A welcome message goes out to all new members when they join your group.
Along with whatever text you compose, Yahoo! Groups provides a default message to members containing information on how to unsubscribe, change message delivery options, etc.
Here’s how to customize a welcome message for your group:
Bonus: Add another message — or multiple messages, or a photo! — to the welcome for new members by uploading a file to the Files section. Click Files from the list on the left of the page, then just choose "Upon joining group" in the "Auto-send to Members" section. This distributes whatever else you’d like new members to receive when they join the group.