Pub. 7 2018 Issue 9

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 8 2018 KBA TRUST CONFERENCE Chris English (The Trust Company of Kansas, Lawrence) and Lori Bone (Fidelity State Bank & Trust Company, Dodge City) Tyler Peachey (Peoples Bank & Trust, McPherson), Susie Roberts (Bank of Labor, Kansas City) and Patrick Smith (JP Morgan Asset Management, St. Louis, MO) T he 2018 Trust Conference was held at the Salina Hilton Garden Inn. This year’s program once again hosted an interactive trade show with 23 vendor booths and a phenomenal speaker line-up. Attendees were welcomed by Trust Division President Janice Peters, followed by current KBA Chairman Chris Donnelly, Bank of the Prairie in Olathe. Chris shared KBA’s vision and stressed the importance of banker involvement and participation within the Kansas Bankers Association. The conference opened with A.W. Spellmeyer of First Banker’s Banc Securities. This high-level session focused on the macro factors affecting both the global and U.S. economy and how those issues visibly affect equities, commodities and bonds. He also discussed the European Central Bank and the state of the European Union, China and other Pacific trading partners and the implications of trade negations. “Winston Churchill: CEO, Timeless Leadership for 21st Century Leaders” by Randy Otto took attendees back to Churchill’s time as a politician, army officer and Prime Minister of the United Kingdom including props, accent, cigar and whiskey (water). He shared his timeless leadership principles for 21st Century leaders: Have a clear vision that drives all strategies; organize to overcome opposition; turn details into action; communicate from experience; encourage a culture of innovation; touch the troops; place top talent; and nothing inspires like optimistic enthusiasm. The group erupted in a standing ovation at the end of his presentation. ABA trust advocate Phoebe Papageorgiou shared the latest information on federal regulations and legislation affecting the wealth management and trust industry. She also addressed state law developments and other tax, compliance and security related matters. There were three breakout sessions for attendees to choose from. “What You Should Be Measuring to be Successful” – Mark Knackendoffel, The Trust Company; “Why Would Crypto Assets Matter to a Trust Officer?” – Allen Clouse, Hall’s Culligan Water; and “Conflicts of Interest: Who is my Master” – Rachel Pirner, Tripett Woolf Garretson, LLC. Rocky Miskelly, Renasant Wealth Management & Insurance Services, discussed how to use relational and consultative sales techniques to sell more, keep more, and make more during his presentation, “STOP SELLING! Listen and Learn Instead.” He shared the vital importance of building lasting, profitable and mutually beneficial business relationships. Chris Long, Palmer Square Capital Management, provided a talk titled, “Fixed Income in a Rising Rate Environment.” Interest rates have been changing, driven by several factors including Federal Reserve policy, fiscal policy, exchange rates, economic conditions and expectations for inf lation. Chris shared his views on Barclays Ag, bank loans, CLO debt, asset backed securities, and commercial paper. The conference wrapped up with Kurt Kauffman of Jackson National, providing his enlightening session, “Leveraging Tax-Deferred Annuities in Irrevocable Trusts.” Under UPIA and UPAIA, trustees have the fiduciary responsibility to both grow and protect the trust. The problem is both rules are prescriptive. Neither law addresses the impact of taxes on a trustee’s fiduciary responsibility to the trust. In his presentation, Kurt shed light on the dilemma and outlined strategies that are currently being used to address the impact. The conference adjourned as we look forward to our 100 year celebration in 2019..