Dave Yeske
Encyclopedia
Dave Yeske is an American financial planner, researcher, and educator. He is particularly known for his research and writing in the areas of Policy-Based Financial Planning and Strategy-Making by financial planners. Yeske is co-founder and a managing director of Yeske Buie, a wealth management firm; a past national president of the Financial Planning Association
; and currently holds an appointment as Distinguished Adjunct Professor in Golden Gate University
's Ageno School of Business.
, as well as a Doctor of Business Administration
(DBA) degree from Golden Gate University
. A summary of the findings from his doctoral dissertation, "Finding the Planning in Financial Planning: An Integrative Framework for Strategy Making by Financial Planners," was published in the Journal of Financial Planning in September, 2010. Yeske is a Certified Financial Planner
licensee. After stints on the options trading floor of the Pacific Stock Exchange and with The Paul Revere Insurance Group, Yeske founded Yeske & Company on May 1, 1990. Yeske & Company subsequently merged with Financial Planning Group to form Yeske Buie on January 1, 2008.
Dr. Yeske founded the San Francisco chapter of the Institute of Certified Financial Planners (ICFP) in 1993 and subsequently served on the ICFP's national board of directors beginning in 1997. The ICFP was a predecessor of the Financial Planning Association
(FPA), which came into existence on January 1, 2000 as a result of the merger of the ICFP and the International Association for Financial Planning (IAFP). Yeske served as president of the FPA in 2003 and chair in 2004. During his presidency, the FPA spun off its Broker-Dealer Division in order to focus more exclusively on its mission to "be the community that fosters the value of financial planning and advances the financial planning profession." After retiring from the FPA board, Yeske served two terms as chair of the FPA's political action committee in 2005 and 2006. Dr. Yeske has chaired the FPA Research Center Team since 2008 and currently represents FPA on the US Technical Advisory Group (TAG) for the International Standards Organization (ISO) standard for financial planning, ISO 22222.
Yeske was named a "Mover and Shaker" in 2005 by Financial Planning Magazine, his investment approach was profiled in the Wall Street Journal in 2009, and he was profiled again by the Journal in 2010 on the "Science of Financial Advising.".
list of 96 topics is purely descriptive and captures what planners are actually doing, the Yeske model offers a prescriptive approach that is empirically-derived from client trust and commitment.
Financial Planning Association
The Financial Planning Association , created in 2000 through the merger of the Institute of Certified Financial Planners and the International Association for Financial Planning , is a leadership and advocacy organization for those who provide, support and benefit from financial planning...
; and currently holds an appointment as Distinguished Adjunct Professor in Golden Gate University
Golden Gate University
Golden Gate University is a private, nonsectarian, coeducational university located in the South of Market district, immediately south of the Financial District of downtown San Francisco, California...
's Ageno School of Business.
Career
Yeske earned a B.S. in Applied Economics and an M.A. in Economics from the University of San FranciscoUniversity of San Francisco
The University of San Francisco , is a private, Jesuit/Catholic university located in San Francisco, California. Founded in 1855, USF was established as the first university in San Francisco. It is the second oldest institution for higher learning in California and the tenth-oldest university of...
, as well as a Doctor of Business Administration
Doctor of Business Administration
The degree of Doctor of Business Administration, abbreviated, or and equivalent to , is a research doctorate in business administration. The D.B.A...
(DBA) degree from Golden Gate University
Golden Gate University
Golden Gate University is a private, nonsectarian, coeducational university located in the South of Market district, immediately south of the Financial District of downtown San Francisco, California...
. A summary of the findings from his doctoral dissertation, "Finding the Planning in Financial Planning: An Integrative Framework for Strategy Making by Financial Planners," was published in the Journal of Financial Planning in September, 2010. Yeske is a Certified Financial Planner
Certified Financial Planner
The Certified Financial Planner designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards, Inc...
licensee. After stints on the options trading floor of the Pacific Stock Exchange and with The Paul Revere Insurance Group, Yeske founded Yeske & Company on May 1, 1990. Yeske & Company subsequently merged with Financial Planning Group to form Yeske Buie on January 1, 2008.
Dr. Yeske founded the San Francisco chapter of the Institute of Certified Financial Planners (ICFP) in 1993 and subsequently served on the ICFP's national board of directors beginning in 1997. The ICFP was a predecessor of the Financial Planning Association
Financial Planning Association
The Financial Planning Association , created in 2000 through the merger of the Institute of Certified Financial Planners and the International Association for Financial Planning , is a leadership and advocacy organization for those who provide, support and benefit from financial planning...
(FPA), which came into existence on January 1, 2000 as a result of the merger of the ICFP and the International Association for Financial Planning (IAFP). Yeske served as president of the FPA in 2003 and chair in 2004. During his presidency, the FPA spun off its Broker-Dealer Division in order to focus more exclusively on its mission to "be the community that fosters the value of financial planning and advances the financial planning profession." After retiring from the FPA board, Yeske served two terms as chair of the FPA's political action committee in 2005 and 2006. Dr. Yeske has chaired the FPA Research Center Team since 2008 and currently represents FPA on the US Technical Advisory Group (TAG) for the International Standards Organization (ISO) standard for financial planning, ISO 22222.
Yeske was named a "Mover and Shaker" in 2005 by Financial Planning Magazine, his investment approach was profiled in the Wall Street Journal in 2009, and he was profiled again by the Journal in 2010 on the "Science of Financial Advising.".
Policy-Based Financial Planning
Taking a concept first proposed by Hallman and Rosenbloom, Yeske and Elissa Buie developed and expanded the concept of Policy-Based Financial Planning. Their article, "Policy-Based Financial Planning Provides Touchstone in a Turbulent World," was published in the Journal of Financial Planning in July 2006. Buie and Yeske subsequently presented the concept at conferences around the world, including two national FPA conferences in the U.S. and conferences in London, Edinburgh, and Manchester. Financial planning policies are compact statements combining client values and objectives with financial planning best practices to form compact decision rules. These decision rules facilitate rapid decision making in the face of changing external circumstances. A good policy is one that is at once broad enough to encompass any novel event and specific enough to always return a clear answer or action. Examples of such financial planning policies include the safe-withdrawal spending rules developed by Guyton and Klinger, investment policies as described by Boone and Lubitz, and policies for managing debt, charitable-giving, or risk management.Financial Planning Strategy Modes (FPSM) Model
As part of his doctoral research, Yeske developed a model for explaining the strategy-making activities of financial planners and relating those activities to measures of client trust and relationship commitment. Since financial planning outcomes are difficult to directly observe and assess (i.e. financial planning possesses "high credence" characteristics), secondary measures like trust and commitment have been shown to be effective proxies. Yeske adapted a model first developed by Hart and Banbury for explaining the strategy-making activities of companies and applied it to the activities of financial planners. The model posits five modes of strategy-making that fall along the dimension of relative involvement by the planner and the client in the planning process. Moving from those approaches that are dominated by the planner to those dominated by the client, the five modes consist of the following: Planner-Driven, Data-Driven, Policy-Driven, Relationship-Driven, and Client-Driven. The model was empirically-validated by testing it against measures of client trust and commitment as conceptualized by Morgan and Hunt, Christiansen and DeVaney, Sharma and Patterson, and Sharpe et al. Among other findings, the three central modes - Data-Driven, Policy-Driven, and Relationship-Driven - were found to be the most powerful predictors of client trust and commitment. Of the three, the Policy-Driven mode had the most explanatory power, adding empirical support to prior work suggesting that Policy-Based Financial Planning is the most effective way to engage clients. The model also provides a framework for assessing planner competency in terms of the appropriate balance of knowledge/skills across the three main strategy-modes. Competency in all three modes is required to effectively facilitate client adjustment to the various types of change they encounter (environmental, volitional, and life-cycle). While the Certified Financial PlannerCertified Financial Planner
The Certified Financial Planner designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards, Inc...
list of 96 topics is purely descriptive and captures what planners are actually doing, the Yeske model offers a prescriptive approach that is empirically-derived from client trust and commitment.
Publications
- Yeske, David B. and Buie, Elissa, “Policy-Based Financial Planning Provides Touchstone in a Turbulent World.” Journal of Financial Planning, 2006 http://ssrn.com/abstract=1624303
- Yeske, David B., “Finding the Planning in Financial Planning: An Integrative Framework for Strategy-Making by Financial Planners.” Golden Gate University, 2010 http://ssrn.com/abstract=1601327
- Yeske, David B., “Finding the Planning in Financial Planning." Journal of Financial Planning, 2010 http://ssrn.com/abstract=1612507
- Buie, Elissa and Yeske, Dave, “Evidence-Based Financial Planning: To Learn . . . Like a CFP.” Journal of Financial Planning, November, 2011 http://ssrn.com/abstract=1881346