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Financial planning is a marathon, not a sprint

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Whether you have just started the race and you are at the beginning of your career, or you are closing in on the finish line of retirement, you should stay on track with your financial planning. Much like running a marathon is different than a sprint, planning long-term financial goals is different than simply paying your bills every month. A knowledgeable financial partner can coach you through this and make the process seem less daunting. Similar to a mile marker showing you what point you are at in a marathon, certain life events signal when and how you should financially prepare.

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Just starting out

Start saving as soon as possible to set the pace for this long-distance run. Consider opening a savings account and set aside whatever you can from each paycheck. With most banks, you can set up an automatic transfer from your checking account to a savings account so you won’t even have to think about it. Also consider a retirement fund—either a 401(k)‡ or similar employer-sponsored plan, or an Individual Retirement Account (IRA)‡ separate from your current job.

Planning for a family

Thinking about starting a family? This is an important decision and one that you must be prepared for financially. Much like training before you run a marathon, adjusting your budget and saving for having kids is important. Paying for medical bills when the baby is born or financing adoption fees is no simple task. Not to mention childcare and other expenses related to children once you have them—bottles, diapers, clothes, toys can all add up quickly.


Children’s education

If your children plan to pursue higher education after high school, you will need to save for that expense. A four-year degree is estimated‡ to cost $442,696 for students enrolling in 2035 if tuition increases seven percent per year. Does that number make you nervous? Planning ahead and starting to save when your children are born will help with some of that anxiety.

Pre-retirement

As you see the retirement finish line in the distance, it is important to meet with your financial partner(s) to understand when you can retire and feel comfortable with your finances at that time. Ask how your retirement fund(s) is/are performing and whether or not you need to increase/decrease your contributions. Want to spend your retirement vacationing at that lake house you have always dreamed of? It doesn’t have to be a dream if you start budgeting now.

Post-retirement

Now it’s time for the post-run cool down and stretch. After you retire, it is more important than ever to monitor your finances. You aren’t contributing to a retirement fund or planning to pay for your children’s college; instead you are now working on a fixed income and have to ensure that it will last for the rest of your life.

Marathon runners train very hard for a long time to prepare for those 26.2 miles. Often they don’t do it alone and will work with a trainer who helps them through the preparation. Utilize the expertise available at your bank and start preparing for the long-term so you can reach the finish line when and how you want.

Interested in learning more about our Private Wealth Management division? See what we mean when we say, “Your story. Our focus.

Follow UMB‡ on LinkedIn to stay informed of the latest economic trends.

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.


You've worked hard to get where you are. But, you are more than just your net worth. You have a style, an outlook, a story. At UMB Private Wealth Management, we know that understanding your personal story is the key to helping you write your next chapter. Learn how our experienced advisors can tailor a financial plan based on your unique goals.



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Download Comprehensive Report on Unlisted Closed-End Funds

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UMB Fund Services recently partnered with FUSE Research Network‡ to release a comprehensive report on unlisted closed-end funds (CEFs), including interval and tender-offer funds. The research was conducted by FUSE Research Network.

While unlisted closed-end funds are not a new concept in the registered marketplace, they have gained steady interest in recent years as a viable option to support the growing demand for non-correlated returns.

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At UMB, we have been servicing funds in this space for nearly 20 years, but there has not been comprehensive research on these products until now. We are excited to offer this research to help inform not only our current clients, but also other managers looking at product development opportunities.

Specific elements of the study include number of funds, product features, market overview, product and pricing structures and future outlook.

Key Findings:

  • As of the first quarter 2017, there were 109 unlisted CEFs available for purchase by investors regardless of accreditation status, with total assets under management (AUM) of approximately $41.7 billion.
  • 40 percent of the assets under management belong to the five largest funds in the space.
  • The size of the unlisted CEF market has grown steadily since 2014. Assets have grown at a six percent compound annual growth rate from 2014 to 1Q 2017.

Download a copy of the report,‡ An Opportunity to Differentiate with Unlisted Closed-End Funds.

Visit our website, and follow us on LinkedIn‡ to stay informed of the latest trends in fund administration.

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.

 


Tony Fischer is president of UMB Fund Services. He is responsible for providing overall organizational leadership with a particular focus on strategic development, fiscal management, client service and business development. In this role, he is focused on achieving operational excellence while innovating products and services that will enable continued growth for both UMB Fund Services and its clients. Tony also serves on the boards of UMB Fund Services, Prairie Capital Management, and each of the funds on the Registered Fund Solutions platform.



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Here are eight reasons to revisit your estate plan

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With changing tax laws, regulations and life circumstances, estate plans can easily outdate themselves. As such, they should be viewed as fluid documents, rather than an unchanging concrete plan.

While a thorough assessment of an estate plan is encouraged yearly, these eight items should be kept top of mind when considering if it’s time for a refresh.

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  1. Have Tax Laws Changed?

In 2001, Congress passed sweeping tax legislation that began the process to dramatically shift the landscape of estate planning. Unfortunately, many people still have estate plans that were created before these changes were enacted. The result? Higher exemption amounts may unintentionally affect married couples relying on traditional marital-non-marital trusts.

  1. Have Marital Laws Been Updated?

In 2013, a court case opened the door for federal recognition of same-sex marriage. In 2015, the recognition of same-sex marriage became mandatory across all 50 states offering new planning opportunities for these couples.

  1. Is the Family Dynamic Different?

Much can happen over time in a person’s life. Marriage, divorce, new kids, loved ones passing away or becoming responsible for an individual with special needs. Any change in circumstance is an ideal opportunity to revisit an estate plan—especially when a person needs to be removed from a plan because of either death or divorce.

  1. Has There Been a Move?

Moving can impact tax rates, tax types, probate laws and potentially available trust laws. In addition, some states are community property states, while others are not. The expansion of decanting—amending an irrevocable trust by pouring it into a new trust document—has allowed for a revisitation on some of these issues, even in irrevocable trusts set up in years past.

  1. Are Beneficiary Designations Balanced?

Beneficiary designations are typically used to make certain probate assets non-probate. They must be reviewed periodically to make sure they are in harmony with the overall estate plan. In addition, while state law may correct an estate plan in the event of divorce or marriage, it might not update, for example, an individual retirement account (IRAs) beneficiary designation.

  1. Is the Financial Picture Current?

An individual’s portfolio makeup is dynamic and changes over time. The addition of real estate or a business to a portfolio, for example, means making certain a trustee, durable power of attorney or a personal representative knows and is empowered to carry out wishes regarding succession or sale.

  1. Have Charitable Intentions Changed?

Is there desire to add a charitable gift or a new cause to the plan? Have already noted charities changed identity or split up? Are charitable beneficiaries properly identified? Now is the time to make those designations to ensure wishes are fulfilled.

  1. Has Due Diligence Been Done?

Review estate plans to make sure current wishes are being met, all aspects are properly funded, unique assets have been property titled, and any necessary changes have been made.

Reviewing an estate plan may seem like a daunting task, but it’s one that is necessary to ensure the plan is used to its greatest potential. With the partnership of your trusted team of legal, tax and financial advisors, an updated estate plan is the best way to ensure wishes are clearly stated and carried out when needed.

Interested in learning more about our Private Wealth Management division? See what we mean when we say, “Your story. Our focus.

Follow UMB‡ on LinkedIn to stay informed of the latest economic trends.

This article originally ran in AZ Big Media Magazine‡ on September 1, 2017

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. Teson is a Senior Vice President and Private Wealth Management’s Senior Legal Counsel at UMB Bank. She is responsible for managing Private Wealth Management’s Legal, Fiduciary Tax and Real Estate and Unique Asset teams. She joined UMB in 1992 and has been a licensed attorney for 32 years. She is also a Certified Financial Planner.



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September Outlook by the Numbers

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Do you have questions on the housing market, labor market and interest rates? Check out UMB Investment Management team’s September 2017 Outlook by the Numbers for a quick snapshot on these and other economic drivers.

Also, be sure to review the following videos, articles and interviews for more market and wealth management information…

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*Missouri Farmer Lower crop prices and smaller profits in farming are impacting other industries.

*The Business Journals Tips to help employees become more financially secure.‡

*CNBC (video): Avoid the Political Distractions

*Ingram’s Magazine: Gray Expectations

*Colorado Biz Magazine: How to Stay Cool as Markets Heat Up

Interested in learning more about our Private Wealth Management division? See what we mean when we say, “Your story. Our focus.

Follow UMB‡ on LinkedIn to stay informed of the latest economic trends.

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 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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Private Equity Embraces Outsourcing

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UMB Fund Services Vice President of Business Development Camille Clemons comments on the rise of outsourcing by private equity firms and the diversifying investor base in this video. She explores the complexities of the PE environment and discusses what fund administrators can offer to PE firms.

 

Interested in gaining more insights from thought leaders at UMB Fund Services‡? Read previous articles about:

You can also check out our News and Insights section and follow us on LinkedIn‡ to stay informed of the latest trends in fund administration.

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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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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Fort Worth Team Will Make Iconic Move in 2018

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Our Fort Worth office has signed a 10-year lease for nearly 20,000 square feet in office and lobby space previously held by Frost Bank.

UMB Fort Worth office expansion

The space is located in downtown Fort Worth, with our team planning to move in 2018. We will have 12,000-square-feet of office space on the fifth floor, a newly remodeled 7,000-square feet space in the lobby and exterior signage on the building.

“Since entering the Texas market four years ago, and with our recent acquisition of Meridian Bank, UMB Bank’s growth in this region has been off the charts,” said Cliff Keiser, president of UMB Bank’s Fort Worth operations and commercial banking team. “As we continue to build relationships in the corporate sector and expand our services, it seems only fitting that we showcase our commitment to Fort worth with a long-term lease at one of the city’s most iconic buildings.”

Check out articles in the Dallas Business Journal and Fort Worth Business Press for more details on this exciting expansion.

Visit umb.com to learn how we can help your business.

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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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CEO Corner: UMBF Earnings Summary

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Yesterday we shared our earnings report for the second quarter of 2017. I’m pleased to share some high-level results and notable milestones achieved during the second quarter.

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Loan growth

Increasing loan balances are a driver of revenue growth for our company, and we again delivered solid results with average balances for the second quarter increasing 9.4 percent year-over-year, led by C&I loans.

Key Metrics

Our ongoing efforts to drive positive operating leverage are paying off. For the first half of 2017, revenue growth outpaced operating expense growth, resulting in increased operating leverage of 3.7 percent. On a year-over-year quarterly basis, operating leverage was 4.7 percent, as revenue increased 10.6 percent while expenses increased 5.9 percent. We remain focused on generating and improving the positive operating leverage as we continue to invest in our business to drive revenue growth.

Over the past 13 years, our net charge-off (NCO) ratio has averaged 0.29 percent, while our loan book has more than tripled. More recently, NCOs have averaged just 0.23 percent quarterly over the past five years.

That said, credit trends can be inconsistent from one quarter to another, and, as such, NCOs for the second quarter came in at $10 million, or 0.37 percent of loans. The increase in commercial charge-offs was driven primarily by one credit to a manufacturing and distribution company, which accounted for more than half the charge-offs in the quarter. We periodically have anomalies in our charge-offs – however, given what we know today and the characteristics of our portfolio, we expect our NCOs to return to a level more in-line with historical rates.

Milestones

Several of our businesses hit remarkable milestones during the second quarter.

  • Healthcare Services saw their number of health savings accounts (HSAs) pass the 1 million mark and posted a 30 percent increase in deposits compared to one year ago. Healthcare Services now holds $1.8 billion in deposits and represents 11.5 percent of our total deposits. In general, HSAs continue to show impressive growth, and as the fifth largest HSA provider (by accounts) in the U.S., we are in an extremely strong position to capitalize on this industry trend.
  • Fund Services had a great quarter as well, as assets under administration topped the $200 billion mark. The team brought in new servicing and custody business during the quarter, which helped drive a $1 million improvement in revenue compared to first quarter.
  • Finally, we saw tremendous growth in our Agribusiness division. According to the American Bankers Association’s Top Farm Lenders list, UMB ranked as the No. 20 Ag lender in the nation, which is a remarkable jump from 2012, when we ranked No. 49.

I would like to thank our dedicated associates for their commitment to customer service. And, of course, none of this would be possible without the trust and support of our clients.


Mariner 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.



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July Outlook by the Numbers

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Do you have questions on the housing market, labor market and interest rates? Check out UMB Investment Management team’s July 2017 Outlook by the Numbers for a quick snapshot on these and other economic drivers.

Also, be sure to review the following articles for more market and wealth management information…

Continue Reading

Follow UMB‡ on LinkedIn to stay informed of the latest economic trends.

 Interested in learning more about our Private Wealth Management division? See what we mean when we say, “Your story is our focus.


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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A Look at Mariner Kemper’s Office Art Collection

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What kind of art do you think President and CEO Mariner Kemper keeps in his office? Take a look at the fun and historical art adorning the walls of his bank office in this Denver Business Journal  report by Monica Mendoza.

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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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Monthly Media Update – June

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Reality TV versus political realities in Washington, insights into the St. Louis economy from the market president and a look at Mariner Kemper’s (UMB Financial Corp CEO and President) art collection are just a few media coverage highlights from June.

Stay informed on industry trends and noteworthy company news by visiting our UMB in the News section on umb.com, which is updated weekly for timely viewing.

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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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