YeBu in the Media
•on April 11th, 2013
GGU: The Magazine of Golden Gate University just published their Spring issue with the cover story “The Power Couple”, which highlights Dave and Elissa and their team approach to teaching and living. The article takes you on a journey starting with how Dave and Elissa first met and how Yeske Buie evolved, to how this duo used their complementary skill sets to revamp the Cases in Financial Planning capstone class at GGU. It wraps up with a shared appreciation for how the work they do influences the minds and lives of their students and how this continues to inspire them on their mission to evangelize financial planning.
“It is truly one of the most special things, one of our favorite things that we participate in,” Buie says. “We love it. … When you see the transformation of these very well-educated, enthusiastic human beings coming in the front of the class, going out the back end of the class actually getting the magic of financial planning… It’s just beyond imagination.”
“The school,” says Yeske, “attracts motivated students who are open to deep learning and personal transformation and have been a joy to teach. Anyone entering GGU’s financial planning program becomes part of a very special learning community that offers tremendous opportunities for personal and professional growth.”
PR Newswire Press Release
SAN FRANCISCO, CA, APRIL 1, 2013
John Wiley & Sons has just published the first-of-its-kind Financial Planning Competency Handbook. Elissa Buie, CFP® and Dr. Dave Yeske, CFP® of Yeske Buie contributed 30 chapters to the Handbook as members of a select team of practitioners and academics invited to write this comprehensive guide to financial planning. The project was sponsored by CFP® Board of Standards, which administers the CERTIFIED FINANCIAL PLANNERTM (CFP®) exam and manages the use of the CFP® credentials. The Handbook is also available on Amazon.com.
The Handbook includes all the major topics in financial planning, comes with 400 practice questions online, and CFP® professionals are eligible for an upgrade to take a 28-credit continuing education test.
“The financial planning profession has long needed a book that encompasses not just the tactical pieces of putting together a financial plan, but also the academic underpinnings of a growing discipline,” said CFP® Board Chief Executive Officer Kevin R. Keller , CAE.
“The Financial Planning Competency Handbook will discuss the theoretical content, actions, and contexts that are necessary in financial planning practice. This handbook, designed for the entire profession of financial planning, will provide a theoretical framework for many of the major content areas in financial planning, while also providing real-world guidance for practicing professionals. It will also contain competency levels relative to financial planning practice as well as avenues for furthering student achievement in financial planner preparation programs. There will also be more than 100 vignettes that outline specific contexts in financial planning practice as well as the necessary decisions and actions of the practitioner within those settings.”
-CFP® Board Press Release
About Elissa Buie
Elissa holds an MBA from the University of Maryland and a BS in Commerce from the University of Virginia. She has been practicing financial planning for nearly three decades and she has been deeply involved in the development of the financial planning profession. Elissa is the CEO of Yeske Buie and Chair of the Foundation for Financial Planning. She is also a past-chair of the Financial Planning Association (FPA), a Dean in FPA’s Residency Program, an adjunct professor in Golden Gate University’s Ageno School of Business. She has been quoted in The Wall Street Journal, Washington Post, and Business Week, and has made appearances on The Today Show, NBC News, and CNBC and has been published in the Journal of Financial Planning.
About Dave Yeske
Dave 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. Dave is Managing Director of Yeske Buie, a Mentor in the Financial Planning Association’s (FPA) Residency Program, and holds an appointment as Distinguished Adjunct Professor in Golden Gate University’s Ageno School of Business. He is a past-chair of the Financial Planning Association, and also chaired FPA’s PAC, Research Center Team, and Academic Advisory Council. Dave has been quoted in The Wall Street Journal, The New York Times, and The San Francisco Chronicle, and has written feature articles for Research Magazine, San Francisco Magazine, and The Journal of Retirement Planning.
Learn more about Elissa and Dave.
YeBu in the Media
•on March 27th, 2013
The Wall Street Journal’s Caitlin Nish quotes Elissa on the topic of career path and developing young advisors.
The training program at Yeske Buie Inc., an RIA with offices in Vienna, Va., and San Francisco, has a somewhat different long-term goal–succession planning.
The firm, which oversees about $426 million in assets, is currently hiring only young new planners, typically out of college financial planning programs.
“Their minds are clean and we can show them our philosophies and methods,” says Chief Executive Elissa Buie. The firm has a structured career path for these new planners, comprising multiple levels of training and expectations.
For instance, once they pass the CFP exam, they graduate into the path’s second tier as an assistant financial planner. They are expected to meet with clients and provide relationship management, but don’t give advice. That doesn’t happen until they move into the second phase of the next financial planner level. Ultimately, the young hires are expected to work their way up to the senior financial planner level, where they will be on an ownership track.
Yeske Buie’s career ladder was originally designed by a practice management consultant but is constantly evolving, Ms. Buie says. For example, she’s realized that students aren’t getting a deep understanding of the securities market, like how a margin account works, in college programs. Therefore, she’s planning to add a new requirement to the financial planner tier–studying for the Series 7 exam and taking a mock test.
Ms. Buie says she and her husband, who together founded the firm, intend to be dispensable, but not gone, within the next several years.
“We won’t get to a place where they can run things by 2020 unless we’re crystal clear about what they need to be learning and how they need to develop over that time period,” she says. The firm currently has four planners going through the track, the oldest of whom is 27.
Meet Yeske Buie’s team.
YeBu in the Media
•on March 1st, 2013
We just came across a Journal of Financial Planning article written by Bonnie Hughes and it contained extended quotes from Elissa and Dave in response to the question: What do you think is the right thing to be doing for your practice and your clients?
Elissa Buie had this to say. “I believe the right thing to be doing for our business and our clients at this time, is sticking to the empirically supported best practices in our profession. This is not the easy thing to do, as the easiest thing to do would be to go with our (and our clients’) emotions and run for the hills. But we have science supporting the decisions and recommendations we have made in the past and that underlie our clients’ financial planning and investment decisions. The fact that we are in an outlier situation does not mean that things have changed or that science is somehow no longer supported or useable. The right thing to do is to stand firmly grounded in our best practices and do the best we can to help our clients understand and be able to continue to have faith in those best practices.”
Dave Yeske shared this: “From the standpoint of serving clients, we need to remain steadfast in keeping our clients committed to their financial and investment plans. From the standpoint of business survival, we need to take the initiative and share with clients and prospective clients our belief in the evidence-based best practices we follow. We should tell them that now is the best time to hire a planner, now is always the best time to develop and execute a financial plan, and that now is an excellent time to commit long-term money to the financial markets. Don’t apologize; don’t cringe before fearful clients and know-nothing prognosticators; instead, speak your truth loudly and with conviction. The fearful and confused will be drawn to your certainty and your clients will be comforted by it.”
What is perhaps most notable about the foregoing declarations is that they were made in March of 2009 at the absolute bottom of the stock market’s terrifying fall following the bursting of the real estate bubble. The Dow had just hit 6,600 and the news was filled with dark predictions of worse to come. Of course, as we write this the Dow is trading above 14,000, a rise of over 110% in less than four years. Yet more proof that we do well to adopt and embrace grounded financial planning policies, which help us know what to do when it’s hard to know what to do.
FPA Journal May 2009 – Being the Change
VIENNA, Va., Oct. 22, 2012 /PRNewswire/ — Elissa Buie, CFP®, co-founder and CEO of Yeske Buie, has been named to Washingtonian Magazine’s list of the Top Financial Planners in the DC metro area for 2012. Ms. Buie has appeared on all three of Washingtonian’s previous lists of top financial planners.
The magazine developed its list by surveying hundreds of experts, 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 62 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-Elect for the Foundation for Financial Planning, the mission of which 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 for information on how you can help make a difference in the financial lives of others. Elissa is a past national Chair of the Financial Planning Association (FPA®), the professional association for financial planners, and currently chairs FPA’s Practitioner Advisory Council.
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.
Earlier this year, Elissa participated in the Financial Education Innovation Meeting of the newly created Consumer Financial Protection Bureau, a government agency formed under the Dodd-Frank Act that advocates for the interests of financial consumers. Elissa is a Dean in FPA’s Residency Program and an adjunct professor in Golden Gate University’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
RELATED LINKS - PR Newswire Press Release
YeBu in the Media
•on August 22nd, 2012
Bob Powell of The Wall Street Journal’s MarketWatch, noting that some people are getting nervous now that the S&P 500 has hit a four-year high, offers eight strategies for protecting your portfolio. His article opens with Dave’s critique of portfolio insurance:
To be fair, however, not all advisers are fond of this approach. “There are certainly techniques known as ‘portfolio insurance’ that employ the use of different kinds of options—buying and selling index options can be used to minimize the downside risk of a diversified portfolio,” said Dave Yeske, a managing director of Yeske Buie. “But we believe these techniques are too expensive and don’t add value in the long run.”
According to Yeske, the very use of the term portfolio “insurance” is a bit of a misnomer. “This is not insurance in the same sense as life insurance or homeowners insurance,” Yeske said. “These kinds of insurance protect you from irrevocable loss. A human being who dies prematurely does not rise from the dead. A house that burns down does not spontaneously rebuild itself. A portfolio, on the other hand, will rebuild itself after a cyclical downturn.”
Buying options as “insurance” represents an expense, not an investment, said Yeske. “Options, after all, are a wasting asset and a zero-sum game,” Yeske said. “Better to build resilience into your portfolio in other ways, like allocating an adequate amount to cash and short-duration, high-quality bonds. Any loss in return potential from owning cash and bonds will be less than the cost of ‘insurance’ and will allow you to leave your equities unmolested during a cyclical downturn.”
Still, there are times when Yeske uses portfolio insurance. “For example, when a client holds a large, undiversified position in restricted employer stock, we will use options to protect this client from the short-term downside risk they face until the restrictions are lifted and they can liquidate the position in favor of a more diversified portfolio,” he said.
You can find an extended explanation of how portfolio insurance works and why we rarely recommend it in our webinar: Economic Vomatility and Financial Planning Dramamine.
YeBu in the Media
•on August 21st, 2012
Recently, Dave was featured on the local CBS news during a segment for ConsumerWatch regarding Social Security (“ConsumerWatch: When It Comes to Social Security, Expect Less”)..
The feature was based on an Associated Press piece pointing out that for the first time ever retiring Americans will be getting less out of Social Security than they put in. And, it is only going to get worse.
With fewer workers paying taxes and more baby boomers retiring, there is legitimate concern over the sustainability of the program. However, Social Security is still a good deal as it helps those who have an inability to save. And with 32% of retirees reporting that they have not saved for retirement (the majority of those who reported some savings included income expected from Social Security), it’s clear that Social Security will continue to fill a critical need for most Americans even if it doesn’t return 100% of what they paid into the system. Watch the full 2.5 minute clip featuring Dave’s insight here.
Elissa has been invited to participate in the Financial Education Innovation Meeting of the newly formed Consumer Financial Protection Bureau. This meeting is bringing together academics, behavioral finance experts and financial counselors to identify and brainstorm solutions to common consumer decision-making problems. First of all, we’re very happy that a government agency is bringing in actual financial planners, who work with consumers, to participate in a brainstorming session. Elissa would greatly appreciate your thoughts on this topic. The meeting is this coming Tuesday and any feedback or suggestions you have prior to that would be GREATLY appreciated!
The CFPB is the government agency created out of the Dodd-Frank Act that is charged with looking out for the interests of financial consumers.
Here’s a column by Joe Nocera on the CFPB (Government’s Not Dead Yet).
Here’s a link to the CFPB’s website (http://www.consumerfinance.gov/) and here’s a link to the CFPB’s blog (http://www.consumerfinance.gov/blog/help-the-cfpb-solve-the-most-common-consumer-mistakes/).
We look forward to getting your feedback!
YeBu in the Media
•on May 10th, 2012
Marketwatch’s Jonathan Burton reviews the many factors that investors should consider when choosing a mutual fund, including such things as diversification, risk, and style drift. Jonathan quotes Dave on the subject of controlling fees and expenses.
It can’t be said enough: with funds, costs matter. Annual expenses eat into total return, year after year. With high-cost funds, you pay more and pocket less. Moreover, studies show that low-expense funds are more likely to outperform their costlier counterparts over time.
“If I have two funds investing in the same segment of the market, I want to choose the one that has lower expenses,” said David Yeske, a financial adviser in San Francisco. “Expenses will matter. They will suck away some of your returns every year.”
YeBu in the Media
•on March 9th, 2012
Janet Kidd Stewart, in a special the to Tribune Newspapers, discusses the different ways to think about market volatility and manage it in your portfolio. She quotes Dave pointing out that just because your portfolio may be correlated in the short-run with some narrow market index like the Dow Jones Industrial Average, doesn’t mean the performance will be the same over the long run.
“Clients will sometimes say, ‘Dave, you keep telling me not to pay attention to the Dow (Jones industrial average), but it seems like my portfolio just tracks … it,’” said Dave Yeske, co-founder of wealth management firm Yeske Buie.
To illustrate how a diversified global portfolio has outperformed the Dow index of 30 U.S. industrial companies, Yeske shows clients a chart outlining the performance of both over the last decade. Their relative movements do track closely, particularly in downturns, but the broader portfolio’s gains are substantially larger.
“The fact that they’re moving in sympathy doesn’t mean they’re producing the same return,” he tells clients.
Read Janet’s full article