We recently sat down with Eric Kelley, chief investment officer for UMB Private Wealth Management, to hear why he chose a career in the wealth management industry. Discover his passion for solving complex problems below.
As UMB’s Chief Investment Officer, what are a few of your main responsibilities?
I lead the bank’s economic forecasting team and sit on UMB’s Asset-Liability Committee. In addition, I have the privilege of managing the investment strategy for UMB Private Wealth’s roughly $11 billion in client assets. It’s a fun, extremely challenging job that is different every single day. I also get to manage a team of associates who are the brightest in the industry and deeply care about the success of our clients and bank.
Describe the career path that brought you to the role you have today.
I started my career in investment banking and quickly realized I wanted to be on a different side of the industry—specifically, where I could make decisions about where money went. I knew that hard work and patience would bring me different opportunities. I expected to work very hard, so I didn’t let any challenges along the way deter me from my ultimate goal. I was willing to wait for the right opportunities to come my way, and thankfully they did.
I joined UMB in 1995, and since then, I’ve worked in asset/wealth management in multiple roles, including Head of Taxable Trading, Director of Fixed Income and, most recently, Director of Investment Research before becoming Chief Investment Officer.
Why did you choose a career in wealth management?
I find this career field to be very mentally stimulating and equally rewarding. There is never a dull day, and I regularly spend time looking at complex problems and figuring out how to find the solution—which I am passionate about doing for the bank and our clients. Wealth management can be a field where you constantly look into the future and worry about the ‘what ifs,’ so it’s a constant challenge to stay present and focus on what’s right in front of me. For me, the greatest thing about this career path is the challenges keep coming and there is no shortage of ways to solve them. I thrive in this environment, and I’m glad I get to use my skills to support UMB.
I enjoy helping our clients reach a more mature, realistic view of investment management and seeing them understand how investments can be part of their overall financial plan. In this field, change is constant, and it can be nerve-wracking change. I chose this career because I wanted to be the calm voice amidst the change. There are so many different voices people can listen to when it comes to their money, but I hope UMB can be a place where we can turn off the noise and just deliver thoughtful counsel and advice.
How do you spend your free time?
I enjoy spending my time with hobbies that involve complex problems or steep learning curves. I love learning and discovering new things about the world, so I am always doing something where I can learn. I’ve found that staying busy and mentally active, whether it’s taking a long walk or vacationing in Colorado to go hiking, gives me a fresh perspective in life and at work, making me a better person and advisor for my clients.
UMB has long touted that it hires the best people, and they stay with the company, resulting in long-tenured associates with deep expertise. In fact, UMB’s average tenure in 2021 was 9.6 years for all associates, which is two times the industry average according to the Bureau of Labor Statistics‡.
In recent years, we’ve started seeing another trend: boomerang employees. Since 2021, more than two dozen UMB associates have resigned, only to return after a short time away. A common thread we hear from those associates is that the culture at UMB is second to none.
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