Blog

Happy Anniversary, Marquette Transportation Finance: Q&A with Rich Voreis, CEO of Marquette Transportation Finance

  |  Posted by

We recently sat down with CEO of Marquette Transportation Finance Rich Voreis to talk about the company’s 15-year anniversary. Check out the below Q&A to learn more about the company and its evolution.

Tell us about Marquette Transportation Finance and how did the company started? 

We are industry leaders in providing working capital financing to companies as an alternative to traditional bank financing. We help businesses do several things such as:

Continue Reading
  • Drive growth by improving working capital
  • Fund acquisitions and recapitalizations
  • Improve liquidity
  • Fund restructures
  • Serve as a bridge lender until a company is able to receive traditional bank financing

We opened the doors to Marquette Transportation Finance (MTF) in September 2002. The story to how we got there is very interesting. Initially, I worked for Marquette Financial Companies, at the holding company level. After several years, I left to join a transportation finance company. When the company was sold, Marquette asked me to come back and start a transportation finance company for them.

In 2002, we had five people working for us and closed our first deal in October of that year. At the end of 2003, we started our 10-year growth trajectory. As of June 30 this year, we reported $160.7 million in factoring balances with an average balance for the quarter at $155.5 million. Factoring is a volume business and the receivables are often more important than outstanding balances. In our fifteen year history we have purchased approximately $15 billion in receivables.

Along the way, we added Marquette Commercial Finance to the family, and we merged the two together in 2012 to become one large subsidiary of Marquette Financial Companies’ Meridian Bank. In 2015, Marquette was acquired by UMB Financial Corporation, which is where we are today as we get ready to celebrate our fifteenth anniversary.

 

 

How has the industry changed?

Our industry has experienced a great deal of change over the past 15 years. First and foremost, the biggest change has been technology. Since we deal with large trucking companies that are delivering products, daily we received reams of paper to support our purchase of our client’s receivables. Each day we would receive an overnight package from every one of our clients containing this paperwork. Today, we do everything electronically, which allows us to be more efficient and standardized in our processes.

We have also seen a lot of change with our competitors and pricing. Initially, the competition was relatively small, but now more banks are adding a factoring division to their offerings. We also have to stay competitive with our pricing and rates, which is directly impacted by what’s happening economically. As we continue to rebound from the recession, we are experiencing more competition in this area.

However, we do feel our service and experience continues to be a differentiator for us. As both our company and the industry continue to grow and evolve, I’m excited about the opportunities we have in offering our clients the best service possible with the best products in the market.

What does the future hold for MTF?

I believe we have a lot to look forward to in the coming years. We are thrilled to be a part of UMB, because now we are able to offer even larger financing to our clients. With UMB’s support, we have been able to expand our offerings and use all the resources that come with UMB’s breadth and expertise.

It is truly an exciting time to be a part of Marquette Transportation Finance. I can’t wait to see what the next 15 years holds for us.

Marquette, a subsidiary of UMB Bank, n.a. located in Bloomington, Minn., is a leading provider of accounts receivable financing solutions, serving companies with annual revenue from $2 million to $400 million. Marquette assists companies in meeting their working capital needs to drive growth, fund acquisitions, improve liquidity and fund restructures. Marquette is small and nimble, which allows it to control how it manages and offers its services, yet it’s also backed by the strength of its parent company, UMB Financial Corporation, which allows the company to extend larger financing packages.


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.



Leave a Comment

Tagged:

UMB Healthcare Services: providing data to increase wellness strategies

  |  Posted by

As the market continues to grow for HSAs, so does the importance for education around accountholder behavior and how employers can use segmentation data to create engaging benefit strategies that will ultimately increase financial wellness.

Through segmentation data and account behavior analysis on its more than 1 million active health savings account (HSA) accountholders, UMB Healthcare Services is offering specific partner data and employer data* similar to what is found in the below infographic.

Continue Reading


Education on how HSAs can be used as a long-term investment strategy is also important in increasing financial wellness among accountholders. In the segmentation data, UMB found that accountholders who invest in their HSAs have a larger balance overall in their deposit account.

Key findings from the 2017 segmentation data include:

  • Savers (UMB accountholders whose HSA balance was greater than the amount spent) represent the largest segment for the fifth consecutive year.
  • On average, UMB HSA accountholders have had their accounts open for a little more than two years, funded accounts have an average account balance of $1,792 and have received a $438 annual employer contribution.
  • Mean average household income of a UMB HSA accountholder is $57,108.
  • Top three occupations: administration management, professional technical, tradesperson.

*UMB’s HSA Data Analytics Tools, HSAWorks®, EngageCore™ and EngageAdvanced™, examine trends in account balances, individual and employer contributions, distributions, invested assets and account-owner demographics.

Learn more about UMB Healthcare Services, which ranks fifth in total accounts and seventh in total assets among all HSA providers (Source: 2017 Midyear Devenir Report).


Ms. Klumb serves as CEO, UMB Healthcare Services. Previously, she served as executive vice president, chief strategy officer. She joined UMB in 2003, after completing her MBA at Yale University. She also holds an MA from Hochschule Fulda and a BA from the Universitat d'Alacant. Ms. Klumb is actively involved in the community. She was appointed by the mayor to the Summer Youth Employment Commission, she chaired the Mattie Rhodes Center board, and she was a co-chair a for Academie Lafayette's successful capital campaign.



Leave a Comment

Tagged:

UMB Together: associates unite for unique event

  |  Posted by

UMB associates recently participated in a new annual event called UMB Together. The event involved diversity and inclusion workshops and activities across the company’s footprint for associates in branches and regional offices. The intent of these activities is to increase associates’ understanding of each other’s differences and to encourage having conversations about these topics. With that in mind, UMB Chief Diversity and Inclusion Officer, Vanessa Sims, explains that UMB Together is about more than one day.

Continue Reading

UMB Together is a collaborative effort among our Business Resource Groups, with a number of the ideas for the event day coming from associates. UMB Together creates experiences for associates to engage and learn about each other and become the best we can be as people, an organization and as a society.

However, UMB Together extends past one day. We encourage each person to think about what this means every day. We’re providing ongoing resources for associates to utilize in approaching difficult situations, getting to know someone different from themselves and more.  Even though we are always working to build a diverse workforce, it’s only when we create an inclusive workplace that we realize ongoing progression toward that goal.

At UMB, we want to continue to cultivate an environment where it’s okay to believe what you believe and to express yourself in a respectful way. UMB Together provides a platform for associates to learn more about each other and how we can all play a role in making the world a safer and better place for all.

UMB Together is also meant to convey a feeling of unity. You never know what your co-workers, neighbors or acquaintances are going through. As associates often describe our company as a family, we want to make it clear that no person is alone in the unique struggles he/she might face. We are together in the effort of conveying understanding, empathy and kindness in all that we do.

We’re working to turn “talk” about embracing diversity and inclusion into action. We believe each person has the power and ability to impact the world in which we live, whether it be at work, in our community, or elsewhere. We encourage everyone to help send a message that working together from a place of kindness and understanding is powerful.

“We can learn to see each other, and see ourselves in each other and recognize that human beings are more alike than we are unalike.” – Maya Angelou.

Learn more about UMB’s diversity and inclusion efforts on our Careers page.


Vanessa Sims joined UMB in 2007 and is senior vice president and executive director of UMB’s Diversity and Inclusion (D&I) strategy. In this role she is responsible for D&I strategy integration, and its alignment with UMB talent and business objectives. She earned a Bachelor of Science degree in organizational communication from Central Missouri State University, in Warrensburg, Mo., and a master’s degree in management and leadership from Webster University, in St. Louis, Mo.



Leave a Comment

Historic Auction Returns to Fort Worth

  |  Posted by

If you asked someone who had no experience with longhorn cattle to describe them, the words “friendly,” “affectionate” and “tame” probably wouldn’t come to mind. However, for those that have grown up around them, such as UMB Fort Worth Commercial Lending Officer Brady Beal (pictured right), these are qualities that he may never forget to include.

Continue Reading

“My family became involved with longhorns about 30 years ago when my mother and stepfather built one of the premier longhorn herds in the country here in Texas,” says Brady. “They are remarkable animals. They’re resilient, very well adapted to Texas conditions, and surprisingly tame.”

“In fact, there was actually a longhorn bull that I helped halter break many years ago, named Funny Face,” Brady continued. “He always wanted to be pet on the top of his head like a dog. It was a lot of fun, but I can also tell you that having a longhorn that is so friendly and affectionate can be a little dangerous. Imagine a dog that comes up and wants to be pet, but has two feet of horn sticking out each side of his head. I was accidentally wacked on more than one occasion. I don’t think Funny Face ever realized he was a longhorn.”

UMB is proud of its long history as a lender to both ranchers and farmers alike (recently recognized as a top 20 ag lender in the United States) and many of our associates, like Brady, have deep connections and understanding of the industries they’re involved in, including commercial, industrial and agriculture. This enables them to better understand and serve a wide range of customers and their needs.

“I like being able to drive around North Texas and see a customer’s place of business and reflect on the stories, how they began, how they expanded, grew and adapted. I think this is the most interesting part of the job. I enjoy getting to know these people as I try to help them with their businesses – I become personally and emotionally invested in the success of these companies.”

Just as Brady continues to build relationships with his customers, UMB also continues to build its relationship with the Fort Worth community, which includes sponsoring the signature Hudson-Valentine Fort Worth Stockyard Auction on September 22.

“The stockyards and Longhorns are big part of Fort Worth’s culture,” says Brady. “This sponsorship helps preserve the rich history of the Fort Worth Stockyards by bringing back the same type of cattle auction you would have seen in the area over 100 years ago.”

While Brady will be there on the first night of the longhorn auction, his days of working with cattle are now limited to attending the auction and helping his mom with the few head of cattle that she keeps at her place in Aledo, Texas.

“Oddly my work with cattle inspired me to choose a banking career. Ranch work is HARD. It’s a 24-hour, seven-day-a-week job, and you still never get it all done. My work with cattle pushed me to know that I wanted a position, where I could help people. At UMB there is an entire culture from the top down that cares about its employees and its customers and wants what’s best for all involved.  In my opinion, the feel of UMB ‘s culture is that it is a family owned organization, which sets it apart as an employer and for our customers.”

Learn more about commercial lending at UMB and our growing presence in Fort Worth.

Learn more about what ag means to UMB and see some of our clients in action.

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.



Leave a Comment

Tagged:

Financial planning is a marathon, not a sprint

  |  Posted by

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.

Continue Reading

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.



Leave a Comment

Download Comprehensive Report on Unlisted Closed-End Funds

  |  Posted by

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.

Continue Reading

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.



Leave a Comment

Tagged:

Here are eight reasons to revisit your estate plan

  |  Posted by

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.

Continue Reading
  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.



Leave a Comment

September Outlook by the Numbers

  |  Posted by

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…

Continue Reading

*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.



Leave a Comment

Focused on Service

  |  Posted by

We believe customers deserve a relationship with their financial partner that isn’t just transactional—a relationship built on integrity and trust. We strive to deliver the unparalleled customer experience every day to our customers and to each other. See how president of Nebraska Region Joel Falk describes this approach in the below video.

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

Continue Reading

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.



Leave a Comment

Tagged:

Monthly Media Update – August

  |  Posted by

CNBC discusses the impact of the political drama in Washington on the markets with our CIO, UMB’s Texas team talks about its expansion into Fort Worth’s iconic 777 building, our healthcare services CEO shares tips for employers to help employees be more financially secure, and why our personal banking president thinks each generation should have a retirement plan as distinct as their taste in pop culture are a few media coverage highlights from August.

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.

Continue Reading

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.



Leave a Comment

Tagged: , , , ,

Page 2 of 2312345...1020...Last