Elissa and Dave were featured in InvestmentNews‘ 15th anniversary edition special feature of the top 15 transformational advisers. The feature, written by Andrew Osterland, highlights Elissa and Dave’s relationship and their extensive contributions to the financial planning profession, focusing especially on their work in the areas of “policy-based financial planning” and the introduction to greater scientific rigor to the profession’s body of knowledge.
Osterland notes Elissa and Dave’s longtime commitment to improving practice through research and teaching.
The two financial advisers, whose firm has offices in Vienna, Va., and San Francisco, are well-known in the financial planning profession for their work at the industry’s major trade group — the Financial Planning Association — as well as their roles as educators at Golden Gate University and their contributions to the academic literature of the financial advice field.
Also noted in the article was the work Elissa and Dave have done to develop the concept of “Policy-Based Financial Planning,” which involves the development of compact decision rules that can guide clients who must make decisions in the face of a rapidly changing environment.
Mr. Yeske’s and Ms. Buie’s most important contribution to the academic literature was a paper published in the Journal of Financial Planning that they co-authored in 2006 on policy-based planning. In it, they argued that just as advisers use investment policies in managing assets, they also should draft policies to guide their planning with clients.
Find out their most important contributions to academic literature and to the planning profession
SAN FRANCISCO, CA, JUNE 13, 2013 - The campaign to support the delivery of financial planning to the underserved was organized by the northern California chapters of the Financial Planning Association® (FPA®) along with TD Ameritrade on behalf of the Foundation for Financial Planning.
This achievement took place at FPA’s 41st Annual NorCal Conference held in San Francisco, CA on May 28-29, 2013. The conference is a regional event for the northern California area that also attracts many of the most influential financial planners from across the nation.
Chair of the Foundation, Elissa Buie, CFP® of Yeske Buie, took to the stage on the first day of the conference to address the nearly 500 attendees. She highlighted the Foundation’s mission to help people take control of their financial lives by connecting the financial planning community with those in need, and shared TD Ameritrade’s generous commitment to match pledges to the Foundation dollar-for-dollar up to $1 million. In her comments, Buie noted the role of pro-bono service in the financial planning profession.
“As financial planners, we know the power of financial planning. It changes peoples’ lives. But not everyone has access. One of the hallmarks of any true profession is a commitment to public service and the delivery of pro-bono aid to those in need. Members of FPA’s Northern California chapters have long exemplified that spirit with exceptional generosity in their commitment of both time and money to help the less fortunate. The Foundation is the only organization devoted solely to supporting the delivery of pro-bono financial planning. We have a track record of success that has impacted millions. And those in this room know that pro-bono financial planning enriches the lives of all those involved, from recipients to volunteers to donors.”
Eric Flett of Concentric Wealth Management emphasized the need for the community to be a part of the Foundation’s mission by volunteering their time and/or their financial resources.
“While many advisors and clients have rebounded from the economic downturn, many people still need financial advice, including, for example, those who are out of work, who have mortgages under water, who have excessive credit card debt, and who just can’t make ends meet. The Foundation is helping reach those people most in need.”
By the end of the conference, attendees had pledged $327,565, which, when combined with TD Ameritrade’s matching offer, brought the total dollars raised to $655,130. Among the most generous donors was Ken Coit, whose substantial pledge over the next five years will bring his lifetime donation to the Foundation to more than $500,000.
The financial planning teams at Gemmer Asset Management and Yeske Buie® both made new pledges to the Foundation during the conference, with both companies promising to match employee pledges dollar-for-dollar. In making the commitment to match employee contributions, Dave Yeske, CFP® expressed the hope that financial planning firms across the country would similarly commit to multiplying the impact of their employees’ commitments to the Foundation, “as business owners, we’ve all benefited tremendously from the emergence of financial planning as a true profession, this is our chance to give back in gratitude for all the gifts we’ve received therefrom.”
Visit the Foundation’s website and click on the green “Pledge Now” button for information on how you can contribute to making a difference in the financial lives of others. The next $200,000 of new pledges over $1,000 will be doubled using the remaining TD Ameritrade match.
About the Foundation for Financial Planning
The Foundation is a 501(c)(3) non-profit charitable organization whose mission is to support the delivery of pro-bono financial planning services to those in need. Governed by a volunteer board of financial planning and industry leaders, the Foundation has awarded grants, provided volunteers, and contributed financial services to organizations such as Wounded Warriors, the American Red Cross (Southern Arizona), Girls, Inc., Operation HomeFront, and the Kentucky Domestic Violence Association, among many others.
In a recently announced partnership, the Foundation has taken over the administration of the Financial Planning Association’s pro-bono activities and will manage the day-to-day logistics within the FPA® community. In combining the financial and administrative support of the Foundation with the energetic pro-bono efforts of FPA chapters across the country, FPA and the Foundation hope to show how such partnerships can enhance the pro-bono efforts of any segment of the financial planning community with a commitment to serving the public.
A recent article in the Wall Street Journal profiled three adviser couples who work together. Elissa and Dave were one of those couples. Here is what Caitlin Nish had to say in her article, “Adviser Couples Who Live, Work Together”.
Dave Yeske and Elissa Buie
Yeske Buie Inc., Vienna, Va. and San Francisco, $440 million in assets under management
First comes a board commitment, then comes marriage:
Mr. Yeske and Ms. Buie met while on the board of a financial planning group in 1996. At the time, they each had their own practice–on opposite coasts, he in California and she in Virginia. They also were married to others. Six years later, when both were single again and at a conference in Alaska, they decided not to let 2,419 miles stand between them, Ms. Buie says.
They married in 2006 and finished merging their firms in 2008.
Why they combined practices:
“At first we assumed we wouldn’t merge,” Mr. Yeske says. “We thought we might kill each other.” But their businesses were complementary: Ms. Buie had the staff and systems to serve clients in a particularly consistent and effective way. Mr. Yeske had hardly any staff but strong technology.
They also had different interests: Ms. Buie wanted to manage the business. Mr. Yeske wanted to work with clients and bring in new ones.
How he got top billing:
Ms. Buie volunteered for the second spot in the firm’s name. “She said, ‘It matters more to you. And, oh, by the way, I’m going to be the CEO,’” Mr. Yeske recalls.
The toughest part of working together:
“We eat, sleep and breathe the business,” Ms. Buie says, adding that it occasionally frustrates their daughters. “The challenge is making sure we focus on things other than the business.” These include sports, opera and travel.
Read the rest of the article
YeBu in the Media
•on May 20th, 2013
In the May 2013 issue of Investment Advisor Magazine, columnist Bob Clark asks the question: Do we really need another book about financial planning?
Bob is asking the question in response to the release of the CFP Board’s Financial Planning Competency Handbook, published by John Wiley & Sons. The book is an attempt to define and flesh out the financial planning profession’s body of knowledge as defined by the CFP Board. Elissa and Dave contributed 30 chapters to the book and Bob makes note of their participation.
Also a leader in the financial planning profession, Elissa Buie, MBA, CFP, is both a practicing planner and a professor of financial planning at Golden Gate University. As the last chair of the ICFP, she was instrumental in the creation of—and the first chair of—the FPA, and is the current chair of the Foundation for Financial Planning. Her husband and partner, Dave Yeske, CFP, MA, DBA, is also a past president of the FPA, and is an associate professor at Golden Gate University.
After noting some of the potential issues raised by the book, including the possibility of its contents being treated as de facto practice standards in a court of law, Bob concludes:
The “CFP Board Financial Planning Competency Handbook” is an impressive work, compiled by leading academics and practitioners in the profession. It undoubtedly will achieve its goal of advancing the knowledge base of the planning profession. Part of that process will be CFPs comparing the contents to how they practice financial planning.
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.