Blog   2013

The art of fine art management

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Have you ever watched Antiques Roadshow? This popular public television show shares interesting stories of people happily discovering their personal treasures are actually quite valuable (or sometimes not!). Imagine learning that a famous designer of the late 1800’s made your great-grandmother’s favorite lamp or a rare piece of pottery you purchased on vacation is actually a sought-after piece. Fortunately, you don’t have to appear on Antiques Roadshow to learn the value of your own pieces or how to protect and possibly increase their value. There are other ways that are more easily accessible.

The Red Couch Marie Mason“The Red Couch”
Acrylic on canvas
Marie Mason

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Many people spend their lives collecting items that not only bring them personal enjoyment, but may significantly increase in value over time. Whether it’s fine artwork, collectibles (baseball cards), memorabilia (original Beatles or Elvis merchandise) or rare objects (antiques), you should consider these items important personal assets. Much like stocks and bonds, they are an important part of a full estate plan. But people don’t always think of them in this way.

By working with trusted professionals, you can ensure that your valuable items will get the attention they need during your lifetime and beyond.

So, what steps should you take to preserve and protect your fine art or collectibles?

  • Identify and protect

    Find a fine art management expert who can help you identify items that should receive additional attention to help preserve, and in some cases, maximize their worth. This person can also provide counsel on valuation (or appraisal), insurance, storage and other very specialized services that may be important in maintaining the object’s value.

  • Organize and document

    Proper documentation and cataloguing is critical. An experienced professional can help record the history and provide a comprehensive inventory of all pieces, an important aspect in maintaining their value. In the same way a museum inventories their collection, an expert can provide the same level of service and system support for your fine objects. Your record can then be updated as pieces are added or removed so the inventory is always complete. A detailed account of each item, including where and how each piece was acquired, can make a significant difference in value, plus, it’s a fun history lesson for you and your heirs.

  • Plan for the unexpected

    It’s important that your estate plans include details of how you want these assets distributed. Will they be gifted to a museum, a family member or a non-profit? Will these objects be liquidated so the funds can be passed on to relatives, loved ones or charitable organizations? Who will you trust to handle the actual distribution? These processes can be complicated and confusing. Your fine art management expert can help address and carry out these plans.

It’s never too early to get started on protecting your valued unique assets. Owners have much to gain by educating themselves about the care and protection of their personal treasures. Establishing a thoughtful, well-planned legacy ensures beloved items will be expertly managed both now and in the future.

 Flaming Tulip Janet Kummerlein“Flaming Tulip”
Acrylic on canvas
Janet Kummerlein

 

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.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.

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A note from our CFO

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This year, UMB has celebrated many achievements in reaching our 100-year milestone. One thing we are particularly proud of is our ongoing effort to be transparent in our communication.

You may have read the news articles about two specific things: depositor exiting UMB and our capital raise project. First and foremost, I want to clearly state that these two topics are completely unrelated. Anyone who has ever been through a common stock offering knows it’s not something you can pull off in a couple of days. The timing of the two events was unfortunate, because it created incorrect assumptions. We did not execute a capital raise because of the depositor.

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To comply with securities rules related to our stock offering, we were limited in what we could say about the depositor. However, now that we are on the other side, I would like to take the opportunity to provide more context.

  • Depositor
    A few notes on the depositor. The organization is still a UMB customer. We previously disclosed that the deposits would move over the next 120 days, and as of today, the deposits remain on our balance sheet. Additionally, the customer will continue to work with UMB on their asset servicing business even after the deposits have exited.The decision to move the deposits off of our balance sheet was a result of ongoing dialogue we have had with the customer for the past couple of years. UMB has had a longstanding risk management strategy, and during a review of potential deposit concentrations, we approached the customer to reduce their deposits. They did so, but because of continued growth in the customer’s business, the deposits began increasing again. UMB will continue to monitor our deposit concentrations and will continue to make decisions that are best for our company and our shareholders. We have multiple unique sources of deposits: Institutional Banking and Investment Services (IBIS), Fund Services and Health Savings Accounts (HSAs) just to name a few, so it is important that we are continuously monitoring and adjusting as appropriate.
  • Capital Raise
    Our company has been growing steadily over the past few years and that is evident in our financial results. We have experienced robust balance sheet growth, especially in loans. After we completed our recent forecasts, it was clear that the expectations for growth would continue. We needed to grow our capital to support our balance sheet growth. We plan to use the money raised to support our continued growth and for general corporate purposes.When I tell my kids what I’ve been up to the last couple of months, I essentially tell them that I went to New York and asked strangers and current shareholders to invest in our company. And based on our consistent and stable growth for more than 100 years, they gave us more than $200 million.A simple analogy—but it essentially describes our capital raise campaign. Also important to note, the majority of the investors are new to UMB which validates our current investors, and is a testament to the work our associates have been doing over the last century.

I hope this gives you some color to our recent news. It’s a fantastic time for UMB and I look forward to what the next 100 years will bring!

 

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.

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Join the movement: National Cyber Security Awareness Month

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In a world where our thirst for computers, smartphones, gadgets and Wi-Fi seems to have no limits, cyber security has become more important than ever. At home, at work and at school, our growing dependence on technology, coupled with increasing threats to our online safety and privacy, demands greater security in our online world.

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At UMB, we’re proud to take strides towards a safer, more secure cyberspace. In doing so, UMB has joined the National Cyber Security Alliance, Anti-Phishing Working Group and Department of Homeland Security in support of National Cyber Security Awareness Month in October. The Stop.Think.Connect. campaign was launched in 2010 as a national public awareness campaign aimed at increasing the understanding of cyber threats and empowering the American public to be safer and more secure online. Consider it a neighborhood watch for your computer. However, just like security in your neighborhood, this campaign can only be successful when people get involved.

Through this national campaign, UMB has teamed with public and private sector resources as well as the U.S. federal government to help improve cyber security. According to the Stop.Think.Connect. campaign, they strive to:

  • Increase and reinforce awareness of cyber security, including associated risks and threats, and provide solutions for increasing cyber security.
  • Communicate approaches and strategies for the public to keep themselves, their families and their communities safer online.
  • Engage the public, the private sector, and state and local governments in our nation’s effort to improve cyber security.

Cyber security is a shared responsibility. I invite you to join UMB in the cyber security movement during National Cyber Security Awareness Month. Do your part by visiting umb.com and the Stop.Think.Connect. resource page to learn more about how to protect yourself online and help make cyberspace a safer place for all cyber citizens.

 

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.


Ms. Matheys serves as vice president and information security and privacy officer, providing oversight of UMB’s formal information security and privacy programs. She joined UMB in 2010. She attended Kansas State University with a focus on management information systems and is a Certified Information Security Manager (CISM) as well as Certified Information Systems Auditor (CISA).

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The business of doing good: How to manage your non-profit’s finances (Part 2)

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The non-profit sector is a growing field and an important part of the economy. With so many organizations for people to choose from, how does a non-profit gain continuous support from donors? How do they attract associates and maintain staff enthusiasm for the organization? One answer is something you might not expect: cards.

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UMB hosted a group of almost 40 representatives from Colorado Springs non-profits to talk about a variety of financial management tips for non-profit organizations.

In my previous post I highlighted the first idea covered in this forum: stream-lined, full-service fundraising options for your supporters. Two additional ways to develop and maintain support from both groups are affinity cardprograms for the donors and a commercial card (also known as a corporate card) program for the staff.

Affinity Card

Affinity card programs give your supporters an easy way to donate to your organization. Every time they use the affinity card to make a purchase, a certain amount of money is donated to your organization. The amount will vary based on the card provider you use.

You can even personalize the card to display your logo or another image that represents your organization.

Sometimes organizations avoid programs like this because they think it’s too much hassle to maintain the program. Actually it’s easier than you think. The most important thing to remember is to research the program, the bank that sponsors it, and the terms and conditions of the card.

Commercial Card

Like affinity cards, some non-profit organizations avoid using commercial cards. They’re concerned it will cost them money and be more of an obstacle than a useful tool. Actually, you can use commercial cards to bring money back to your organization, not just to pay expenses. For example, if you sign up for a card with a rewards or rebate program, you could make money using your card. Or you could earn points toward other purchases for the organization.

Many cards offer a comprehensive set of payment solutions you can use to pay for everything from basic expenses to financing full-scale fundraiser events. These payment solutions often offer automated purchasing/payables for your bookkeeping, allowing you and your staff to be more efficient and focus on the work you’re doing in the community.

Other features and benefits of commercial cards include:

  • Spending Controls
  • Convenience
  • Reporting Capabilities

Creating enthusiasm from your donors and associates is easy because they’re passionate about supporting your organization and its mission. Maintaining that enthusiasm is sometimes more difficult and it often involves thinking about processes from their point of view. One way to do this is to establish programs that remove obstacles and allow them to focus on supporting the organization.

 

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. Doyle is community bank president for UMB’s Colorado Springs region. He is responsible for guiding strategic direction in the Colorado Springs region as a member of the Colorado management team. He joined UMB in 2011 and has eight years of experience in the financial services industry. He earned a bachelor’s degree in finance from Florida State University in Tallahassee, Fla. and a master’s degree in business administration from Oral Roberts University in Tulsa, Okla.

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What is diversity and inclusion?

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The words “diversity” and “inclusion” are used a lot in the business world. But how many of us understand the scope of what those two words mean? There is still a widely-accepted assumption that the diversity discussion is limited to minorities and women. But it’s so much more than that. Diversity covers race, ethnicity, religion, gender, sexual orientation, geographical location and even generational differences.

The word inclusion is equally important because it takes the idea of diversity from awareness to action. Once you are aware of the vast diversity in the workforce, the next step is to include as many of those diverse perspectives as possible into your organization.

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So where do you start? Diversity and inclusion has to be more than paying lip service to the idea. Your company needs a plan.

Four areas to focus on:

  1. Executive Leadership Support

    Of course your executive leadership should approve of and enable your diversity and inclusion ideas and efforts. And while it’s great to have that endorsement, it’s only the first step. Implementing a successful diversity and inclusion program in your organization starts from the top down. Diversity should be on the agenda of every leadership meeting, just like the status update on the company financials.

  2. Measurement

    Use measurement tools – like a scorecard – to benchmark and then measure how your company is doing in specific areas. The only way to understand if and how you’re improving is to keep track of simple metrics. That way you can understand where the company began and what to do to improve. UMB is currently implementing these scorecards across our company.

  3. Required Training

    Required diversity and inclusion training for every associate in the company is also important. Do not assume that associates at a certain level of leadership don’t need this training.

  4. Collaborative Partners

    Consider working with local collaborative partners in your area. At UMB we work with organizations across our footprint to help us advance our diversity efforts in the areas of talent acquisition, associate engagement and business opportunities. For example, in Kansas City, we work with many organizations, including Urban League of Greater Kansas City, Hispanic Chamber of Greater Kansas City and a new organization called Concord Cultural Center.

Fully integrating diversity and inclusion in your company involves applying these ideas to every part of the organization and including everyone in the conversation. The diverse perspectives will likely make your company stronger. When you have multiple points of view, you can provide your customers with a well-rounded approach to the business.

 

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.


Dr. Hendricks serves as senior vice president of Diversity and Inclusion at UMB. She is responsible for the corporate-wide diversity and inclusion strategy. She joined UMB in 2006. Dr. Hendricks earned a Bachelor of Science in Human Development Psychology and Mass Communications and a Master of Science in Counseling Psychology from Kansas State University in Manhattan, Kan. She also earned a Doctorate in Educational Psychology and Policy Analysis from the University of Missouri-Columbia.

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Internal Fraud: How to protect your company

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You don’t want to believe it. But the numbers just aren’t adding up. You want to trust the people who work for you, but eventually you have to come to terms with the fact that someone in your company is stealing money. Not only does it hurt your business, but it’s often a heartbreaking realization for you as a manager or owner.

It’s not always easy to figure out who is the culprit, but there are steps you can take to detect and hopefully prevent fraud within your company.

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Dual control and separation of duties

Understand who is in charge of what financial responsibilities and make sure there are no gaps. Create a system of checks and balances so that the same person who is running payables (bills, invoices, expense reports) isn’t the same person who is reconciling the accounts (balancing the company checkbook, so to speak).

It’s also a good idea for business owners to review financial statements on a weekly or monthly basis.

Automated fraud detection

Consider implementing Positive Pay. This automated fraud detection tool is offered by most banks. It’s a relatively simple process. Your company issues checks every month and you send the bank a list of all those checks, including check numbers, amounts and payees. The bank makes sure the checks match up as each one clears. This eliminates any fraudulent or altered checks. Automated fraud detection is a great solution for companies as long as they already have dual controls in place.

Anonymous tip line

Businesses should also consider setting up an anonymous fraud tip line. Internal fraud is most often detected by a tip from another associate. As a business owner or manager, you can’t know everything that’s going on in your company. Giving your associates an anonymous way to notify you is a simple, effective way to detect internal fraud.

Other processes and procedures to consider:

  • Reputable third-party audits
  • Periodic reviews of policies, procedures and controls
  • Diversity of associates’ job functions, including rotation of job duties at times
  • Periodic spot checks of your account payables/receivables, payroll, etc.

Don’t think it will happen to you? Keep this in mind. 61 percent of financial professionals reported that their organization experienced attempted or actual payments fraud in 2012. And 26 percent of fraud is committed by an organization’s own associates (Source: Association for Financial Professionals). Even though you want to assume the best from your associates, you should have systems in place to ensure that you don’t become another internal fraud statistic.

 

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. Bibens is a treasury management officer for UMB’s Commercial Deposits department. He is responsible for providing consultative technology and cash flow management solutions to companies and public entities throughout the Greater Missouri area. He joined UMB in 2010 and has 10 years of experience in the financial services industry.

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Is your affinity program still benefiting your organization or non-profit?

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Park University Affinity Card (CardPartner from UMB)RFPs, grant proposals, annual fundraiser dinners, donation drives. If you work for a non-profit or professional association, you’re always searching for new, creative ways to raise funds. Affinity credit card programs are one way to do this by helping to raise awareness and donations with each new account.

 

For organizations big or small, here are five tips to help begin, migrate or simply reevaluate affinity programs and financial partners.

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Evaluate the rewards program

Some affinity programs pay partnering organizations for new accounts, give them a percentage of monthly charge volume and/or cut them a percentage off balance transfers. Some even reward supporters and members with points, miles or cash back.

But some rewards programs may not actually benefit the organization or the cardholder. Some issuers offer rich rewards to the group, but fund the program through the cardholders (higher rates and pricing). And some rewards have a short shelf life, with points that expire in a year.

Compare affinity programs to learn what the rewards are, who gets them, and most importantly, who pays for them.

Know the terms

Affinity card issuers see value in reaching a particular customer base, but they also have to make money on affinity card programs. Understand where that revenue is coming from—especially if it’s coming from your supporters.

Ask these questions:

  • What are the rates and fees?
  • Does the lender charge cardholders extra for personalization?
  • Are there hidden charges that lessen the value for your organization and/or its supporters?

Consider the marketing support

Traditionally, affinity card issuers have controlled the marketing, using direct mail as their primary, if not only, tool to communicate about the affinity program. With social media, the toolkit has expanded and organizations are gaining control and customization of how they market to supporters and members.

Ask these questions:

  • Does the issuer provide tools to support marketing efforts beyond direct mail?
  • Do you have to wait for bank approval of marketing messages or can you insert pre-approved copy in a newsletter or share it on social media?
  • Does the program give your non-profit the flexibility to send messages on your own timeline?

Control of your supporter list

Many lenders will ask you for direct access to your organization’s supporters and for the control over the marketing messages and timing. They do this so they can cross-market other financial products and services when they issue your affinity card. You’ll have to decide whether you want to give up that control.

Check references and reputation

When entering an affinity program, issuers not only get access to your organization’s database—they also get an implied endorsement.

Choose a banking partner carefully. Talk with current affinity partners. Weigh the bank’s reputation among other non-profits. Check their asset quality, capital adequacy, profitability and loan growth; all factors that indicate the bank’s strength, stability and economic responsibility. Based on your research, select a bank that shares your values and will become a long-term partner.

 

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.


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Partnering for what’s ahead: A conversation with Will and Bart of AmeriFlex

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Take a look at this video highlighting one of our many fantastic clients, or should I say business partners.

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Mr. Fee serves as president of UMB’s Texas region and is responsible for designing and executing a strategy to establish UMB Bank in the Texas market, initially by way of Dallas. He joined UMB in 2002 and has also served as the community bank president of the UMB South Kansas City region. Fee earned Bachelor of Science with a major in Business Administration and Accounting from the University of Kansas in Lawrence, Kan.

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Multiple Summits for MS

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We sat down with Ryan Chase, UMB vice president and private banking client manager in Denver, to discuss an organization that’s become his personal mission: Multiple Summits 4 Multiple Sclerosis.

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MS4MS Team UMB Quandary PeakWhat is Multiple Summits?

Multiple Summits 4 Multiple Sclerosis (MS4MS) is an annual fundraising event for the Rocky Mountain MS Center. Teams can sign up for a day they want to climb a 14er. Or you can go it alone and participate as an individual.

When did you get involved?

It all started when I was almost diagnosed with MS in 2006/2007. I saw numerous doctors and eventually was labeled at-risk for MS. I knew I would make the best of it no matter what happened, but the thought of having MS terrified me. The doctors monitored me for one year. In February 2008, I had more tests and the doctors found no progression. The neurologists told me that unless there was any major change in symptoms, I probably didn’t have MS. Relieved doesn’t even begin to describe how I felt.

 

 

But I knew others weren’t as lucky. I wanted to get involved with the Rocky Mountain MS Center to make a difference for those who are diagnosed with MS. This wonderful organization is doing some amazing work to educate others about MS and raise money for research to find treatments and hopefully a cure for this debilitating disease. I told them my story and ended up joining the board in 2008.

Then in 2009, I planned to climb Mount Rainier. At first I was only doing it for fun but then I decided to create a fundraising webpage to raise money for the climb. Funding is critical to the work we’re doing at the MS Center and I thought a fundraiser like this would help. I ended up raising $2,000 for the MS Center. When I got back from that climb I decided that I wanted to try it on a larger scale. That simple idea has expanded into what MS4MS is today.

How has it evolved since then?

MS4MS was a grassroots effort in the beginning, but we raised $20,000 in the first year alone. We doubled that the second year, collecting $40,000 from 20 teams. By the third year we formed an official MS4MS committee through the Rocky Mountain MS Center. The program really began to grow that year with 22 teams raising $75,000. We also began accepting corporate sponsors.

How many years has UMB participated?

UMB has supported the program now for two years, acting as a corporate sponsor and encouraging Colorado associates to climb a 14er. This year, nine UMB associates raised money and climbed for the event.

Promoting healthy lifestyles in our associates is an important part of UMB’s company culture. Supporting and promoting MS4MS is just one of the many ways we do this.

MS4MS Team UMB Quandary Peak with SignSome of Team UMB at the top of Quandary Peak. From left to right: Chris Ross, Jenny Boyle, Caleb Hester, Ed Cannon

How much money did the event raise this year?

This year the goal was to raise $80,000. We’re continuing fundraising efforts until October 31, but we are well on our way and we will most likely surpass our goal. We had 225 people register to climb and currently we have raised a little more than $70,000.

Why is Multiple Summits important to you?

As a board member, I know how critical funding dollars are to help with the continuous effort to support the Rocky Mountain MS Center and how important the research is to find a cure for MS. Our partner doctors need the financial support to continue their efforts in finding a cure and progressive treatments for this disease. MS4MS helps the Rocky Mountain MS Center operate. Having gone through the process of a possible MS diagnosis was extremely eye-opening to me and I am proud of what many committed individuals have accomplished in a short period of time.

 

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.


Ryan Chase is a vice president and private banking client manager at UMB Bank, n.a. He is responsible for building and maintaining affluent client relationships through fulfilling credit, banking and investment needs. He has worked for UMB for six years. He has a bachelor’s degree in Sociology from Lake Forest College in Lake Forest, Ill.

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Your culture drives innovation

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Mike Hagedorn is back to expand on the idea of company culture. This time, he highlights the importance of allowing your culture to drive innovation.

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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.

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