Blog   Tagged ‘private wealth management’

UMB: Insights – Financial Advice for Millennials

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Do young people really need a financial advisor? Phil shares why you DO need one as you move into adulthood. His advice is to:

  • Work with a financial advisor.
  • Establish a plan and put it in place.
  • Work toward achieving it!

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

 

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Mr. Phillip Klevorn is a Regional Manager for UMB Private Wealth Management. He is responsible for Private Wealth Management in the St. Louis Region. He joined UMB in 2015 and has 22 years of experience in the financial services industry.



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Meet the Leadership Series: Phil Klevorn (Private Wealth Management)

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Q&A with Phil Klevorn, Senior Vice President, Private Wealth Regional Manager

Get to know UMB’s leadership a little better.
Phil Klevorn marathon

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Tell us about yourself.
I am from St. Louis and feel rooted in this community. I am very much involved in the rebirth and rebuilding of the urban landscape of St. Louis. I went away for school to Benedictine College in Atchison, Kan. Few people know that in a previous life I was a Minor League Baseball umpire in the Appalachian League and the Florida State League. I even had spring training with the New York Mets and the Philadelphia Phillies. When it became apparent I was not Major League material, I had to move on.

I am the youngest of six boys (no girls) and so my growing up was a unique experience to who I am. Currently I have three kids ranging in age from 11 to 16-years-old and all are progressing in a manner that I expect will lead to mature and productive adults. My wife is a godsend who keeps me grounded and is the best partnership I could ever be part of. 

What about your past shaped who you are today?
I would like to think that the times I have failed to achieve a goal or been unsuccessful in a pursuit has shaped me today. I am a firm believer that we learn from our failures and mistakes and those difficult times make us stronger.

Why did you choose UMB?
From day one I was impressed with UMB as I saw early on the value system here matches up with mine. Essentially, I am attracted to the way we value clients and treat them in a manner that focuses on their success and them as the core of what we do each day. 

What have you found successful in your role within UMB Private Wealth Management?
I think a great Private Wealth manager recognizes the strength of the team around them and works to that strength. The success we have had here in St. Louis is because we have come together as a team and have employed a disciplined strategy that challenges our clients and enters into a process that is focused on our clients rather than on us.

What are your favorite ways spend your free time?
I serve on the board of the International Institute which is an organization that deals with refugee resettlement and immigrant assimilation. Seeing individuals come into our country with nothing but the clothes they are wearing and in a matter of time sharing in the American dream is something to behold.

I run marathons (I’m not very fast) and enjoy the intensity and push to go beyond what I am capable of. And, I serve on the City of St. Louis Tax Increment Finance Commission as a way to promote the growth of our urban core.

On the weekends, I like to go on a long run in training for a marathon and then spend time with my wife and kids. Good food and good drink can make a special weekend very special.

Where is your favorite place to travel?
Phil Klevorn family at Liberty Bell
I really like historical places of interest. This past summer, my family and I went to Pennsylvania. To stand in the spot where the Declaration of Independence was debated and signed is a moving experience. Likewise, standing on the Battlefield of Gettysburg and reliving that watershed moment in U.S. history helps put my life in 2015 in perspective.

Tell us about your team.
The St. Louis Private Wealth team is really a great group who has diverse backgrounds and levels of experience. This team does not need to be told what to do. I fill out the lineup card, and they do the hitting.

I am happy to report that we have brought in as much in assets under management for the first 6 months of 2015 as we did in all of 2014. This is a testament to the focus we have applied around our process. The talent and abilities are there, we are just doing a better job of bringing it together.

What is the greatest challenge facing the industry right now?
How we engage clients going forward will be the key to our success. For our industry, if we focus on clients goals and objectives and understand their priorities, we will be successful—and I think we are ahead of the curve on this. I am not sure the industry understands this, but it is repeatedly what our clients tell us. Our clients are not interested in how great at wealth management a firm is. They want to know we are listening and providing solutions that meet the client’s needs and not what is in our own self interest. To me, this is the defining issue of the day and that separates the good firms from the not so good firms. I am happy that we are going down the path of being a good firm.

 

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. Phillip Klevorn is a Regional Manager for UMB Private Wealth Management. He is responsible for Private Wealth Management in the St. Louis Region. He joined UMB in 2015 and has 22 years of experience in the financial services industry.



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UMB: Inspiration – Private Wealth Management

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UMB prides itself on being a financial institution with a heartbeat. We are passionate about what we do and want to share what inspires us.

Dana’s father inspired her to be a leader, her small business owner mother influenced her commercial banking roots and several mentors helped to shape her career. Hear more about what inspires the leader of our Private Wealth Management department.

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Dana Abraham is president of the Private Wealth Management Division and is responsible for the delivery of comprehensive financial services to high-net-worth clients. Her areas of focus include Wealth Planning, Private Banking, Personal Trust, Investment Management and Insurance. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Abraham earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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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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A smooth road to retirement

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Are you ready to begin the next stage of your life? Retirement is still an option despite the current slow-growth economy. If you’re considering or approaching retirement, there are several items to keep in mind when nearing this important milestone. If you are planning to leave the working world in the next 18 to 24 months, here are a few considerations in the current economy:

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  • Understand your actual timeline.

    Your “time horizon” may be longer than you realize. Life expectancy is also a big factor. A retirement date is an initial benchmark, but you need to keep in mind that your money can still “work for you” while you are enjoying your newly discovered free time.

  • Make sure to have a cash reserve.

    You should build up a reserve large enough to carry you through six to 12 months of retirement expenses. This can provide a cushion in case of an unexpected downturn or a major unplanned expense.

As markets can vary year to year, those with more than two years until retirement can plan for either situation in the following ways:

  • Increase contributions.

    Invest extra cash. Consistent dollar-cost averaging can help reduce the worry of when and how much to invest. You may also want to direct some of those extra contributions into a cash reserve, just in case of unexpected declines.

  • Diversify, diversify, diversify.

    Don’t put all your eggs in one basket. Throughout market cycles, different classes, styles and assets with diverse market capitalizations perform differently. Actively managing your portfolio diversification can have a greater impact on performance than individual investments.

Most of all, flexibility and patience are virtues in the world of portfolio management.  Don’t fall in love with a retirement date, and don’t be frustrated with market activity. If you have questions or concerns, it may be advantageous to seek the advice of an experienced professional.

Professional advisors can offer objective, educated and customized guidance. They are also an objective and knowledgeable resource that can provide a valuable perspective. While an advisor may not be able to provide every person with the news they want to hear, a good financial advisor can help maximize and leverage the assets individuals have against their personal timelines, risk tolerance and goals.

 

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. Diederich serves as managing director of portfolio management. He is responsible for managing the portfolios of high net worth clients and select institutional relationships. He joined UMB in 2003. Mr. Diederich earned a Bachelor of Science in Finance from Missouri State University in Springfield, Mo., and a Master of Business Administration from the University of Missouri – Kansas City. He is a Certified Financial Planner®, a member of the Financial Planning Association and has more than 15 years of experience in the financial services industry.



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