The Circle of Life

 The Circle of Life    

By: Bob Schneeweis & Tom Schneeweis

 YES Wealth Management is a financial advisor firm which helps individuals and institutions to determine what financial path to take, to make sure one remains on that path and if necessary to make corrections to it. But the firm is more than that. YES Wealth Management has a history that is directly linked to the community it serves.  The co-founders (Bob and Tom Schneeweis) are the sons of Mary Lou and Jack Schneeweis who lived in Mahtomedi since their Marriage in 1941 and served the community throughout their lives in government, schools and Scouting. Their belief in “if not you then who?’ in serving Mahtomedi was essential to their lives and that commitment eventually found it’s way to Bob and Tom.

As brothers they both obviously started from the same place (Mahtomedi, Mn.) but took seemingly widely different paths after college.  Bob started his own wealth management firm almost thirty years ago in Mahtomedi and over the years grew not only his firm but a family as well while continuing to serve his community as illustrated by his receipt of the J. Stanley and Doris Hill Legacy Award which honors those who embraced a strong sense of service to others while making a significant difference along the way.  His brother, Tom, took a different path, receiving his Ph. D in Finance from the University of Iowa and selected as endowed research chair at the University of Massachusetts.  During that tenure he also spent his time developing non-profit educational centers, a national journal, educational programs for women and minorities and global investment management firms. All designed to forward education.

Despite their common path as youths, and different paths after, they joined again in 2012. Tom retired from the Academic life and moved his firm’s office (Quantitative Investment Technologies) to the White Bear Area. They found a common set of concerns in understanding that many larger financial firms did not necessarily have each investor’s concerns solely in their sights. Together they reconnected their paths to create something unique (YES Wealth Management) combining Bob’s understanding of the needs of individuals with Tom’s understanding of how modern investment products and services fit into those needs. 

So, when you drive by the old Triangle Park (now Veterans Park) in Mahtomedi and see the offices of YES Wealth Management you now know you are near an Investment Advisory firm which focuses on community but incorporates modern solutions to modern financial problems.  It is not trapped on a staid investment path which focuses primarily on individual stocks, bonds and mutual funds but instead a modern world of investment finance which includes ETFs, modern investments including risk managed products, and global assets. It is Tom and Bob’s attempt to bring the best of their understanding of the investor’s needs with modern investment answers and this was all accomplished in a place close to where it all started. Just to remind themselves, a picture of Mary Lou and Jack on their wedding day is just inside the door. This helps all to remember that the start of YES Wealth was really with them and that the goal of YES Wealth remains to help investors on an Intelligent Path® with Financial care that is Refreshingly Human®.

Please contact us if you’d like to discuss a plan for you:

Yes Wealth Management:

651-426-5854. 


It’s a Brave New World – For Investors

 It’s a Brave New World – For Investors     

By: Yes Wealth Partners

From Bitcoin to Zero Interest Rates, from slowing economies to skyrocketing stocks that defy logic, many people today are confused of both how to grow their investments and how to protect themselves from large “corrections.”  Investors often would like to go back to the world they grew up with where they believed that by finding the right stock/bond balance, their money could grow and also be protected.  First, this was never really true, but it is even less true today as bonds fail to provide much return and even some unexpected downside if interest rates rise.  Despite overwhelming evidence that during periods of investment crisis (most significantly like 2008 and 2020), traditional stock/bond diversification fails to deliver true downside risk mitigation, many still stick with the old beliefs. Today, even most investment advisors still fail to consider “modern liquid” alternative investments which provide real risk mitigation in a down equity market and conservative upside potential even when interest rates rise. So, what are modern liquid alternatives? These are strategies that provide upside potential like stocks do or more conservative returns like bonds used to provide, but are designed to limit the large downside risk of equities or the impacts of rising interest rates on fixed income. Traditional alternatives such as private equity, derivatives, fine art and commodities promise to provide significant return in the long run, but are often not liquid and have high investment minimums.  Unlike most traditional alternatives, liquid alternatives include mutual funds or exchange traded funds that can be bought and sold daily and have investment minimums most individuals can handle. Some of these strategies are called Market Neutral, Merger/Arbitrage, Event Driven and Hedged Equity.  Holding a portion of liquid alternatives in your portfolio can help you reach for return, while still allowing you to sleep at night, knowing you have protection on the downside. 

If you would like to know more about these options, or if you’d like to discuss a plan for you, please give us a call. 

Yes Wealth Management:

651-426-5854

What Is A Fiduciary? Why Should It Matter For Investing And How Can You Know If Your Advisor Is One?

 What Is A Fiduciary? Why Should It Matter For Investing And How Can You know If Your Advisor Is One?      

By: Robert Schneeweis, Chief Executive Officer

By definition, a fiduciary is a person or organization that acts on behalf of another person or persons to manage assets. Essentially, a fiduciary owes to that other entity the duties of good faith and trust. The highest legal duty of one party to another, being a fiduciary requires being bound ethically to act in the other’s best interests.

This term “fiduciary” is a very good thing to hear if you’re searching for a financial advisor. It means the advisor is “legally required” to put your interests first, rather than enhancing their compensation. Fiduciary duty eliminates conflict of interest concerns which makes advice more trustworthy. Not all financial advisors are fiduciaries. All investment advisors registered with the SEC or a State securities regulator (Registered Investment Advisors or RIA) must act as fiduciaries. Broker-dealers, stockbrokers and insurance agents are only required to fulfill a “suitability obligation”. This means that while the advice they give you may be suitable to your situation; they may substitute a higher cost product that pays them more for a similar product that better aligns with your interest at a lower cost. This same conflict exists – albeit in a less visible way – with a group of advisors known as “Hybrid” advisors. These advisors work for large firms that offer both “fee-based” services and brokerage services and manage some of your money on a Fee-based basis but also put some of your money in products where they receive a commission. Fee-only advisors are sometimes seen as operating with less of a structural conflict of interest than brokers or other advisors who earn commission, which can vary from one product to another. However, in that mode, the advisor might have the incentive to engage in excessive trading activity or favor a specific investment that will net the largest commission or fee.

What about automated / on-line or “Robo-Advisors” which advertise as RIAs? They insist that they are fiduciaries. They are registered investment advisors, but are they fiduciaries? They typically only offer advice based on a relatively short risk questionnaire, but rarely get a full financial picture or understanding of goals. An back and forth discussion of goals and attitudes toward risk seems critical to providing fiduciary services and cannot be adequately addressed by checking a few boxes.

Choosing a fiduciary financial advisor can give you greater peace of mind. With a fiduciary financial advisor, you’ll know that the person managing your money is legally obligated to make decisions in your best interest. While non-fiduciary advisors are not necessarily bad actors, it’s easier to ensure that you’re working with someone who has your best interest at heart if you opt to work with a fiduciary.

Please contact us if you’d like to discuss a plan for you:

Yes Wealth Management:

651-426-5854

Top 5 Questions To Ask When Looking For A Financial Advisor

5 Questions To Ask When Looking For A Financial Advisor.

By Sarah Johnson CFP®, MS, RD

There is no doubt that having a good financial advisor keeps us on track and more likely to reach our financial goals. However, these days finding the right one who puts your interest first can be difficult.

Here are the top 5 questions you need to ask when interviewing potential advisors.

1.) Are you a fiduciary? While we would love to think that all people working in the financial world are legally required to act in their client’s best interest, this is not the case. Non-fiduciaries are only required to recommend products that are “suitable”- even if they come with a higher price tag for you. This is why you must find an advisor who is legally obligated to always act in YOUR BEST INTEREST. Above all else, this is the most important question to ask potential advisors.

2.) How do you get paid? Going along with question #1, try to find a fee-only advisor (those particular words: fee-only. Do not be tricked by fee-based – this is not the same thing). Fee only means they will not be making commissions on anything they sell you, which decreases the potential for conflict of interest. Fee only advisors may charge a percentage of the assets they manage for you (1% is common), a flat fee, or an hourly fee. In short- they do better when you do better, and that is a relationship you want.

3.) What are my TOTAL costs? What you are paying should always be very clear and transparent. Fees should never come as a surprise. There will likely be some fees on top of what you pay your advisor, and it is crucial you know what those are. Ask if they will be placing you in ETFs (exchange traded funds), or mutual funds, and if mutual funds, ask what their fees are. Even so called “free” robo advising can have hidden costs to the client.

4.) Do you personally invest in what you recommend to your clients? Does the advisor put their money where their mouth is? Do they believe in what they recommend enough to invest their own money that way? If not- find out why?

5.) Are you independent from the products that you recommend? An independent advisor does not sell in-house products (sometimes referred to as proprietary funds). Instead, they will choose your products based not on what is being pushed from overhead, but rather what is in your best interest, matching your needs and risk profile.