The thermodynamics of irreversible processes in continuous media predicts the existence of a magnetic Nernst effect that results from a magnetic analog to the Seebeck effect in a ferromagnet and magnetophoresis occurring in a paramagnetic electrode in contact with the ferromagnet. Thus, a voltage that has DC and AC components is expected across a Pt electrode as a response to the inhomogeneous magnetic induction field generated by magnetostatic waves of an adjacent YIG slab subject to a temperature gradient. The voltage frequency and dependence on the orientation of the applied magnetic induction field are quite distinct from that of spin pumping.