AdvisoryHQ has ranked Yeske Buie as one of the Top 11 Financial Advisors in San Francisco. 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, level of customized service, history of innovation, team excellence, quality of service and more. 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:
Yeske Buie is a financial planning firm based out of San Francisco. Its greatest strength is its dedicated team, which has over 50 years of combined experience in helping clients lead better and healthier lives through excellent financial planning.
The firm’s motto is “Live Big® – It’s about the size of your life, not the size of your wallet®.” It believes that using one’s wealth to live the best life possible is one of the most important things about financial success. The Yeske Buie team is truly dedicated to each client’s happiness and well-being.
Yeske Buie prides itself in its ability to think outside the box for its Clients so that all human and material resources are used in ways that support a full and plentiful life. The firm constantly seeks to help Clients explore possibilities and live better.
Yeske Buie believes that successful wealth management comes from the development of unique strategies that give its Clients an edge over the market. The 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. It sees its job as providing Clients with the creativity and wisdom needed to make the most of their life journeys. This holistic view is both unique and inspiring and is one of the major reasons Yeske Buie has made it onto this list.
Yeske Buie’s recommended reading page contains a list of books that it believes will help people make more educated and wise decisions in their financial lives.
The firm’s inclusion of such a page implies a dedication to not only its Clients’ investment accounts but also to the growth of each Client’s knowledge base and confidence in themselves as financially literate individuals.
At Yeske Buie, we believe that sharing unconditionally is the path to abundance and we are committed to sharing our time, our intellect, and our resources. So, when Olivia Mellan and Sherry Christie of Investment Advisor Magazine reached out to Yeske Buie for our thoughts on year-round philanthropy, we were happy to share why and how we Give Big. In the article featured in the December 2015 issue of Investment Advisor, contributions from Elissa Buie and Cristin Etheredge were included to support, “How Doing Good Can Help You Do Better”. Below we share a passage from the article where Elissa and Cristin highlight a few ways that Yeske Buie embodies the phrase Give Big:
At wealth management firm Yeske Buie, the motto is “Live Big,” according to Operations Administrator Cristin Etheredge, a registered paraplanner. “We believe it’s about the size of your life, not the size of your wallet,” she said. When it comes to community service, the byword is “Give Big.”
“The notion of giving big is a cultural value for us,” Etheredge said. “We give back directly in our communities, and on a national level we love the Foundation for Financial Planning, whose mission is providing pro bono financial planning to the underserved. It’s such a good cause, and we contribute to it in a variety of ways.”
Yeske Buie’s support for the Foundation includes participation in a fundraising program that aims to help other advisory firms as well. In this virtual event, Yeske Buie staffers share what they do in terms of day-to-day business processes, hiring and retention practices and elevating the client experience. Firms and individuals must donate to the Foundation in order to take part in the program.
“We’ve been doing charitable giving as far back as I can remember,” Etheredge said. Co-founders Elissa Buie and Dave Yeske, both CFPs, have been sharing their time, money, knowledge and professional expertise to promote financial planning since the 1990s. Additionally, the firm’s 13 full-time staff members and two interns (in two offices: San Francisco and Vienna, Virginia) participate in a hands-on volunteering opportunity each quarter.
Buie, the immediate past chairperson of the Foundation for Financial Planning’s board of trustees, noted that “Give Big” is more than just a slogan. “Dave and I have pledged money and volunteered time, and our associate financial planner [AFP] staff have all contributed,” she said. “Each of our AFPs sits on their local FPA Board and volunteers as a way of giving back to our profession. And our Give Big local focus helps our local communities while providing great team-building experiences.”
In fact, Etheredge told us that just the day before our interview, Yeske Buie’s entire East Coast team had unloaded a truck and bagged apples and dairy products at Food for Others, a local food bank serving 400 to 600 families a day. “Making sure no one goes hungry resonates with us at Yeske Buie,” she said. “We love going together as a group and bonding with each other, while we’re helping people accomplish things we care about deeply.”
In honor of our recognition, Schwab will run a congratulatory ad in the December 11th edition of the San Francisco Chronicle. We hope that those in the Bay Area were able to find the ad as they were reading the morning paper. For those who live outside the Bay Area or who missed ad in the paper, we share a reproduction of the ad, a video highlighting our team, and professional pictures from the awards ceremony below. We hope you enjoy!
Jon Beatty, Vice President of Schwab Advisor Services, Dave Yeske, Elissa Buie, and Bernie Clark, Executive Vice President and Head of Schwab Advisor Services at the Schwab IMPACT Awards ceremony.
Elissa and Dave happily accepting the 2015 Trailblazer Award.
The entire Yeske Buie team was in attendance for the prestigious awards ceremony in Boston, MA as we believe it was the efforts by the team as a whole that earned us the recognition.
SAN FRANCISCO, Ca, November 12, 2015 – Yeske Buie was selected as the winner of the 2015 Trailblazer IMPACT AwardTM, part of Schwab’s IMPACT Awards® program created to recognize excellence in the business of independent financial advice. The Trailblazer IMPACT Award honors a firm for its dedication to helping the industry as a whole reach new heights through focused initiatives or the passionate commitment to service excellence. The award was selected by a judging panel of industry experts and presented to Yeske Buie at IMPACT® 2015 in Boston, MA on November 12th. The entire Yeske Buie team was in attendance for the prestigious ceremony.
“I’m very proud that our firm is being recognized in this way,” said Yeske Buie managing director, Dave Yeske, “and I’m also tremendously proud of our talented team members without whom this would not have been possible.”
Yeske Buie is a leading wealth management firm providing financial planning and asset management to over 200 clients around the world. The firm’s founders and principals, Dr. Dave Yeske, CFP® and Elissa Buie, CFP®, have almost 60 years of combined experience practicing financial planning and leading the profession. The firm is known nationally for its volunteer service and the Principals’ leadership in the profession and their writing and presentations on topics such as Evidence-Based Financial Planning® and Policy-Based Financial Planning. Their philosophy of Live Big® and Creative Strategies – Grounded Wisdom® form the pillars for their company vision and strategy and contribute to their primary focus of delivering an exquisite experience to their Clients. Internally, the firm has a culture of excellence, learning, team work, constant improvement and fun.
Yeske Buie’s Financial Planning Resident Program, Give Big philosophy, and ambitious technology strategy are among the reasons why Yeske Buie earned this award. Yeske Buie’s innovative Financial Planning Resident program, fashioned after a Medical Residency at a teaching hospital, equips aspiring financial planners with three years of hands-on guidance and foundational training necessary to qualify to be a CFP® licensee. In return, the firm gains additional capacity and helps contribute to the pipeline of new planners entering the financial planning profession adequately prepared to work with Clients. Additionally, one of Yeske Buie’s defined core values is a commitment to sharing their time, their intellect, and their resources; they call this philosophy, Give Big. The Give Big philosophy encompasses community service, domestic and international speaking engagements, high-level involvement in professional associations, educational engagement, and more. Yeske Buie has incorporated these activities into a culture and a lifestyle that they embody both as individuals and as a team. Finally, Yeske Buie continuously seeks technologies that will leverage internal processes and external communication and will contribute to their primary focus of delivering an exquisite experience to their Clients. They have adopted many technology platforms to achieve these goals including their Client Private Page® which streamlines internal report generation while maximizing the frequency and quality of client reporting. These are just some of the initiatives that defined Yeske Buie as a pioneer in the industry.
As part of the Trailblazer IMPACT Award, Charles Schwab & Co., Inc. will make a $15,000 donation on behalf of Yeske Buie to the Foundation for Financial Planning, an organization devoted to providing pro bono financial planning services to the underserved. Yeske Buie has a strong involvement with the Foundation; in addition to serving many years on the Board of Trustees, Elissa Buie also served a two year term as Chair of the Foundation, and the Yeske Buie Financial Planning Team makes regular donations to the organization.
Yeske Buie and its employees are independent of and are not employees or agents of Charles Schwab & Co., Inc. (“Schwab”). Schwab does not prepare, verify or endorse information distributed by Yeske Buie. The Trailblazer IMPACT AwardTM, part of Schwab’s IMPACT Awards® program, is not an endorsement, testimonial endorsement, recommendation or referral to Yeske Buie with respect to its investment advisory and other services.
It is estimated that Social Security has 2,728 different rules1 and that there are more than 8,000 claiming strategies for married couples alone2. As these staggering numbers suggest, Social Security is a complicated topic. As a result, there is often a knowledge gap for hopeful retirees which may have a bigger impact than they would believe to be true. Last week, AARP and the Financial Planning Association (FPA) released the results of a survey conducted to discover what pre-retirees do and don’t know about Social Security. Some of the most striking gaps, according to the survey, include not knowing the earliest retirement age or not knowing how much they would receive in additional benefits by waiting until the Full Retirement Age (or that they would receive any additional benefit at all!).
With the results of the survey being a hot topic among the financial planning profession, Dave sat on a panel at FPA’s Annual Conference in Boston last week to discuss the topic. The other panelists included Gary Koenig, AARP’s Vice President, Economic and Consumer Security, and Thomas L. Hungerford, Ph.D. – Associate Commissioner, Office of Retirement Policy at the Social Security Administration. The panel discussed questions such as,
What role does Social Security play in pre-reitree/retiree retirement planning?
Do consumers know important claiming strategies and are they taking advantage of them?
How are planners helping their clients address Social Security in retirement?
With 25 years of experience in helping Clients with their financial needs, Dave noted to CNBC reporter Shelly Schwartz that, “The average consumer seems to assume Social Security will represent a much larger proportion of their income in retirement than financial planners would estimate, which means they may have less incentive to aggressively save on their own, either through employer-sponsored retirement plans or independently.” Furthermore, Dave spoke with Richard Eisenberg, contributor for Forbes Personal Finance, and said, “Their [consumers] understanding of Social Security is pretty good, but there was a huge lack of knowledge about the impact of deferring benefits and about spousal benefits.” But why is this knowledge gap so significant? Dave explains that “The choices people make about collecting Social Security retirement benefits could have a huge impact on the benefits they receive over the next 30 or 40 years.”
If you consider yourself to be one of the many consumers confused by Social Security, don’t be too hard on yourself. The three panelists acknowledged that making the right decision regarding Social Security can be difficult. Dave agreed with the panelists noting “that financial planners even use Social Security software”. So what can you do to ensure you are maximizing your Social Security benefits? Many agree that enlisting the help of a CFP® professional will lead to better decisions and more secure finances in retirement. At Yeske Buie, we assist our Clients in making the best decision by preparing an analysis based on the individual’s benefit amounts, age, and specific needs. When a Client is nearing age 60, Yeske Buie requests current copies of a Client’s Social Security Statement to begin our evaluation of a Client’s potential claiming strategies. Our preferred software, Social Security Analyzer, will create a graph – similar to the image below – based on the specific Client information inputted into the system. With this graph, we will recommend a claiming strategy and have a discussion with the Client. By preparing this analysis at around age 60, we allow the Client to consider their options for some time before committing to a decision.
In the end, choosing the right Social Security strategy is equally complicated as it is important. Whether you chose to gain more knowledge on the topic yourself or ask a financial planner for help, Dave offers one generic guideline to ensure you make the right decision: “Don’t wait until you’re about to file for benefits”.
In June, we announced that Yusuf Abugideiri, Financial Planner in our Virginia office, was named co-chair of the Recent Alunmi Board of the Pamplin College of Business. The Board 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. 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. After graduating from Virginia Tech in 2009, 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.
Recently, Yusuf spoke with the Zach Hoopes, Collegiate Times’ correspondent for the Pamplin College of Business, about the Board’s long-term initiatives and early mentoring efforts that will help shape the impact of the Board. By aggregating a group of successful professional alumni, the Board hopes that forming relationships between Board members and students early on will assist in their success after graduation. Yusuf shared his thoughts with the Collegiate Times affirming, “We wanted to take advantage of the opportunity to connect with students right at the beginning of their career. Be those mentors, those change agents for them at the early onset of their career at Tech”. Yusuf also says, “We add an extra layer of mentorship for the freshmen and the upperclassmen. We will be meeting with them once or twice a semester. The payoff of that is hopefully you have a career that looks like someone on the Recent Alumni Board, giving them a tangible example of what they are aiming for.”
The next big event for Yusuf and the Board comes on December 4th at the Gala for the 50th Anniversary of the Pamplin College of Business. As co-chair, Yusuf will be presenting the Board’s progress thus far and the outlook for 2016. Stay tuned for updates!
A recent article by Miriam Rozen on FinancialPlanning.com asserts that alternative investments are rapidly becoming of more interest to advisors. As a result of the booming interest, Rozen explains that many advisors are committing to lengthy training programs to efficiently educate themselves and their Clients on the details of the investments. Dave shared his thoughts on alternative investments with Rozen arguing that “Advisors who are tempted to spend time on alternatives-training programs, should instead ‘take a graduate course in economics or finance theory'” as he believes “With that kind of education, advisors will grasp the basics that should underpin any evaluation of prospective investments, whether they are tagged as alternatives or not.” As Rozen delves into the pros and cons of the investments, Dave is quoted saying “‘We share the skepticism’ about alternative investment products”. Rozen continues to capture Dave’s thoughts saying,
“Among some of the so-called liquid alternatives, product wholesalers have lumped together assets that have little in common and don’t make much sense as a category, Yeske says. The only trait they share is a common sensitivity to inflation, he says.
Yeske believes investments should be assembled in a fund or packaged as a strategy only if they share ‘a common economic driver at their core.’ Too many fund options offered as alternatives include real estate or oil and other commodities. ‘If you lump them together,’ he argues, ‘you lose the opportunity to ride the commodities’ cycle in a more nuanced manner.'”
“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
In a recent article from Kiplinger’s Personal Finance, Jane Bennett Clark reviews the pros and cons of renting vs. buying for retirees looking to downsize their living space. While the article specifically addresses retirees, the decision between renting vs. buying is becoming more prevalent for all age groups. Throughout the article, Clark describes the advantages of renting and the advantages of buying as it relates to her personal decision to downsize her home and also asks Dave for his thoughts on the decision:
Advantages of Renting
Flexibility: “If you decide you hate your new digs, you can move again without a hassle”, says Clark.
More Stable Housing Expenses: Generally, rental prices stay competitive with the local real estate market while homeowners associations fees can rise based on maintenance and upgrade costs.
More Fluid Equity: Clark asked Dave for his thoughts on this matter. Dave says, “Short of selling your condo, the only way to access the equity is by paying a lender for the privilege. But if you rent and invest your money you can use the earnings to defray the rent.”
Advantages of Buying
Ownership: You can fully customize your space when you buy it; whether that means knocking down walls or installing hard wood floors, you have the ability to make the place your own.
Price Appreciation: You enjoy any price appreciate the property gains during your time as an owner.
Tax Deductions: “If most of your income is derived from tax-deferred accounts, the tax deduction will come in handy, even if your income is smaller than it used to be”, says Clark.
After considering the advantages of each option, Clark offers additional circumstances related to her personal finances that help her to make her decision. As always, Yeske Buie is available to discuss any questions or opportunities you may have about a decision such as this; please do not hesitate to contact us!
A 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
“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