Ep 085: Boosting Firm Productivity With A Financial Planning Resident Program With Elissa Buie

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 14 August 2018

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today has been in the financial planning industry for 35 years, and has been incredibly active in the profession. In addition to serving as CEO of Yeske Buie, an independent RIA that manages nearly $750 million in AUM for 240 clients, Elissa Buie sits on the Cornerstone Advisory Board of the McIntire School of Commerce at the University of Virginia, serves as a Dean for FPA's Residency Program, and holds an appointment as Distinguished Adjunct Professor in Golden Gate University's Ageno School of Business.

In this episode, Elissa shares what has kept her excited to remain in the field for all these years, as well as her firm’s unique way of leveraging next-generation talent. Listen in to learn how Yeske Buie uses a resident program to boost productivity, how things have evolved with the way advisors are trained and educated as professionals, and advice for new advisors coming into the field.

For show notes and more visit: https://www.kitces.com/85

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, speaker and consultant Michael Kitsas, to hear stories of how leading financial advisors navigated the inevitable challenges that arise on the path to success and get insight from leading industry consultants about how to break through to the
0:22.0	next level in your advisory business. And now here's your host, Michael Kitsis.
0:27.4	Welcome, everyone. Welcome to the 85th episode of the Financial Advisor Success podcast.
0:32.7	My guest on today's podcast is Elisa Bowie. Elisa is the CEO of Yveski Bowie, an independent RIA with offices in San Francisco and Washington, D.C.,
0:40.7	that manages nearly 750 million of assets under management for 240 clients with a team of 13.
0:47.2	What's unique about Elisa, though, is the way that she and her firm have figured out how to leverage next generation talent through a financial planning
0:54.8	resident program that trains and develops advisors with the expectation that they will graduate
1:00.4	as residents and leave the firm after three years to be replaced by another new financial
1:05.2	planning resident. In this episode, we talk in depth about Yebu's financial planning resident
1:10.3	program, how the firm
1:11.4	developed an intensive boot camp process to train new advisors in just eight weeks and how to
1:16.3	produce the core financial planning deliverables the firm provides to clients.
1:20.2	The way their financial planning residents gain experience in client meetings while boosting
1:24.0	the firm's productivity and why the firm prefers hiring financial planning
1:27.9	residents to a more traditional approach of hiring and developing paraplanners and associate
1:32.6	advisors instead.
1:34.3	We also talk about the evolution of how advisors are trained and educated as professionals
1:39.0	and broad, the rise of master's degree programs to increase the technical competency of today's advisors,
1:45.2	the importance of programs like the FPA residency to teach the so-called soft skills of effective
1:50.9	client communication, and why Alisa believes that all advisors should at least know how to
1:55.3	create a comprehensive financial plan for clients with only a yellow pad and a financial
1:59.2	calculator, to ensure that today's financial
	...

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