Blog

Our biggest UMB Big Bash® yet!

  |  Posted by

Rob Thomas & Plain White T's, June 22, Kansas City, The Great Unknown tour

Plain White T’s kicked off the entertainment for the evening, followed by Rob Thomas of Matchbox Twenty fame.

Our 5th and biggest UMB Big Bash took place last week at Sprint Center. Thanks to our incredible sponsors and supporters like you, the UMB Big Bash Foundation donated $50,000 each to Literacy Kansas City and reStart, Inc.. Read more about how this year’s beneficiaries plan to use their grants.

Let’s revisit some highlights from the BIG event:

Continue Reading

Beneficiaries

Literacy Kansas City will launch a Career Online High School to help its higher-level readers earn a high school diploma. reStart, Inc., is working to permanently house and provide short-term financial assistance and supportive services to low-income veteran families in Wyandotte and Jackson counties.UMB Big Bash presents checks to reStart, Inc. and Literacy Kansas City

Top photo, pictured left to right giving and receiving the BIG checks are: Mike Hagedorn (President and CEO of UMB Bank), Mariner Kemper (chairman and CEO of UMB Financial Corporation and UMB Bank), Evelyn Craig (President and CEO, reStart, Inc.), Kevin Jamison (Outreach Specialist for the Supportive Services for Veteran Families program) and Peter deSilva (President and COO of UMBFC)

Bottom photo, pictured left to right: Peter deSilva, Mike Hagedorn, Carrie Coogan (Executive Director and CEO, Literacy Kansas City), Mariner Kemper and Peggy Shannon (Literacy Kansas City program participant)

Silent Auction
2015 UMB Big Bash silent auction

VIP meet and greet with Rob Thomas
Rob Thomas 2015 "The Great Unknown" tour - Sprint Center

Be sure to post your own UMB Big Bash photos to the  Facebook page and tag yourself in our photos of YOU!

Sprint Center - UMB Big Bash 2015

Thanks for another great year!

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Kemper is the chairman and chief executive officer of UMB Financial Corporation and UMB Bank, n.a. He joined UMB in 1997. Mr. Kemper is active in both civic and philanthropic endeavors. One of the causes he is most passionate about is the arts. He currently serves as a trustee and executive committee member for the Denver Art Museum and is a past board member for The Arts Council of Metropolitan Kansas City.



Leave a Comment

Tagged: , , , , , , , , , , , ,

Financial Word of the Week: Charitable Remainder Trust

  |  Posted by

Financial Word of the Week - charitable remainder trust

Conceptually, a charitable remainder trust (CRT) is similar to a charitable lead trust (CLT), except the payouts happen in the reverse order. In fact, a CRT is a trust that provides for distributions  to one or more individuals for a term specified under the terms of the CRT, with the balance passing to one or more charities at the end of the specified term.  The individuals generally receive an annual payment equal to a fixed annuity amount or a percentage of the trust assets valued annually.  The individuals will generally receive these payments either for a term of years (up to 20 years) or throughout the lives of one or more named individuals.

Continue Reading

Unlike a CLT, a CRT is considered a tax-exempt trust, and the trust itself does not pay any taxes. This allows the donor a current charitable deduction for contributions made to the CRT with the amount of the deduction being the present value of the remainder interest that will pass to charity. This makes a CRT a great vehicle for highly appreciated assets as the assets can be contributed to the CRT and the assets will not generate any tax to the trust when sold inside the CRT. However, it is important to note that the payments made to the individuals, may be subject to taxes at the individual level. Also, it is important to note that in order to receive the tax benefits and to qualify as a CRT, the IRS has placed certain restrictions on how a CRT must be structured, this is in part to ensure that a portion of the assets will in fact pass to the designated charities.

For more information on estate planning, check out our post on the benefits of a will.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , , , , ,

Meet the Leadership Series: Maureen Quill (UMB Fund Services Chief Operating Officer)

  |  Posted by

Q&A with Maureen

Get to know UMB’s leadership a little better. Nearly 20 years ago, Maureen Quill joined UMB Fund Services which just celebrated its 25th anniversary and is consistently named one of the Milwaukee Journal Sentinel’s Top Places to Work. She was recently featured in Milwaukee Business Journal’s Women of Influence series.
UMB Fund Services Maureen Quill

Continue Reading

Tell us about yourself
I was born and raised in Dubuque, Iowa.  I went to Saint Mary’s College in Notre Dame, Indiana. I graduated with a Bachelors of Business Administration degree with a concentration in management and finance. I met my husband, Mike, on a blind date at the end of my freshman year. Mike is from the Chicago area, but he transferred to Notre Dame from Loras College which is located in Dubuque. My family and extended family are Notre Dame fans (fanatics may be a better description) and many members of my family graduated from Loras – destiny seemed to play a hand in our meeting! We married soon after college.

My first job was working in the Children’s Room of the public library in Dubuque. I worked there for two and a half years during high school and loved it. As an avid reader, the library was the perfect fit for me.  My first job out of college was as a call center representative at a mutual fund company.

I worked for that mutual fund company in Chicago for five years, in Kansas City for almost six years and in Milwaukee for a year. Then I worked for Sunstone for five years before UMB acquired Sunstone in 2001. I have spent my entire 30 year career in back office operations and management.

What about your past shaped who you are today?
Maureen Quill - UMB Fund Services
My parents were both ahead of their time. My mother worked full time as an ophthalmologist technician and my father was an accountant for Deere & Co. My mom loved her work and didn’t retire until age 75. My dad was always very supportive of her career. They set a good example of marriage being an equal partnership for my siblings and me. My parents infused strong moral and ethical values and expected us to get a good education and contribute to our communities. They encouraged my siblings and me to work hard and accomplish much.

Tell us about your family.
Maureen Quill with husband Mike
My husband Mike and I will be married 30 years in December.  Mike is a marketing consultant for small to mid-size manufacturing businesses. We have four children. Mitchell is 25 and in his last year of chiropractic school. Our triplets are 20. Our son Murphy is a sophomore at Marquette. Our daughter Mairead is at home with us, and our daughter Maiti is a sophomore at Saint Mary’s College, Notre Dame.
Maureen Quill and family
What makes a Chief Operating Officer great?
A COO’s job is to make sure that your team has the tools, training and support needed to successfully provide the unparalleled customer experience to our clients all the while keeping an eye on the bottom line.

What are your favorite hobbies?
My favorite hobbies are spending time with my family, reading, movies and cooking.

Where is your favorite place to travel?
I like to go to different places but water, mountains, hiking and history are common themes.

What are your favorite ways to spend a weekend?
My favorite are fall football weekends at Notre Dame. We go to three or four games a year, and family and friends are always part of the festivities.

Tell us about your team at UMB Fund Services.
There are seven members of my immediate team including me. Four of us have new roles within the last nine months!  This has been a year of stretch assignments and change but all for the good. My team has an average of seven years with UMB Fund Services and more than 25 years in the industry.

UMB Fund Services has $202.7 billion in assets under administration. We have more than 200 clients and provide fund accounting, fund administration, transfer agency, distribution services, custody and cash management for pooled investments such as mutual funds, hedge funds, alternative investments, collective trusts, etc.

We have more than 400 employees located in Milwaukee, Wisc., Ogden, Utah, Chadds Ford, Penn. and Kansas City, Mo.

My team all has the same focus: great customer service to our clients, our associates and to each other. We work to solve problems as a team, we are collaborative, all ideas are open to discussion, and we are focused on finding a way to say YES to our clients – getting to the right solution for the client and for UMB Fund Services.

What is the greatest challenge facing the industry right now?
There are two things that come to mind. The first is regulation which is constantly changing and challenging to us, our clients and our technology. The second is our growth. Hiring, training and retaining the right people to service our clients and grow with UMB Fund Services is a challenge.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Maureen Quill is Chief Operating Officer for UMB Fund Services. She is responsible for overseeing transfer agency, fund accounting and administrations, tax, distribution, alternative investments, technology and client services. She joined UMB Fund Services in March, 1996 and has 30 years of experience in the financial services industry.



Leave a Comment

Tagged: , , , ,

Financial Word of the Week: Charitable Lead Trust

  |  Posted by

Financial Word of the Week - beneficiary

Last week, we told you what a beneficiary is and advice on how to name them in your will, trust or life insurance policy.

A charitable lead trust (CLT) is an irrevocable trust that provides an income interest to one or more charities with the remainder either reverting back to the donor, or passing to one or more individuals named by the donor. The charities generally receive an annual payment equal to a fixed annuity amount or a percentage of the trust assets valued annually.  The trust can be established for the charitable payout to last for a term of years, based on a measuring life, or a combination of the two. After the end of the charitable period, the remaining property will pass to the individuals as specified in the trust (frequently the family members of the donor). The grantor may qualify, depending on the arrangement, for a current income tax charitable deduction for the present value of the charitable gift.

Continue Reading

CLTs are a highly useful way to simultaneously support a charitable organization of the settlor’s choice while still retaining the assets long term for the use of the settlor or his beneficiaries.

For more information on estate planning, check out our post on the benefits of a will.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , , , , ,

Best time to buy

  |  Posted by

You may have heard that December 26 is the best day to buy Christmas decorations or February 15 is when to nab the cheapest candy. But what about EVERYTHING else that you buy?

We’ve been sharing “Buy The Way” wisdom for the past year on our Facebook page. In case you missed a few, we have a year-long recap of the best purchase to make every month.Buy the Way Infographic

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , ,

Financial Word of the Week: Beneficiary

  |  Posted by

Financial Word of the Week - beneficiary

The technical definition of a beneficiary is one who benefits from the act of another.  In the financial world, the term beneficiary is used in many contexts, generally to describe an individual or entity that is to receive an interest in property.

Some of the most common uses of the term beneficiary include:

Continue Reading
  • naming a beneficiary of a life insurance policy, retirement plan or IRA,
  • designating the individuals who are to receive an interest in property upon the death of the original owner (generally through the use of a Will or trust), and
  • using a transfer on death or pay on death designation on a financial account (such a s a checking account, savings account or investment account).

When you’re designating beneficiaries, you can generally name individuals, charities, organizations or trusts. You might even list a group of individuals, such as surviving family members.

Many financial advisors urge clients to review their list of beneficiaries as often as possible, but most importantly after a life-changing event in which their financial priorities may have changed. This may include a death of a loved one, birth, marriage, divorce, a significant change in the individual’s financial situation or a significant change to the tax law.

It’s important to be as specific as possible when naming beneficiaries to avoid any confusion once the benefactor passes away. You should state how the benefits are doled out if one or more beneficiaries are not able to receive their distribution. This could occur if a person lists four children as beneficiaries, with each listed to receive one-fourth of the estate. If one of those children passes away before the benefactor, it could affect the distribution process if clear conditional instructions have not been included. You should also consider whether you would like the named beneficiary to have complete access to the assets or if you would like to restrict access in some manner.  For example, for many assets it may be possible to name a trust as the beneficiary and have the trust provide for limited distributions to the individuals for their health, education, maintenance and support (or however the benefactor desires to limit the distributions).

Because the naming of beneficiaries can have a substantial impact on your financial and estate plan, it is important to visit with your attorney or financial planner to see what options are available and to determine how such designations impact your individual plan.

For more information on estate planning, check out our post on the benefits of a will.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , ,

UMB Big Bash®beneficiaries are changing people’s lives

  |  Posted by

Literacy Kansas City helped Peggy land her dream job
TSA employee learned to read with Literacy Kansas City

“I read my first book when I was 51.”

Peggy Shannon dreamed of being a TSA agent but when she applied for the job, she failed the first test because she couldn’t read and didn’t know how to use a computer. Before connecting with Literacy Kansas City, she read at a third-grade level. Her limited reading abilities severely limited her career options.

“I’ve been married twice and I never told either one of them I couldn’t read. I’ve hid it well. Because I couldn’t read, I just did my job that much better … always giving it 110 percent, always.”

She worked 12-hour shifts, six days a week in a hot factory. But she wanted to work with people and hoped to one day work at Kansas City International Airport.

Continue Reading

Literacy Kansas City helped Peggy land her dream jobShannon still gives 110 percent, but now at a job she loves. After months of lessons and computer classes at Literacy Kansas City, Shannon decided she was ready to try again. This time, she passed and after being on the job with Akal Security, Inc., a TSA contractor, for just six months, she was promoted to a lead.

“I wanted it really bad. I love the job because I like interacting with people. I have to make sure that when the passengers are coming through and when we’re really busy that everything moves smoothly and I have enough people on the line.”

Reading has impacted more than Shannon’s career; it’s improved her health and wellbeing. Shannon lost 40 pounds after reading a diet book.

“I’ve never read the backs of packages. It’s helped me so much. I’m a lot healthier than I’ve ever been.”

Shannon says her outlook on life has changed since she learned to read.

“Life is amazing. I wake up every day just thrilled to be alive and thank the Lord everyday that I can read and that I can go out and do the job that I love.”

__

Donald has a stable home thanks to reStart, Inc.

Donald has a stable home thanks to reStart, Inc.“I’m hoping I can be a part of changing things. If there is anything at all I can do, I’m more than happy to do it the way this program has helped me.”

Donald McCombs, an Army veteran, was homeless for two years. He and his significant other had to move three times because their landlords were not in compliance, one was even under foreclosure. They were forced to put their belongings in storage, and then lost everything. The couple was living in motels, and struggling to make ends meet.

“Towards the end of the month we had to get out and hustle … cutting yards to make money to pay for the rest of the month. There were times I was sleeping behind a gas station, or in the woods.”

One day, while she was at a food pantry, McComb’s girlfriend saw a brochure for reStart, Inc.’s Supportive Services for Veteran Families program. Within two weeks, they were in stable housing.

“It is remarkable the way it [reStart, Inc.] helps people and the way it’s helped me. Being homeless for two years and losing everything I had. And now, [I have] 100 percent less worries.”Donald's life was changed thanks to reStart, Inc.The couple now lives in an apartment, a large house that’s been converted into a four-plex. All of the tenants are veterans.

“I want to thank everyone that gives to this program. You all have helped make this happen. If it wasn’t for supporters like you … we wouldn’t have nothing. I’d probably still be homeless.”

 

Help Literacy Kansas City and reStart, Inc., continue to make meaningful impacts on the lives of people living in the Kansas City metropolitan area. Join us on Monday, June 22 for UMB Big Bash, when both of these local nonprofits will be awarded a $50,000 grant before Grammy® Award Winner Rob Thomas with special guest, Plain White T’s take the stage at Sprint Center.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

 


Mr. Hagedorn is president and chief executive officer of UMB Bank and vice chairman of UMB Financial Corporation. Prior to this role, Hagedorn served as chief financial officer and chief administrative officer of UMB Financial Corporation. He joined UMB in March 2005.



Leave a Comment

Tagged: , , , , , , , , , , , , , , , , ,

Financial Word of the Week: Mutual Fund

  |  Posted by

Financial Word of the Week - mutual funds

A mutual fund is an easy way to invest your money and receive the benefits of a diversified investment portfolio. The fund is usually made up of multiple types of investments like stocks or bonds. The fund’s portfolio manager handles your money invested in the fund.

Continue Reading

Just like with any investment tool, there are advantages and disadvantages to consider.  Here’s a short list:

Advantages:

  • Investors with smaller amounts can get into the game. Your investment is affected by ups and downs of the market and may generate additional taxable income.  Remember, you are pooling your investment with a group of people who are all hoping to make a profit.
  • You are working with professionals who have your best interest in mind. Mutual funds bring diversification, meaning you can spread your money out into multiple investment strategies. The funds are usually very liquid as well, meaning you can access your money in a short period of time..

Disadvantages:

  • You don’t have control over the fund – the portfolio manager and the market do. It will be important to trust your portfolio managers in the decisions they will make for you and to carefully select funds based on your risk tolerance and investment time frame.
  • Management fees are most likely associated with the fund, so it is important to understand the fee structure. Another thing to consider is that you will not know the exact price of your fund before you invest or redeem. The price of most funds is determined once every business day after the market is closed and your trade is valued at that price.

If you want more information about mutual funds, we recommend doing some research through the U.S. Securities and Exchange Commissionor the Investment Company Institute.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

 


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Tagged: , , , , , , , , ,

UMB Big Bash® Beneficiaries

  |  Posted by

This year’s UMB Big Bash beneficiaries, Literacy Kansas City and reStart, Inc., will each use their $50,000 grants to fund programs that will make a difference to people living right here in the Kansas City metro. Literacy Kansas City will launch a Career Online High School to help its higher-level readers earn a high school diploma. reStart, Inc., is working to permanently house and provide short-term financial assistance and supportive services to low-income veteran families in Wyandotte and Jackson counties.

Hear from leaders and clients from each organization to learn more about how the 2015 UMB Big Bash beneficiaries are strengthening our community.

Want to make an impact in the Kansas City community? Get your tickets here to see Rob Thomas and Plain White T’s at Sprint Center June 22.

Continue Reading

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. deSilva is president and chief operating officer of UMB Financial Corporation. He is also vice chairman of UMB Bank, n.a. Mr. deSilva joined UMB in January 2004. He is primarily responsible for UMB's fee-producing business units and product lines, including Scout Investments; UMB Fund Services, UMB Healthcare Services Payment Solutions, Prairie Capital Management. Additionally, he is responsible for all corporate operations, technology, properties, security and marketing.



Leave a Comment

Tagged: , , , , , , , , , , , , ,

Welcome Marquette Financial Companies

  |  Posted by

Chairman and CEO Mariner Kemper welcomes recently acquired Marquette Financial Companies.

 

 

Continue Reading

Mr. Kemper is the chairman and chief executive officer of UMB Financial Corporation and UMB Bank, n.a. He joined UMB in 1997. Mr. Kemper is active in both civic and philanthropic endeavors. One of the causes he is most passionate about is the arts. He currently serves as a trustee and executive committee member for the Denver Art Museum and is a past board member for The Arts Council of Metropolitan Kansas City.



Leave a Comment

Tagged: , , , , , , ,

Page 1 of 2412345...1020...Last