A New Financial Planning Framework for the Millennial Generation

Yeske Buie in the Mediaon September 5th, 2017No Comments

VIENNA, Va., September 5, 2017 – This year’s September issue of the award-winning, peer-reviewed Journal of Financial Planning explores opportunities and challenges for the next generation of financial planners and clients. The cover story of the issue titled “Serving Millennial Clients with a 3-Step Model” was written by Russell Kroeger, CFP®, EA, and Yusuf Abugideiri, CFP® and features an exciting new framework to help financial planners engage the millennial generation.

The model is based on grounded concepts, including policy-based financial planning® and the financial planning process, that originate from some of the brightest minds in the profession. These concepts provide a strong foundation on which the authors build an argument for the importance of understanding generational worldviews, addressing the balance between instant and delayed gratification, and collaborating authentically with millennials.

The duo presented their model to a group of financial planning practitioners at the Financial Planning Association’s Far West Roundup conference and they plan to continue to share the framework within the profession in service of the next generation of planners and clients. Yeske Buie, a recognized leader in the financial planning profession, is a proud supporter of the work of these two well-established CFP® professionals; Yusuf Abugideiri is a Senior Financial Planner with eight years of experience at Yeske Buie and Russell Kroeger is a recent graduate of Yeske Buie’s Financial Planning Resident Program and has since founded his own financial planning practice.

The full article is available on the Journal of Financial Planning website.

About Russell Kroeger, CFP®, EA
Russell is the founder of Paradigm Wealth Architects, holds a bachelor’s in finance from Virginia Tech and is pursuing a master’s degree in financial planning and taxation at Golden Gate University. He’s a graduate of Yeske Buie’s financial planning resident program and the FPA Residency Program, and was a 2016 NexGen co-director for FPA of San Francisco. He now serves as director of advocacy for San Francisco as a representative of FPA of California, as well as the NexGen representative for the OneFPA Advisory Group.

About Yusuf Abugideiri, CFP®
Yusuf holds a bachelor’s in finance from Virginia Tech and a master’s degree in economics from George Mason University. He served as the director of public relations of FPA of the National Capital Area. He has also served as co-chair of the Recent Alumni Board of the Pamplin College of Business at Virginia Tech since 2015; he visits campus frequently to speak to current and prospective students. He is a graduate of the FPA Residency Program, and in 2016 was named to InvestmentNews’ 40 Under 40 list and WealthManagement’s list of the top CFP® holders under age 36.

SOURCE – Yeske Buie

The 2017 Trends in Investing Survey

Economy and Investing, Yeske Buie in the Mediaon July 11th, 2017No Comments

Summary By: Lauren Mireles, RP®

The Financial Planning Association® (FPA®) and the Journal of Financial Planning recently released the results of their annual “Trends in Investing Survey”. The survey includes responses from over 300 advisors of various backgrounds and shows advisor data on investments used, diversification, asset allocation, rebalancing and more. One of the most notable data points is the resounding preference of ETFs for the third year in a row.

In his role as Practitioner Editor for the Journal of Financial Planning, Dave assisted in the development and interpretation of the survey. Helping to shed some light on the survey, Dave shared his thoughts with CNBC reporter, Sarah O’Brien.

Regarding the popularity of ETFs for the third consecutive year, Dave shares:

“ETFs have gone from representing a very small part of [advisors’] tool kit to now representing a very significant part,” said certified financial planner David Yeske, managing director of Yeske Buie. “One of the things it suggests is that financial planners are ever more convinced that active management is hard,” said Yeske.

With the next most popular investment vehicle being cash and cash equivalents, Dave says:

As for the increase in cash-type investments, Yeske said it could signal that advisors are taking a more conservative stance on the market. “This makes me think that planners are feeling a sense of caution about the investment world and are building resilience in client portfolios,” said Yeske, who worked on the survey in his role as an editor at the Journal of Financial Planning.

For the first time, the survey explored portfolio diversification. Dave said of the results:

Yeske at Yeske Buie said that, in the short-term, it’s difficult to prevent portfolio volatility through diversification. “No matter how you diversify, everything will move [up or down] together in the short run,” Yeske said. “[…] diversity is more about achieving a certain amount of investment security and safety over the long-term.”


Yeske Buie in the Media: Attracting Talent at Small Advisory Firms

Yeske Buie in the Mediaon June 1st, 2017No Comments

Summary By: Lauren Mireles, RP®

Yeske Buie is dedicated to building a reliable and hardworking team that is capable of providing flawless, comprehensive service to our current Clients and the generations of Clients to come. We are proud of the team we have and we look forward to growing the team with more and more competent, ethical, and dedicated financial planners. However, as Liz Skinner recently shared in an InvestmentNews article, attracting new talent can be a struggle for advisory firms. Skinner’s article includes quotes from Lauren Stansell, CFP®, Financial Planner in our San Francisco office, who shares insights on Yeske Buie’s mentality and approach when it comes to hiring new talent.
Ten-year-old advisory firm Yeske Buie has integrated a long-term approach for hiring young advisers that’s based on a book on C-suite hiring by Geoff Smart and Randy Street, “Who: The A Method for Hiring” (Ballantine Books, 2008).
“We have come to realize that recruiting for new talent is just an ongoing process, it’s always happening,” said Lauren Grove, a financial planner at the 14-employee firm.
Yeske Buie is in regular contact with financial planning programs and is active in both its local and the national Financial Planning Association.
Yeske Buie also has a formal and rigorous hiring process that includes personality testing and other exercises, such as having candidates take notes at client discovery meetings,
write client emails and perform client meeting follow-ups.
The firm adheres closely to the process and rejects candidates if the testing suggests they won’t be a good fit. That can be hard when the team especially likes a candidate personally, but retaining the firm’s culture is paramount.
“Someone can be the most brilliant mind in the room, but if they don’t get along with the team of 14, it’s going to cause a lot of issues,” Ms. Grove said.
The entire InvestmentNews article can be found here: Shrinking Talent Poll Puts Strain on Advisory Firms.

Ask the Experts: Budgeting for a Wedding

Yeske Buie in the Media, Yeske Buie Millennialon February 8th, 2017No Comments

A recent article on WalletHub.com featured a list of “2017’s Best Places to Get Married” which highlighted cities with the lowest and highest wedding costs, most and fewest wedding chapels, event planners, bridal shops and more. To supplement the research findings, the article also included an “Ask the Experts” section which asked legal experts, financial experts, and professors in family study programs for their insights on financial considerations for brides and grooms-to-be. Lauren Stansell, Financial Planner in our San Francisco office, provided her thoughts for the article – a very appropriate topic for Lauren to comment on as she’s currently planning her own wedding! – and we’ve shared her answers below.

  • What factors should couples consider when setting a budget for their wedding?
    • There are many factors to consider when planning a budget – it’s easy to think of the big ticket items like the venue, catering and music, but the little items add up, too! So it’s important to really think through all pieces of the budget together as a couple when making your initial plan. There are many sample budgets online that can show you typical spending by category, give ideas on where you can safely cut costs and find budget-friendly options, and provide resources for further research in each category. I found these very helpful in the early stages of budgeting because they provide you with a massive list of things that could come up – and they can also show you some ‘typical’ wedding expenses you may not care to include at all.
  • How should a couple decide where to get married?
    • Deciding where to get married can be influenced by many different factors (including family members and friends), but in the end, couples should decide to get married somewhere that feels special to them. The importance of the day is all about the two people saying ‘I do’. It could be where they live now or used to live, where they met, or somewhere they’ve always wanted to go. The venue fees, of course, need to fit within the budget, and planning a wedding from afar is something that needs to be specially considered as it can add another layer of planning and budgeting.
  • What tips do you have for a couple planning a wedding and hoping to stay on budget?
    • From personal experience, my tips would be:
      • Do your research before committing to anything
      • Look into multiple vendors for each piece you plan and read reviews! Wedding sites like The Knot and WeddingWire have great resources on their websites with lists of vendors in your area complete with reviews from real couples who used the vendor’s services
      • If you plan a budget, stick to it! If you absolutely can’t stick to the budget for one category, see if you can adjust the budget elsewhere to make up for it. It can be very easy to let one thing slide through over budget…and then continue to do so time after time. Before you know it the whole budget is blown. And that only adds stress to planning a very special day. So set a budget and do your very best to stick to it and hold your partner (and anyone else helping to plan your wedding) to it!
      • Have fun! The amount of planning can get stressful, but keep in mind the purpose behind the day and it is all worth it.
  • Weddings can often be an economic boost to local businesses. What measures can local authorities undertake in order to stimulate weddings in their respective communities?
    • I was a bit stumped for ideas on this one so I spoke with my coworker, Lauren Vitt, who recently got married and she had a great idea. Local authorities could stimulate weddings by organizing a way for couples to get discounts on their wedding venue rental if they use more than a certain number of local businesses for their wedding needs (i.e., wedding dress shops, alterations, florists, bakeries, etc.). This would require some definitions as to what businesses are considered ‘local’, but any offer to help couples cut costs is going to be enticing!

Read the full article on WalletHub: 2017’s Best Places to Get Married.

Investment News: Financial advisers reach out to clients as stocks plunge in Brexit wake

Yeske Buie in the Mediaon December 1st, 2016No Comments

Brexit Direction SignLiz Skinner of Investment News talked to Dave in the aftermath of the Brexit vote and he shared Yeske Buie’s measured approach to the event.

“I agree, of course, with staying the course,” one client responded to an email sent early Friday morning by Dave Yeske, managing director of Yeske Buie. “In fact, I would be interested in your take on when it would be appropriate to buy a bit more, and if so, how we do that?”

Mr. Yeske said he responded to the first incoming client email about the Brexit vote at 2:20 a.m. ET, calming someone nervous about the impact on her 401(k) investments. Mr. Yeske sent out a note to all clients a few hours later, suggesting the market reactions over the next week should not be extrapolated far into the future.

“Is it true that this development has negative ramifications? Yes,” the note said. “Will the more apocalyptic predictions now spilling forth come true? Almost assuredly not.”

See also:

Brexiting Brits

The Brexit Bust

Yeske Buie in the Media: A New President and Fiduciary: What Happens Next?

Yeske Buie in the Mediaon November 17th, 2016No Comments

2016-white-houseWe have shared in this space before Yeske Buie’s thoughts on the Department of Labor’s ruling to broaden the definition of fiduciary investment advice and how and why Elissa and Dave have been promoting the fiduciary standard. With President Obama being a supporter of the fiduciary rule, many are questioning whether or not the ruling will be challenged with a new President coming into office.

Dave and other professionals shared their thoughts on this concern with Ann Marsh, Senior Editor of Financial Planning Magazine. By and large, the professionals interviewed do not anticipate any change in the ruling. Dave provided two reasons as to why he feels this is the case:

First, these kinds of rules and regulations are not easily changed, so the fact that the Department of Labor has developed and rolled out this rule [means it] is going to be hard to undo.

Second, the public and media awareness is so much higher than it’s ever been before. I’ve had calls and emails from Clients about this unlike any other public policy issue ever. I’ve literally had a Client call and ask, “are you a fiduciary?”… That’s powerful.


Yeske Buie in the Media: Investor’s Business Daily Interviews Elissa Buie

Yeske Buie in the Mediaon October 5th, 2016No Comments

"Recently, Elissa talked with a reporter from Investor’s Business Daily, Morey Stettner, for an article focused on the lifecycle of a financial planning firm. Elissa shared experiences including starting her own firm, important decisions she’s had to make, and other insights related to Elissa’s experience building Yeske Buie. Today, we feature the interview between Elissa and Morey to share with you pieces from Elissa’s journey over her remarkable 33-year career.

  • IBD: When you left a big firm and started your own practice in 1993, did you think of yourself as an entrepreneur?
  • Buie: When many of us set out around 25 years ago to start our own financial planning firms, we were starting our own practices. We didn’t think of them as businesses. But as time went on, that began to change.
  • IBD: At what point did you see your firm as a business?
  • Buie: There were a couple of inflection points. The first one occurs when you hire your first and second employee. I hired my first employee in 1994. From there, you start to face a series of issues that go beyond what you’re used to doing, which is being a financial planner. You have to think about payroll, managing workflow and all these other administrative things.
  • IBD: So once you addressed these practice management issues, you shifted your focus to growing the firm?
  • Buie: As you become a business, you realize there’s a point when there is too much non-client work that is just not getting done or not getting done well. And that’s when the owner stops doing the books. You hire a bookkeeper, an office manager. You outsource compliance. That’s how you free up your time to grow.
  • IBD: You did your own books at first?
  • Buie: Yes. I did our payroll with QuickBooks. But as your firm grows, you start to say, “I don’t want to do this anymore.”
  • IBD: So you got to a point where you hired people — or outsourced key roles — so that your business could run more efficiently?
  • Buie: That’s all part of the life cycle. There’s this shift that occurs when the organism is operating with enough staff so that the owner doesn’t really need to see everything. The owner is still involved, but the business is operating outside of the owner’s peripheral vision. It was good to get to that point. But it can be disconcerting for control freaks!
  • IBD: When you launched your practice, did you anticipate all these stages of a firm’s evolution?
  • Buie: Going in, I had no idea where I was headed. I was having kids, so I was building a lifestyle firm that would give me some flexibility to raise the kids.
  • IBD: As your firm grew, was it hard to recruit and train staffers?
  • Buie: When I hired my second employee, I knew she was great right from the start. I wanted a high-end person, someone who could do lots of things, because I was entering into two years as president-elect and then president of ICFP (Institute of Certified Financial Planners). I paid her more than I could afford, but less than she was worth. She chose to take a pay cut to join us.
  • IBD: How did you persuade her to come aboard?
  • Buie: We were kindred spirits. She was excited to be part of our firm. We were together for 10 years, and she was an amazing support person.
  • IBD: You’ve volunteered to serve in leadership roles in the financial planning industry. Why?
  • Buie: It leads to building your practice. And you’re around the best of the best in your profession and you learn from them. You get back so much more than you put in. Plus, it builds credibility. The professional associations send us to make media appearances; I was on “The Today Show.” Clients love that.
  • IBD: Reflecting on the life cycle of your firm, what has been the toughest challenge to date?
  • Buie: There have been two tough stages. When I had my first three employees, I remember a staff meeting where I’m adding up how much that meeting was costing me. It sounds silly, but it’s a hurdle for sole practitioners to get over. The other scary phase is now. We’ve trained a management team of three people who have bubbled to the surface. The three are getting a lot of authority to manage people. It’s a big transition.
  • IBD: You and Dave Yeske are in your 50s. Do you have an exit strategy?
  • Buie: We want to build something without us. And we want to create careers for our employees. We’ve brought a value system to this firm over the years. Now that everything no longer passes across our desk, we have to believe that the people we develop will make decisions based on our value system.

The full article titled A Prominent Financial Advisor Steers Her Firm Toward Steady Growth can be found on the Investor’s Business Daily website.

Yeske Buie in the Media: FPA BE

Yeske Buie in the Mediaon September 21st, 2016No Comments

yeske-buie-02Last week, Elissa and Dave participated in the FPA Annual Conference, the largest gathering of CFP® professionals and thought leaders in financial planning. At the conference, Elissa spoke on a panel to discuss best practices for internships and Dave spoke on a panel to discuss Retirement Realities and was a judge for an academic track jointly sponsored by the Academy of Financial Sciences and the Journal of Financial Planning. Both speaking engagements received media attention at the conference and highlight Elissa and Dave’s expertise in the profession.

Elissa’s panel was titled “Internships – The Best Practices Guide for Hiring, Managing, and Keeping Interns in Your Practice”. At Yeske Buie, we believe in supporting the pipeline of new financial planners and have given this support to over a dozen interns who have worked for the firm. Depending on the firm’s needs, we have hired interns to complete both financial planning and business management related projects. No matter the position, we strive to provide hands-on training, real experience, and mentoring opportunities to every student who walks in the door. As Elissa shared during her presentation, “It is so important to offer internships [in which] the students get actual exposure to what financial planning really is.”

As part of Yeske Buie’s internship program, financial planning interns are given the opportunity to draft insurance, beneficiary and estate templates, and start the process of creating or updating financial plans. They also get to sit in on different types of Client meetings. Similarly, our business management interns will also gain real experience as they work on projects related to social media, researching new software, learning about compliance, vendor management, marketing, business development, database management/clean-up, and more. We share a full description of our internship program in our piece titled: Yeske Buie’s Internship Program: Good for the Company and for the Intern.

Dave’s panel was titled “Retirement Realities” and he was joined by Marc Milic, CFP® and David Blanchett, PhD, CFA, CFP® Head of Retirement Research for Morningstar. The panelists discussed how to approach retirement planning in a way that meets the needs of individuals in today’s environment. Dave shared that at Yeske Buie, “One of the ways we’re handling the low-rate environment is that we hold more equities in retirement portfolios than most studies typically assume. When a client moves into retirement, whatever their stock-bond allocation has been, we move it to 70-30, and we only move that much into bonds because our thought is that we want to only use bonds as a stable reserve. A 30 percent allocation to bonds, along with allocations to dividend-paying equities, can create a bridge that can see retirement portfolios through market downturns.” In addition to the economic factors, the panelists agreed that human factors must also be considered. Dave shared, “With retirements lasting 30 or more years, a higher equity allocation also helps address inflation risk. The cost of living might double twice over the course of someone’s retirement. They’d better have some growth in that portfolio.” To close out their discussion, the planners noted their responsibility to provide Clients with grounded wisdom. Dave shared that, “”As financial planners, we are dealing with powerful forces in people’s lives.”


Yeske Buie in the Media: Northern Virginia Magazine’s Top Financial Professionals

Yeske Buie in the Mediaon August 25th, 20161 Comment

yeske-buie-02Yeske Buie is pleased to share that Elissa Buie and Dr. Dave Yeske have been named to Northern Virginia Magazine’s Top Financial Professionals list for 2016. The listing is featured annually in the September issue of the magazine which is on newsstands today. Elissa and Dave have appeared on all five of Northern Virginia Magazine’s previous lists of Top Financial Professionals.

To compile the listing, Northern Virginia Magazine sends surveys to area financial professionals including those who specialize in Investment Planning, Retirement Planning, Estate Planning, Tax Planning, and Insurance Planning. The survey asks the professional to nominate other experts to whom they would recommend to their family and friends who need financial advice. Those on the list received the most recommendations from all sources. Elissa and Dave together with fifty-five other Certified Financial PlannerTM Professionals total just over one-third of the financial professionals to be named to the list.

Elissa and Dave have almost 60 years of financial planning experience and have played a pivotal role in the development of the profession. In addition to practicing financial planning at Yeske Buie, Elissa and Dave give their time to philanthropic and industry activities in an effort to support the continued growth of the profession. Their involvement includes work for the Foundation for Financial Planning and the Journal of Financial Planning, serving as distinguished adjunct professors in Golden Gate University’s Ageno School of Business, writing and speaking at conferences and with the media, and much more.

Read more about Elissa and Dave on our website and see the full listing from Northern Virginia Magazine.

Yusuf Abugideiri Named One of InvestmentNews’ 40 Under 40

Firm News & Events, Yeske Buie in the Media, Yusuf Abugideirion June 27th, 2016No Comments

VIENNA, Va., June 27, 2016/PRNewswire/ — Yeske Buie is pleased to announce that Abugideiri_5999Yusuf Abugideiri has been named to InvestmentNews’ 40 Under 40 list for 2016. The goal of this list is to recognize members of the financial advisory industry who are under 40 years of age and have changed the industry for the better. InvestmentNews reviewed over 800 nominations from industry peers and selected finalists based on personal accomplishment, contribution to the industry, leadership and future promise. Yusuf was also selected as one of five nominees to be featured on the cover of this week’s issue of InvestmentNews.

This year, the tagline for the listing is “The Power of Personality.” With this theme, all 40 nominees were asked to take a personality test to identify what it is about the nominee that makes them stand out. Based on the nominee’s answers, each earned an archetype such as The Maestro, The Guardian, The Editor-in-Chief, or The Victor. Yusuf received the archetype, The Talent. When asked if he agreed with this assessment, Yusuf said, “Yes, I believe I do my best work when I’m able to use my passion to empower and encourage others to achieve.” Yusuf’s archetype is displayed playfully in this week’s issue of InvestmentNews as he poses with a microphone in his photo.

40-under-40-for-winners'-use[1]InvestmentNews also asked each nominee to express what they feel makes them stand out from their peers to be recognized as one of the 40 Under 40. Yusuf shared, “I have a passion for development. I feel most fulfilled when I am able to use my experiences to relate to others, connect with them, and then help them make progress on their journey towards wherever they’re headed.” In addition, Yusuf acknowledged his appreciation for those in the industry who help encourage younger professionals like him and his peers who made the list. “I am inspired by how willing the more experienced generation of advisers has been to share their experiences in building this profession. This reminds me to never forget that all of the good things in my life can be traced back to decisions I made in service of others and motivates me to always put forth my best effort.”

You can find Yusuf’s profile, photos, and video interviews on InvestmentNews’ webpage dedicated to the 40 Under 40 project.

Yusuf has been a Financial Planner at Yeske Buie for six years and is a member of the Financial Planning Association® (FPA®). He is a member of FPA’s NexGen community and is a graduate of FPA’s Residency Program. Yusuf has served on the Financial Planning Day and Career Day committees through FPA’s National Capital Area chapter and is currently serving on the chapter’s board as the Director of PR, Media Relations and Communications. He is co-chair of the Recent Alumni Board of the Pamplin College of Business at Virginia Tech and visits campus frequently to speak in financial planning classes.

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

“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