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UMB: Insights – When to Engage a Wealth Advisor

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UMB Industry Insights

Belinda explains why you should start talking to a wealth advisor. They can help you see the big picture, set your priorities and customize your plans accordingly.

Learn more in this continuation of our UMB: Insights series.

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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UMB: Insights – Culture

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What makes UMB stand out from other organizations? Our leadership shares what they believe makes us special in this continuation of our UMB: Insights series.

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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UMB: Insights – Public Finance

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UMB has a long and successful history with underwriting municipal bonds for cities, counties, public hospitals and universities. One of the keys is to foster relationships with attorneys, bond counsels, underwriters and the customers. Learn more in this continuation of our UMB: Insights series.

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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UMB: Insights – Growth in agribusiness

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“We have focused our growth and our expansion around the “Bread Basket,” because we believe everything starts with agriculture.” Mariner Kemper, our Chairman and CEO, and other UMB leaders share why we focus on agribusiness.

Be sure to watch our first video about agriculture: What ag means to UMB.

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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UMB: Insights – Aviation

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It’s not just CEOs who utilize private/corporate aircraft, but most often sales teams. Learn more about this critical tool and why it’s an efficient option for many businesses.

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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UMB: Insights – What ag means to UMB

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Beginning with the Kemper family’s love affair with agriculture, UMB has had a rich history with agriculture.

Continuing our UMB: Insights series, Mariner Kemper, our Chairman and CEO, and Bill Watson, president of UMB Bank’s Agribusiness Division, share why we focus on agriculture.

“UMB’s been in agribusiness for all of the 102 years we’ve been in business. It’s part of our roots. It’s part of our connection to the community.”

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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UMB Insights: Payments Landscape

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Each year, there are 200 billion transactions that equal nearly 100 trillion dollars. Learn more about the challenges and opportunities facing the payment landscape today, such as:

  • Innovation
  • Behavior
  • Globalization

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Mr. Thelen is executive vice president of Treasury Management for UMB. He is responsible for treasury management sales and products, international services, capital markets and commercial healthcare banking, which include overseeing client management and service, product innovation and delivery, risk and compliance. He has more than 20 years of experience in the financial services industry.



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How to finance your dental practice: the most important questions to ask

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As a dental professional, you’ve probably spent at least eight years in school preparing for your career (12 to 14 if you are a dental surgeon). After that, your focus will be on growing your new practice by building your patient panels and providing quality dental care to the community you serve.

dental practice financing

But what’s next? There are questions you need to ask yourself as soon as you open a practice:

  • Does your practice need remodeling or construction?
  • Do you see yourself bringing on a new partner at some point?
  • And most importantly, are you adequately planning for your retirement?
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As we work with dental practitioners, we’ve noticed a trend within this profession. A lack of strategic borrowing to pay for their practice’s expenses is a leading cause that prevents dental practitioners from retiring when and how they want. Only around 8 percent of dentists are able to retire and maintain the lifestyle they had during their working days.

Dental practitioners face many challenges in today’s market. Those challenges are further motivation to properly manage your funds. An important aspect of your finances is considering the best borrowing practices for your office. Some questions to consider when thinking about a loan for your dental practice:

What are your goals for your practice?
Determine where you see your practice over time. Figure out how quickly you want to grow your practice or if you have aspirations to open multiple locations. Identify a plan and partner with industry professionals who will help you achieve your ultimate objectives. Then discuss with your banking partner what financing structure will help – not hinder – this plan.

Are you borrowing with the best interest of your practice in mind?
Ask your banking partner to explain all loan options so you can align the loan structure to the best interest of the practice.  For example, some loans have a balloon payment at the end, which could require you to pay additional interest. The money you might have to pay in additional interest could be used instead to help expand the practice or could be committed to your retirement.

What are your ramp-up and wind-down strategies?
In addition to determining the long-term growth of your practice (ramp-up), you will also need to eventually consider succession and retirement strategies (wind-down). Have you considered hiring an associate to purchase your practice as a component of your exit strategy? Have you engaged a CPA firm to complete an evaluation of your practice? These are potential issues to consider as part of a succession plan.

Every practice is unique and you might even find that long-term goals change over time. Start planning early and understand what financing options are paramount for your practice. Find a banking partner who will help you determine the best loan options for your practice and your eventual retirement and succession plans.

For more financial advice, take a look at my video on Business Banking for Dentists.

 

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.

 


Dave Bauer is a Vice President / Region Manager for UMB Business Banking. He is responsible for leading the Business Banking teams in the St. Louis and Oklahoma City regions. He joined UMB in 2011 and has eight years of experience in the financial services industry.



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Industry Insights: Manufacturing Efficiencies

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Business is good for the manufacturing industry. How can manufacturers capitalize on this growth?

 

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Mr. Nohavec is a SVP/Business Development Officer for UMB Bank Colorado. He is responsible for Colorado. He joined UMB in 2005 and has 20 years of experience in the financial services industry.



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How to secure an ag loan

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If you’re in the agriculture business, you know that securing a loan is an important step to reaching milestones like purchasing new equipment or additional land. When you decide it’s time to borrow money – no matter if it’s your first loan or for additional funds – there are a few tips that can help make the process more efficient and effective.

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The four phases of securing an ag loan:

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1) Application Phase

Determine what you want and why. The amount, term and purpose of the loan will be essential to understanding the risks and cash flow burdens you will incur as well as for the lender to understand your needs. This may sound basic, but it is the most important and often times overlooked portion of the loan request process.

It’s okay to be a little unclear as to the right structure for the loan as this is a task that should be done in collaboration with a lender. The lender should work carefully with you to determine how the loan will work going forward and what it will be used for. Loans borrowed for one specific purpose and then used for another is the most frequent cause of stress and problems between ag borrowers and lenders.

2) Information Phase

During this phase, it is important that you be open with your lender. There are three areas you should be prepared to discuss:

  • Copies of your last three years of tax returns and a current financial statement (balance sheet) with complete and full disclosure of all assets and liabilities
  • A realistic value of your assets — Any exaggeration will make a negative impression of your approach to the borrowing process and financial matters.
  • How your operation has changed over the last several years, as well as your expectations for the years ahead — A realistic valuation is one of the most significant aspects of a lender’s assessment of your financial and operational planning capabilities. If you have been through a difficult time period, be prepared to discuss this candidly and to share the causes and cures for these troubles.

3) Analysis Phase

Meet with more than one lender. This may allow for more options on loan terms, rates and structure. Be candid with the lenders in telling them that you are talking to more than one lender.

Ask the lender’s opinion on your loan request, financial strength and plans for the future. If the lender is vague or reluctant to share an opinion, you may need to speak with another bank. Whether their opinion is good or bad, a clear understanding of their thoughts on your financial situation and the direction you are headed is critical to your financial future with this lender. This conversation is one that many avoid because it can be stressful and awkward, but this is where you can receive the greatest value from a lender. This exchange will also provide insight as to the quality of the lender and financial institution you would be working with.

4) Decision Phase

Plan on learning from this experience. Whether the decision on your application is a yes or a no, you have the right to understand the reason and the rationale behind it.

  • With a yes comes the requirement that you understand what the decision means to future operations and cash flow and whether or not it meets your initial needs.
  • With a no comes the difficult but important personal understanding of why the decision was negative and how your operation needs to change so that it will be more credit worthy going forward (at least in the eyes of this particular lender).

In all borrowing discussions, the most important aspect is candor, both with you and with a lender. A realistic third party assessment of your operational and financial affairs can be a valuable insight that can only be gained through a candid and open discussion with knowledgeable people.

For more tips on securing loans, read our lender’s inside scoop.

 

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. Watson serves as president of the UMB Agribusiness Division. He joined UMB in August of 2005 and has also served as the president of the UMB Kansas region. Watson is a graduate of Wabash College in Crawfordsville, Indiana with a major in Psychology. He has also attended The Colorado School of Banking, The National Commercial Lending School (where he has also been an instructor), and the Stonier Graduate School of Banking.



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