Pub. 3 2014 Issue 4

l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s 12 MOKAN T HE 35TH MOKAN MIDWEST TRUST & Financial Services Conference was held in Overland Park, Kansas on May 7-9, 2014. The three day conference is developed through a partnership between the Missouri Bankers Association and the Kansas Bankers Association with a leadership committee of peers from the trust industry. The conference was very well attended with 264 registered attendees and 86 vendors present. Attendees were offered multiple opportunities to mingle on the sold out trade show floor that held 44 business partner booths and the response was tremendous. The opening keynote presentation was given by William Greiner, CFA, an economist from Mariner Wealth Advisors in Leawood, Kansas. Greiner summarized the history of long term bear markets like we have experienced in the United States since 2008 as well as describing what he believes will have to happen for the US to have sustained GDP growth going forward. He compared past, present and future markets with various indicators and trends. Greiner also explained his theory that we may experience a recession in 2015 with excessive government debt and increasing interest rates coupled with the end of QE. He is predicting a dip in markets by as much as 20% next year preceding a recession in late 2015. Former Chief Economist from CNBC Marci Rossell, Ph.D., provided a dynamic and entertaining talk on the Economic Outlook for 2014. A spunky southern bell, Rossell spoke to the influence of traditional and social media on public perception and the polarized political environment we are experiencing in this country. She also gave examples of public policy that has changed work ethic and production in some groups that is playing a role on the economy. She stated that there are changes in the economy that are cyclical and short term as well as some that we’ll have to live with for a long time. We are at a point with mid-term elections and the next presidential election that will pose issues that will have a long term effect on the US economy. Simply stated the issues Rossell was referring to are long term government spending, immigration reform and income inequality. A discussion titled “Washington Update- Fiduciary Developments” was provided by Cristeena Naser, VP and Senior Counsel in the Center for Securities, Trust and Investment Group of the ABA Government Relations Division and also the Associate General Counsel of the ABA Securities Association. Ms. Naser gave a comprehensive account of the Dodd-Frank implementation in regard to multiple final rules and proposed regulations. She spoke in detail about the changes in vendor management. The wide-ranging conference program included seven breakout sessions. • Planning for Unique Assets – What’s a Trustee to do with This Stuff? Jeff Keiser, U.S. Trust • Financial Institutions Complex IRA Issues Mike Nelson, JM Consultants • Mid-Market Focus on Preserving and managing Assets Following A Liquidity Event William “Rocky” Miskelly, Renasant Bank • The Lawyer Trustee: discussion of Applicable Ethics Rules Bruce Talen, The Commerce Trust Company • Estate Tax Returns and Portability Douglas Stanley, Bryan Cave LLP • Social Security – What Everyone Needs to Know Theodre J. Sarenski, CPA/PFS, CFP, Blue Ocean Strategic Capital, LLC • Shifting Sands for Planners with LGBT Clients, Legal Issues in a Post-DOMA Era David Brown, Law Offices of David brown LLC Pictured are Marci Rossell, Ph.D,and outgoing KBA Trust Division President Barbara Braa, Corner Bank, NA., Lawrence. Rossell gave a lively talk on the economy and politics.