Helping Clients Build Their Legacies
Dan Weeks, managing director of UMB Family Wealth, shares how his career at UMB has helped prepare him to lead families through their next chapter by honoring their goals and values.
My seven years at UMB has been full of opportunities. I’ve had the opportunity to work in several different roles and think creatively to propel my career forward. Each of these positions played an instrumental part in my career growth and have prepared me for the work I’m doing today, which is where my passion lies—helping clients discover how they want to manage and grow their wealth now and into the future.
Every family is unique. Each has different values, different perspectives, a different approach to wealth and a different path they’ve taken to get where they are. Our job is to not only honor and preserve that story, but to help the family write their next chapter.
Listen First, Plan Together
One of the greatest skills I’ve learned in my time with UMB is how to listen. While it’s easy to jump in and provide solutions, I’ve found it’s incredibly beneficial to fully listen to a client and their needs to ensure I understand what they are asking of our team—we’re better partners for our clients when we actively listen and ask meaningful questions that enable us to provide informed advice and recommendations.
The family office industry focus has evolved through the years to move from products and performance to access and advice. Our clients want access to the right types of investment opportunities along with advice in the form of holistic financial planning. When I first meet with clients, I always spend time listening and intentionally refrain from jumping to solutions. This approach lets me work alongside our clients so they remain in control and involved in the process and can trust the plans we create for them. I greatly enjoy helping my clients navigate the complexities of their wealth by providing recommendations that encompass their values.
We also spend a lot of time talking about how we make their values come to life. I’ve watched many families evolve to include more communication and ask for more involvement from the younger generations. This is a positive shift for many families, because the first generation can educate and bring the next generation along. Everyone is able to come to the table and become comfortable with the plan and goals. This makes the wealth transfer much smoother.
Managing Through the Emotion
For many entrepreneurs, it’s scary to sell their business and consider what the next step is going to be, or it’s intimidating to imagine managing a wealth transfer. I grew up in a family business, so I understand where these owners are coming from which helps me relate to their needs. These are extremely important and weighty decisions, and it’s both expected and natural for emotions to be involved. The key is to understand the intent behind the emotion, so it can be used to strategically inform and appropriately drive the plan.
It’s a rewarding challenge to think through how we can create the most impact with the wealth a family has generated, including how the wealth is passed to the next generation to ensure the first generation’s goals are met.
Building the Legacy Together
Ultimately, my goal when working with a family is for them to tell me UMB has positively changed the trajectory of their wealth for generations to come. Because of our partnership, we can put structures and processes in place to honor their goals and values as they work to preserve and grow their wealth. Since UMB Family Wealth is part of UMB Financial Corporation, our clients can take advantage of all the resources we have at our disposal like our private wealth structure, commercial and consumer products.
We have numerous partners we can pull into conversations who all understand and embrace the approach of working together while keeping the family in the driver’s seat of their wealth journey. Our ultimate goal is to provide access, advice, and adaptability to our clients as we write their next chapter together.
Securities offered through UMB Family Wealth are:
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
Interested in learning more about our UMB’s Family Wealth division? See what we mean when we say, Wealth with impact™.
UMB Financial Corporation