICFP), and was twice chair of the CFP Board of Standards, the licensing body for CFP Professionals. Kemp wrote a seminal white paper, “One Profession, One Designation,” which set an initial vision for the financial planning profession. It is in honor of this vision and work that this award is bestowed.

Dr. Yeske holds a doctorate in finance from Golden Gate University, as well as an M.A. in Economics and a B.S. in Applied Economics from the University of San Francisco. He has been practicing financial planning since 1990 and is Managing Director of Yeske Buie, a financial planning firm with offices in Vienna, Virginia and San Francisco, California.

SOURCE: Yeske Buie

Short Tribute Video (3 minutes)

Full Award Ceremony Video (20 minutes)


“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