A Conversation With ... Tracy Barnas

Private Banking is a division within Asset Management within UMB. It’s a deepening of the footprint for UMB to provide customized credit, deposit and investment solutions for the affluent client. The Asset Management Group and Private Banking started (with UMB in the Kansas City market … but it’s new to Springfield in that I am the first private banking-client manager hired in Springfield, and the goal (is) to grow to a point where we need to hire more. I was hired on Aug. 31. I have a team of experts. I work very closely with Matthew Connell, a financial adviser for UMB Financial Services, as well as a team of wealth strategists, portfolio managers and trust experts, some here in southwest Missouri and some in Kansas City.

Why is UMB adding private banking in Springfield?

Traditionally, UMB’s strengths have been commercial, business and retail banking. What we’re doing is leveraging the strength of what UMB has built here in Springfield … by offering wealth and investment management strategies, guidance and advice to those business and retail customers and clients, because they ask for it, they want it and they need it.

How does UMB define affluent clients?

A private banking client at UMB typically (has) an annual combined family household income of $250,000 or more, investable assets of (at least) $500,000 and a total net worth of $1 million or more. These are guidelines, and while many of our clients or potential clients may not meet these criteria, they do have significant assets. Many, but not all, of my clients are physicians, attorneys, accountants, senior executives and private business owners.

How does Private Banking go above and beyond traditional customer service for clients?

Affluent clients didn’t get to their positions financially without being extremely busy and very focused on the business at hand. They’re extremely busy, and they have come to want and expect more proactive guidance. Private bank clients need you to be where they are, whether it’s at their businesses, in their homes or at community events … whether that’s in relation to closing a loan, or helping them with the most recent investment strategy (or) just a need that’s popped up.

In what areas do your clients need help with most?

The piece … that’s a huge part of private banking is estate and trust planning. So many clients either don’t have time or they don’t know that they need those things until they receive that information from a trusted source.

You have more than 20 years of experience in the banking field, primarily with Bank of America and its predecessors. Tell us about your work and how you chose private banking.

I have done everything from retail, part-time teller, new accounts and personal banking. I spent eight years of my career working in mortgage and retail, or consumer collections. Probably 15 years of my career at Bank of America was managing in some capacity, whether it was retail banking centers or a collections department … and it’s just been the last five years that I’ve worked in wealth and investment management. When I made the move (into investment and wealth management) a lot of my reasons were personal. What keeps me (with it) is being able to influence the financial futures of clients, being a trusted adviser. It’s a people business.

What drew you to UMB?

Knowing that there is a huge need for retirement, investment and educational planning for the mass affluent. I want to leverage not just the fact that I’m a native of Springfield, but two decades of financial industry experience to help … clients plan for their financial futures. It’s such a huge opportunity to mold and guide and direct (private banking) within the UMB footprint.

Do you follow the same advice you give to your clients?

Absolutely. I don’t think, with any persuasion, you can convince a client that you have their best interests in mind unless you have your own financial future and best interests in mind. Have I completed all of the strategies and phases? No. But do I feel like I’m up to speed in terms of where I need to be (now)? Based on my age and the phase of life that I’m in, yes.

Tell us about your family.

I have been married to Pete for almost 19 years. We have a 14-year-old daughter, Lauren, and a 12-year-old son, Blake. Pete owns Barnas Concrete Works and is a concrete contractor. We own a second home on Table Rock Lake and spend a lot of time boating, skiing and fishing.

Interview by Features Editor Maria Hoover. You can e-mail her with suggestions for future installments of this feature at mhoover@sbj.net.[[In-content Ad]]