The KBA Trust Division hosted its annual Trust Conference on Oct. 24-25 at the Wichita Marriott Hotel. This conference provides attendees with valuable, up-to-date insights on the latest trends and advancements in trust and estate management, equipping them with practical tools and knowledge.
2024-25 Trust Division Board of Directors
- Mark Kennedy, President, Citizens State Bank & Trust Co., Ellsworth
- Tasha Bucher, President-Elect, The Trust Company of Kansas, Arkansas City
- Amy Barber, Vice-President, The Trust Company of Kansas, Arkansas City
- Lori Bone, Immediate Past President & MOKAN Treasurer, Fidelity State Bank & Trust Co., Dodge City
- Chris English, Past President, The Trust Company of Kansas, Lawrence
- Sherri Gormley, Director, First National Bank of Hutchinson, Hutchinson
- Grant Paitz, Director, INTRUST Bank, N.A., Wichita
- Chris Kuckelman, Director, Midwest Trust Company, Overland Park
- Debbie Newman, Director, Southwest National Bank, Wichita
- Jeff Wacker, Director, Advantage Trust Company, Salina
- Joe Karnes, Legislative Representative, Central National Bank, Lawrence
“On the Economic, Business, and Political Climate”
Dr. Roger Tutterow, Kennesaw State University
In this session, Dr. Roger Tutterow provided a timely overview of activity in the national and regional economies, including a discussion of the role of supply chain disruptions on the construction and retail sectors, the long-term effect of COVID-19 on labor markets and real estate, the connection between fiscal stimulus, monetary policy and the recent surge in inflation, policy responses by the Federal Reserve, and effects of changes in the competitive landscape on performance in the public and private sectors.
“Culture is Key”
Jeff Kropschot, Kropschot Consulting Partners LLC
During this session, attendees explored critical elements of a strong compliance culture and the compliance, operational, reputational and other benefits enjoyed by organizations that maintain a strong compliance culture. Jeff also shared illustrative examples of companies and individuals who have embraced and not embraced these essential principles.
“Make Politics Boring Again”
Linda Duessel, Federated Hermes
This presentation explored the setup for the presidential election, where opinions about Biden and Harris are set in stone. Independent voters and a handful of swing states will likely determine the outcome. Still, the historical precedent is clear that the chances rest on the state of the economy and voter’s pocketbooks. Congressional races are so boring, but most important for the country’s future path. Politics may never be boring again.
“Conflicted”
Jeff Kropschot, Kropschot Consulting Partners LLC
In this session, attendees explored examples of traditional and emerging conflicts of interest and self-dealing scenarios that arise in delivering fiduciary services. Attendees also discussed the risks and liabilities related to these scenarios and permissive exceptions to the duty of loyalty that may allow a fiduciary to engage in conflict of interest and self-dealing activities legally. Finally, attendees discussed actual conflicts of interest and examples of self-dealing, as seen through the eyes of a former Examiner and Chief Compliance Officer.
“Fixed Income for All Landing Scenarios in 2024”
Austin Stockfish, First Trust Advisors
Two years had passed since the Fed’s first interest rate hike of this cycle, and roughly eight months had passed since the Fed’s last rate hike. While interest rates indeed remained higher for longer, interest rate volatility declined as the Fed shifted from an “increasing rate regime” to a “peak rate regime.” Austin sifted through the fixed-income markets, highlighting risks and opportunities at the time.
“The Times They Are Changin’”
Noah Helm, First Trust Advisors
Growth crushed value and technology outperformed everything. COVID-19 and government intervention had huge implications for markets. The question became: Where would we go from there? Investors who stayed focused on fundamentals minimized risk and avoided emotional decisions. This mattered more than ever. Noah Helm shared First Trust’s view on where markets might head next.
“Creating Team Engagement and Connection: Transforming Organizational Culture with the L.E.A.D. Operating System”
Neil Stevens, Oconee State Bank, and Caleb Stevens, SouthState Bank
With employee engagement at critical lows, as highlighted by recent Gallup findings, the need for effective, actionable solutions has never been greater. In this talk, Neil and Caleb Stevens introduced the L.E.A.D. Operating System, which is a groundbreaking approach designed to revolutionize workplace culture. They provided proven strategies to dramatically reduce turnover, increase retention, enhance sales and boost profitability.
“Top Retirement Plan Issues for 2024 for the Baby Boomer Generation and Eight Retirement Distribution Strategies that Will Make Their Money Last”
Larry Divers, Canon Financial
The presentation addressed specific ways for individuals and households to create a lifetime income stream that neither the individual nor their spouse could outlive. It also covered methods for distributing remaining assets to beneficiaries in the most tax-sensitive manner.
“Retirement Update: SECURE 2.0 and Required Minimum Distribution Rates”
Larry Divers, Canon Financial
The presentation included a discussion on Individual Retirement Accounts, including Traditional, SEP, and SIMPLE IRAs; 401(k), 403(b) and 457(b) Plans; required minimum distribution aggregation rules for each type of account; and strategies for lowering required minimum distributions. Topics covered included qualified distributions, Roth conversions, qualified charitable distributions and net unrealized appreciation on company stock.
Pictured is Mark Kennedy, incoming President of the KBA Trust Division at Citizens State Bank & Trust Co. in Ellsworth, thanking Lori Bone, of Fidelity State Bank & Trust Co. in Dodge City, for serving as President of the board and presented her with a gift. Thank you, Lori, for your leadership!
