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Talk is not cheap when it comes to family money

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The most important concept to understand when transferring wealth is the communication plan. It may be difficult, but here’s why you need to focus on it.

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How to broach the subject of transferring wealth to your children and grandchildren

Money used to be a taboo topic—one your great-grandparents and grandparents would never consider discussing with the next generation. However, times have changed—and so has the thought on these conversations. People want to talk about it while they’re still able to, and there are many benefits to that.

Why the big shift? New wealth, complicated investing vehicles and legacy desires are a few reasons. Many people have seen the challenges that come with unexplained inheritance parameters and instructions. However, discussing your strategies with beneficiaries ahead of time can eliminate confusion, frustration and hurt feelings.

With money comes responsibility and expectations

Educating your beneficiaries on the responsibilities that come with inheriting wealth is important, particularly if you would like your wealth to live beyond the next generation. As you formulate strategies to leave your hard-earned assets to loved ones, you may wish to structure a plan that provides financial security for not only your immediate heirs, but theirs as well.

Start the conversation early

Your children need to be old enough to understand the information, but you can begin talking with them about areas like philanthropy as early as grade school. For example, if your family makes an annual donation, you can involve your children in choosing recipients. Discuss causes that are important to them. Maybe they love pets or want to help give other kids presents for the holidays. Talk about it and let them help pick who you support.

As your children enter the high school years, you can work with your financial advisor to help introduce fundamentals like budgeting and personal cash flow management. Then during their early to mid-20s, you can begin conversations about your estate plan.

Share the strategy

Wealth advisors, or financial planners, generally start the conversation with the older generation about how to share their estate planning details. This is one of the most significant services these advisors provide, because they assist in explaining the estate plan structure, and many times will facilitate the conversation about the strategy.

Inheritors have a lot of questions when discussing their trusts and the strategy behind them, sometimes misunderstanding the intent.  Wealth advisors are neutral parties who explain that securing assets until a certain age is a strategic step. Whether it’s done to ensure measured wealth disbursement or to enable the inheritor to mature before accessing funds, these decisions are made from a comprehensive planning standpoint.

Intergenerational wealth transfer is an extremely complicated process—it can be complicated to execute and emotions are always a factor. Talk with your wealth advisor—they can proactively counsel and assist in both building your strategy and communicating amongst generations. Having these conversations can be the difference in you leaving a gift and establishing a legacy.

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Business Banking for Dentists

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Should new dentists purchase their first home or buy their practice? Watch to find out our recommendation and some pitfalls to avoid when financing a dental practice.

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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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UMB Insights: Commercial Lending in St. Louis

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The current lending environment in St. Louis is cautiously optimistic. Find out more about what industries are seeing the most growth this year.

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Mr. Peter Blumeyer is President of the St. Louis marketplace for UMB. He is responsible for overall commercial growth in the St. Louis metropolitan area and works closely with other lines of business leaders to drive overall growth in the region. He joined UMB in 2006 and has 10 plus years experience in the financial services industry. He currently resides in Glendale, MO with his wife and two small children.

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UMB Insights: Funding a Trust

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We’ve already walked you through the process of estate planning. Today, we’ll explain how to fund that trust and give you an important reminder to update it as your life changes.

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Ms. Gattis joined UMB in 2009. As a Senior Financial Planner, she is responsible for working with clients to insure that they are finding a solution to reaching their unique financial goals. Ms. Gattis has 20 years of experience in the financial industry. Prior to joining UMB, she served as a Private Client Manager for US Trust. Ms. Gattis earned Bachelors in Human Resource Management and Masters in Business Administration degrees from Wichita State University.

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ALS Ice Bucket Challenge

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I was charged this week by Roshann Parris to accept the ALS Ice Bucket Challenge. As you’ll hear me say in the below video, this terrible disease has touched our family as it has countless others.

We all have an obligation to give back to our community. We’re passionate about thinking outside ourselves. Last year, we volunteered more than 1,200 associate workdays, donated more than $1 million and held more than 150 sponsored volunteerism events.

We were already a supporter of the Midwest Chapter of the ALS Association through our annual United Way campaign. Mariner, Mike and I were honored to join thousands of other participants to bring ALS even more to the forefront of people’s minds and make personal donations to the cause.

As tempting as it was to go the donation-only route, who doesn’t want to see their CEO, President & COO doused with water, too?



Check out the special, extended version of the video…

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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 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: Commercial Lending

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Own a business? Earlier, we gave you an inside scoop from a lender’s perspective. Whether you’re just starting a company or renewing a long-time loan, here are a few more tips on what lenders need from you. We’ll also give you a look inside the industry and what types of loans we’re seeing this year.

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Hometown Perspective: Wichita

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We recently filled you in on how the economy is looking in Kansas. Now we’re going to zoom in and tell you about Wichita. Chris Howell, Western Kansas Region President, shares the optimism and opportunity in Wichita this year.

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Hometown Perspective: St. Louis

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Tom Chulick, Chairman and CEO of UMB St. Louis, gives his point of view on the uniqueness of banking in St. Louis. He also talks about the benefit of having a long-term relationship with your financial institution that involves diversification and risk management.

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Mr. Chulick joined UMB in 2007. As Chairman and CEO UMB-St. Louis and President, Midwest Regions UMB (including St. Louis, Greater Missouri, Kansas, Oklahoma and Omaha), he oversees all activities and lines of business for the financial service company in the St. Louis market. He has 29 years of experience in the financial industry. Prior to joining UMB, he served as Senior Vice President and Private Client Advisor at Bank of America. Mr. Chulick earned a Bachelor of Science degree in Business Administration from Rockhurst University.

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Top 10 Market and Economic Variables to Watch…and 3 to Ignore – Part I

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At its core, investment management involves researching thousands of variables and data points. Careful analysis is required of all of these variables and data points to create a “mosaic of information” in order to draw a conclusion on market and economic directions. With the 24/7 news cycle, investors have more data, surveys and reports in front of them than ever before.

In the spirit of a classic David Letterman Top Ten, we’ve put together our own list, but with a twist at the end. KC visited The Street and The Hays Advantage on Bloomberg Radio to share his insights.


ListenKC Mathews on the Hays Advantage

Below are the first two market and economic variables to watch in order to make sound decisions. In the next parts of this series, we’ll bring you more variables and three that perhaps, should be ignored. Let us worry about the rest of the noise.

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10. Earnings Momentum

We are fundamental investors and believe that the primary driver of equity prices is earnings. Regardless of short-term noise that may move markets, sooner or later earnings and earnings momentum will determine market direction.

There is a 77 percent positive correlation between earnings and equity prices. Occasionally you will see equity prices deviate from earnings growth due to various reasons. Since 1955, however, earnings have grown 6.5 percent annually, and the S&P 500 has increased about the same, growing 7 percent on average. In 2014, earnings were up 5 percent and valuations increased by 25 percent, resulting in the S&P 500 posting a 32 percent return.

We expect earnings growth to be in the 4 to 6 percent range this year and continue to expect positive returns in equities. We would not be surprised, though, if we experience a meaningful correction to get earnings and market performance back in line.

9. High Yield Spreads

High yield spreads will usually precede or confirm a material correction in the equity market.  We define a material correction as a decrease of 10 percent or more and haven’t seen this type of a correction since June 2012. Market corrections are a normal and healthy part of a secular bull market. As the domestic equity markets continue to increase, the probability of a meaningful correction also increases. Historically, changes in high yield spreads have either signaled or confirmed a correction in the equity market. For example, in early 1998, high yield spreads widened 65 basis points suggesting an oncoming correction. As expected, a 15 percent mid-year correction followed.  Again, spreads widened by 90 basis points in the summer of 2007, right before the peak of the S&P 500.

In the past two years we have seen smaller corrections ranging from 4 to 7 percent with virtually no widening of high yield spreads. This tells us the meaningful correction has not yet occurred, nor is a correction on the near-term horizon.

Remember to check back for the rest of the variables to watch (and ignore) next month!


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 Private Wealth Management is a division within UMB Bank, n.a. that manages active portfolios for employee benefit plans, endowments and foundations, fiduciary accounts and individuals.  UMB Financial Services Inc * is a wholly owned subsidiary of UMB Bank, n.a. UMB Bank, n.a., is an affiliate within the UMB Financial Corporation. Banking and trust services offered through UMB Private Wealth Management, a division within UMB Bank, n.a.

This report is provided for informational purposes only and contains no investment advice or recommendations to buy or sell any specific securities. Statements in this report are based on the opinions of UMB Private Wealth Management and the information available at the time this report was published.

All opinions represent our judgments as of the date of this report and are subject to change at any time without notice. You should not use this report as a substitute for your own judgment, and you should consult professional advisors before making any tax, legal, financial planning or investment decisions. This report contains no investment recommendations and you should not interpret the statements in this report as investment, tax, legal, or financial planning advice. UMB Private Wealth Management obtained information used in this report from third-party sources it believes to be reliable, but this information is not necessarily comprehensive and UMB Private Wealth Management does not guarantee that it is accurate.

All investments involve risk, including the possible loss of principal. This information is not intended to be a forecast of future events and this is no guarantee of any future results. Neither UMB Private Wealth Management nor its affiliates, directors, officers, employees or agents accepts any liability for any loss or damage arising out of your use of all or any part of this report.

“UMB” – Reg. U.S. Pat. & Tm. Off. Copyright © 2012. UMB Financial Corporation. All Rights Reserved.

*Securities offered through UMB Financial Services, Inc. member FINRA, SIPC, or the Investment Banking Division of UMB Bank, n.a.

Insurance products offered through UMB Insurance, Inc. You may not have an account with all of these entities. Contact your UMB representative if you have any questions.

Securities and Insurance products are:


K.C. Mathews joined UMB in 2002. As executive vice president and chief investment officer, Mr. Mathews is responsible for the development, execution and oversight of UMB’s investment strategy. He is chairman of the Trust Investment, Asset Allocation and Trust Policy Committees. Mr. Mathews has more than 20 years of diverse experience in the investment industry. Prior to joining UMB, he served as vice president and manager of the portfolio management group at Bank of Oklahoma for nine years. Mr. Mathews earned a bachelor’s degree from the University of Minnesota and a master’s degree in business administration from the University of Notre Dame. Mr. Mathews attended the ABA National Trust School at Northwestern University and is a Chartered Financial Analyst and member of the CFA Institute. He is past president of the Kansas City CFA Society and a past president of the Oklahoma Society of Financial Analysts.

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4 important steps after cashing out: Things you need to know about Liquidity Events

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Several things may spark a personal liquidity event, or a large inflow of money, during your career. Selling a business, earning a large commission or accepting an executive buyout, are a few examples. And with that influx of cash comes many investment questions and options—particularly if your current employment is affected.

Understanding and evaluating the different personal and professional areas that may be impacted is important, as you will have many financial decisions to make once the event occurs. Career desires, market conditions, day-to-day finances and employer-provided benefits are a few of the items you will need to consider. Watch more on this topic in the below video. Also check out Part 1 of the Colorado Business Magazine video series where Marti discusses spring cleaning for your finances.

Below are the four important steps:

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1) Determine Your Next Career Step

First, determine your personal short- and long-term employment goals. Are you going to take some time off? Do you want to start a new business? Do you want to venture into an entirely new profession?  Understanding where you are now and where you want to land 12 months (or more) from now will help provide a framework for strategic planning and decisions.

2) Evaluate the Market Environment

The market has changed dramatically over the past few years, and these shifts could carry on for the foreseeable future. The current interest rate environment continues to provide challenges that didn’t exist for investors five years ago. It’s critical for you to have an understanding of current market conditions and how they will likely affect your investments.

3) Establish Your Cash Flow Plan

Now it’s time to look at your cash flow needs. Are you spending more than you’re earning? If the answer is yes, your asset allocation inside your current portfolios becomes extremely important, as there will be a need to fill the deficit without eroding your portfolio’s principal. For example, if you are making an annual salary of $100,000, one of your goals may be to replace that money with the interest earned from your portfolio as opposed to taking direct withdrawals. Advisors can provide you with recommendations and options on how to achieve these goals, while continuing to position your portfolio for your long-term needs.

4) Evaluate Your Ancillary Benefits

Health care, life insurance, savings vehicles, disability and similar benefits are often tied to employment and may end or need to transition when your current job service ends. Advisors can help you identify areas to review and provide recommendations on the best ways for you to move forward based on your strategic plan.

Liquidity events can provide you with many exciting opportunities, but they come with challenges as well. Taking the time to evaluate and plan how to proceed, both personally and professionally, is extremely important. A trusted advisor can work with you to navigate these different areas and make sure you are well positioned for the future.


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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