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Manufacturing and Technology Part IV: Q&A

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Our audience was filled with manufacturers with workforce issues. If you’re in the same boat, check out the answers to these common questions.

In case you missed it earlier on the blog: our expert panelists explained how they find the right employees for their organizations, reach out to high school graduates and tackle advanced manufacturing.

 

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Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

 

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.



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Manufacturing and Technology Part III

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3-D printing and advanced manufacturing are hot topics in the manufacturing and technology industry that our panelists tackled at a recent thought leadership event.

Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

In case you missed it earlier on the blog: our expert panelists explained how they find the right employees for their organizations and reach out to high school graduates.

Later this month, we’ll bring you more answers to some frequently asked questions.

 

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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.



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Financial Word of the Week: What do you want to see?

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FWOTW

Every Monday, we’ve given you the tools to navigate through all the financial jargon. Now it’s time for you to tell us what terms you still need to brush up on. What words have you encountered lately that you’d like us to cover?

We’ll give you a break for the holidays from studying up on financial terms. But when we come back in January, we’ll address the financial words you need to see the most.

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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.



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Financial Word of the Week: FDIC

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FWOTW

You’ve seen “FDIC” logos at your bank (we hope!) and heard commercials that end with the quick disclosure “member FDIC.” But what does that mean for you? The Federal Deposit Insurance Corporation (FDIC) insures the money in your checking and savings accounts up to $250,000. If you use more than one bank, you’re also guaranteed up to $250,000 at each insured institution. That’s why financial experts advise spreading out your wealth after you reach that maximum.

The FDIC is a government agency (created in 1933 after thousands of bank failures) that manages bank insurance funds. FDIC insurance is mandatory for all U.S. chartered banks and banks that are Federal Reserve System members.

 

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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.



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Website maintenance this weekend

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Our umb.com website will be undergoing maintenance Saturday night. It will be unavailable starting at 11:00 p.m. (CST) Saturday, November 22 and accessible again by 5:00 a.m. Sunday morning. Text and mobile banking will still be available at this time.

Construction Cones

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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.



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Financial Word of the Week: Laddering

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FWOTW

Last week, we explained how Certificates of Deposit (CDs) can be a wise option due to their higher interest rates compared to other types of bank accounts. One way to avoid early withdrawal penalties if emergencies arise is to “ladder” your CDs.

Laddering CDs involves investing your money at different maturity terms so they become available at different periods. To create a CD ladder you should research various financial institutions for the best rate. Once you identify where to invest your money, decide how much you want to invest over each term—divided evenly or unevenly. Invest the determined amount in each CD, choosing different terms.  For example if you have $30,000, invest $5,000 in each a 6, 12, 18, 24, 30 and 36 month term CD. When each CD reaches maturity you can either reinvest or take out any money that you may need.

Laddering CDs is popular during an economy where rates change frequently. Remember to ask financial institutions what their pre-payment penalties are on CDs.  Many people favor investing in a longer term CD to get the best rate and take the risk of paying an early withdrawal penalty due to the low penalties.

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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.



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Financial Word of the Week: Certificate of Deposit

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FWOTW

Certificates of Deposit (CDs) are a type of savings account that generally earns you a higher interest rate than other bank accounts because you are restricted from withdrawals or deposits. You are guaranteed to earn a set interest rate throughout the term of the CD.  Most institutions have CDs that range from 30 days to multiple years. If you do withdraw money from the account, you may have to pay early withdrawal penalties.

CDs were authorized in the 1960s and gained popularity during the inflation period of the 1970s because of their attractive rates. They are also insured under the Federal Deposit Insurance Company (FDIC) guidelines. Given today’s low interest rate environment, you may need to weigh the benefits of being locked into a term. If rates go up, you will be stuck in a low interest rate account or pay the penalties for early withdrawal.

Example
The highest average advertised rate on a one-year CD is 1.00% Annual Percentage Yield (APY). With that rate, it would take you 72 years just to double your money with compounding interest. Or more realistically, if you kept $1,000 in a CD for 10 years, you would only earn approximately $100 in interest. However, if you have a specific goal and time period you’re saving for, then a CD investment could make sense for you.

Next week we’ll explain how to ladder CDs and how it can help you.

 

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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.



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Manufacturing and Technology: Attracting a New Workforce

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Last month our expert panelists explained how they find the right employees for their organizations. Now these manufacturing and technology industry leaders tackle the topic of education and attracting the next generation to the workforce.

Kim Maddigan (CEO, AdamWorks) says the industry needs to reintroduce manufacturing as an appealing career option for young people in the United States. The panelists also discuss whether or not internships and job shadowing are a helpful approach.

Panelists:

Jon Kinning, COO, RK Mechanical, Inc.
Kim Madigan, CEO, AdamWorks
Bill Newland, CEO, Hercules Industries
Kevin Fink, CEO, Ice-O-Matic

Moderator:

Bart Taylor, Founder/Publisher, Company Week

Next month, we’ll bring you the panelists’ answers to some frequently asked questions.

 

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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.



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Financial Words of the Week: APY, annual interest rate and compound interest

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FWOTW

Ever notice that sometimes your interest rate has the letters APY next to it and sometimes you just see a percentage? What do those letters mean? More importantly, how does the difference affect the money you earn in savings and pay on a loan?

First of all, you need to know that compound interest comes from the money you earn on the interestyou’ve already earned. This is one of the many reasons you want to get the highest interest rates for your savings/investing and the lowest interest rate for your loans. It differs from simple interest which only earns interest on the principal balance.

Financial institutions should give you two quotes when you are asking about interest rates: the annual interest rate and the Annual Percentage Yield (APY).

The annual interest rate is the yearly rate you earn in an investment or pay on a loan and doesn’t factor in compound interest. The annual interest rate is what the account is currently earning and only involves simple interest.

Example: If your savings account has a balance of $10,000 and an annual interest rate (no compounding) of 1 percent, then here’s how you would calculate your earnings from one year:

                                $10,000 x 1% = $100 (after one year, your account balance would be $10,100)

Annual Percentage Yield (APY) is the similar to annual interest rate, but it does factor in compounding.  This can make a significant difference when it comes to investing and borrowing.  APY is what you’ll use when comparing rates for investment/saving options.

Example: If you put the same amount of money into a savings account that utilizes APY (compounding interest of 1 percent), here’s the formula you’d use assuming the interest is compounded twice a year:

                                           $10,000 x (1 + .01/2)2 = $10,100.25 (balance after one year)

While the above examples show insignificant differences – did we really take the time to explain all this for a 25 cent difference? – the larger your interest rates and deposit  balances are, the more impact APY vs. annual interest rate will make. Remember, compound interest is your friend when you’re saving or investing and your foe when you’re taking out a loan or using a credit card.

 

 

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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.



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Financial Word of the Week (Small Business Month): Collateral

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FWOTW

Collateral is a company’s assets that are pledged to ensure payment of a financial obligation. Collateral can include business or personal assets such as equity in your home. Business collateral typically includes equipment, inventory, vehicles and accounts receivable. As we explained in our post about the “Five Cs of Credit” (one of which is collateral), you may be required to sign a guarantee with the promise to repay the loan if you cannot repay it with the profits from your business.

Sometimes a Small Business Administration (SBA) loan could be used if there is a collateral short fall within the organization.  An SBA loan has other requirements as well.

A company must understand that the collateral they put up for a loan could be seized if a company defaults on a loan. Also remember that most lending institutions require your collateral value to be more than the loan amount.

 

 

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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.



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