Tag Archives: BMO Private Bank

A Guide to Applying for a Bank Loan

BMO Private Bank Boosts AZ Senior Staff

BMO Private Bank announced new senior staff additions and promotions at the wealth management firm’s Arizona offices, which serve high-net-worth individuals, family-owned businesses, endowments and foundations throughout the Western United States.

• Ashley Ober is now serving as managing director of the greater Phoenix market, overseeing strategic development and delivery of wealth management services provided by a team of financial professionals. He was previously the firm’s regional director of private banking.
• Paul Tees was hired as the Tucson managing director. He will be responsible for the overall growth and management of the Private Bank for all of Southern Arizona, with a team of bankers reporting to him.
• Jason Miller, CFP®, was promoted to market manager for Greater Phoenix. In addition to his responsibilities as Director, Financial Planning – Western U.S., he will now have management responsibilities for the Arizona team of financial planners.
• Lindsey Jackson, an estate planning attorney, joined the firm as senior trust administrator. She will oversee trust administration for high-net-worth clientele.
• Tony Tanner was hired as a senior client advisor. This newly created position is designed to assist clients who have more complex financial planning and advising needs.
• Craig Shelley has been hired as a wealth advisor. He will serve as an advisor to high-net-worth individuals, families and organizations, including closely-held and family-owned business, endowments and foundations. He will assemble the appropriate team of professionals to provide a full range of wealth services as part of an overall personal wealth management strategy.

“The caliber of our team is second to none,” said BMO Private Bank Western U.S. President Matt Miller. “As we continue to expand our presence in the U.S., we are adding top-notch professionals who are truly committed to our clients and possess the skills necessary to help high-net-worth individuals and families navigate complex financial decisions to achieve their goals.”

New business in the Western U.S. region has increased significantly over the past year. To further support the influx, Miller says BMO Private Bank is increasing staffing to focus on positions that enhance the client experience.

For more information about services and operations, visit www.bmoprivatebank.com.

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Most High-Net Worth Arizonans Enjoy Hobby Investing

BMO Private Bank today released the results of a study on high-net worth Arizonans (those with at least $1 million in investable assets) and hobby (or passion) investing. The study, the fifth and last in a series by BMO Private Bank examining trends among the affluent, found that half of the state’s wealthy engage in some form of hobby investing. This compares to the national average of 68 percent.

Hobby investing is defined as adding collectible assets to one’s portfolio as a means of diversification and, just as important, as a way to have and to hold the things investors love the most.

“While diversification is critical when structuring a portfolio, hobby investments should be limited to a relatively small portion of an investor’s overall portfolio because of the unique risk and liquidity characteristics associated with most collectible assets,” said Mike Sullivan, Director of Investments – Western U.S, BMO Private Bank.

The study found that the items in which the Grand Canyon State’s affluent are most passionate about investing include:

* Art (25 percent)
* Jewelry and coins (23 percent each)
* Stamps (18 percent)
* Antiques and sports memorabilia (13 percent each)
* Classic cars and wine (10 percent each)

“People who choose to invest in their hobbies often do so because it allows them to feel a sense of engagement without having to spend a lot of time on them. Many hobby investors are keen to create a legacy to pass on to their heirs – one that is unique to them and reflects their interests,” said Jack Ablin, Chief Investment Officer, BMO Private Bank.

Why do People Engage in Hobby Investing?

According to the study, one of the main reasons why Arizona’s affluent engage in hobby investing is simply because it is “fun” (65 percent). Other reasons identified include:

* Combines interests with investing (50 percent)
* Allows for showing off investments to others (20 percent)
* Provides something unique to pass down to heirs (15 percent)
* Provides sound investments that will grow in value (15 percent)

Regardless of what influences people to combine their hobbies with investing, Mr. Ablin noted that, as with any form of investing, there are a few cautionary factors Arizonans of all income levels need to consider. For example:

Antiques: can be very illiquid and therefore not suitable for those who may need to convert them to cash in a short period of time.
Wine and art collecting: are long-term propositions, so not appropriate for those with a short-term investing horizon.
Stamps and coins: there is a robust counterfeit market in both these items, so investors need to be careful about their authenticity and well-educated about the risks.
Comic book collecting: may be trendy today, but the market may not be so strong in the long or even the medium term.

Key National Findings:

On a national level, the study found:
* Two-thirds (68 percent) of high net-worth Americans have a hobby investment.
T* he most common hobby investments are coins (38 percent), art (36 percent), and jewelry (31 percent).
* High net-worth Americans are most likely to engage in hobby investments because they find it “fun” (62 percent), because it is a way to combine an interest of theirs with investing (54 percent) and because it enables them to pass something special down to their loved ones (40 percent).
* Four-in-ten (40 percent) say they invest in their hobbies because it is a sound investment which will appreciate in value, with this being a larger motivator for men than women (41 percent vs. 36 percent).

The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 482 American adults who have $1M+ in investable assets. The margin of error for a probability sample of this size is ± 4.5%, 19 times out of 20.

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BMO Names Miller as President, Western U.S.

BMO Private Bank announced today that Matt Miller has been promoted to President, Western U.S. In this role, he will be responsible for the strategic development and delivery of wealth management services for high-net-worth individuals, family-owned businesses, endowments and foundations throughout the Western U.S.

Miller has nearly 30 years of experience in the financial services industry. He joined the organization in 2009 as Managing Director. During this time, he was responsible for organizing the western regional hub office and recruiting many of its senior managers and advisors.

“Matt is an ideal fit for this position. He is passionate about guiding his clients and helping them achieve their financial goals,” said Terry Jenkins, President and CEO, BMO Private Bank, U.S. “He leads by example, is focused on excellence and motivates his teams to success. We are confident the Western region will achieve even greater success in the years to come.”

Miller is headquartered at BMO Private Bank’s Scottsdale location, which also serves as the hub of Western regional operations. He will oversee a team of 75 financial professionals located in Arizona, Utah and Washington.

A fourth-generation Arizonan, Miller is an active leader in local business and civic communities. He currently serves on the board of directors for Teach for America Arizona, Valley of the Sun United Way Financial Stability Council and volunteers regularly at JAG (Jobs for Arizona Graduates). He previously served on the board of the University Medical Center in Tucson for 12 years. Miller earned a Bachelor of Science in Finance and Accounting from the University of Arizona.

“This is an exciting time to lead an organization that is poised for significant growth,” said Miller. “The caliber of our team is second to none, and our clients benefit from industry-leading planning tools that enable us to provide the best in financial planning and analysis.”

BMO Private Bank has Arizona locations in Scottsdale, Phoenix and Tucson. For more information about services and operations, visit www.bmoprivatebank.com.

taxes

Important Changes for Year-End Tax Planning

With less than a month left in 2013, BMO Private Bank encourages Americans to turn their attention to tax planning. This is especially important given an increasingly complex tax code and recent changes such as the addition of the new Net Investment Income Tax (NIIT).

“It’s important for taxpayers to educate themselves about changes in the tax code, and with the addition of the Net Investment Income Tax this year, there’s an even greater need for advanced planning,” said Jason Miller, Director, Financial Planning, BMO Private Bank. “That’s why it’s always helpful to consult with a financial and tax professional before the end of the year.  Waiting until the New Year to start thinking about taxes is often too late.”

The NIIT adds a 3.8% tax on investment income if one’s Adjusted Gross Income (AGI) exceeds $200,000 for a single taxpayer or $250,000 for a couple filing jointly. One way to determine if you might be subject to this tax is to look at last year’s income tax return and have a general idea if this year’s income would be significantly different.  The tax is on net investment income.

The income subject to this tax would include interest and dividends, distributions from non-qualified annuities, income from rental real estate, S-Corporations or partnerships, and net capital gains from the sale of investments.

Deductions that could reduce or help eliminate NIIT include investment interest, state income taxes on investment income, and investment management fees.

Miller noted that one misconception regarding the NIIT is that all home sales would be subject to this new tax. For a primary residence, a taxpayer can exclude $250,000 of gain from the sale of a home ($500,000 on a joint return) if the home was used as a primary residence for two of the last five years. Only the gain in excess of this exclusion would be subject to the new 3.8% tax.

For more information on tax issues or to find out more about how to work with wealth and tax professionals, click here.

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High-Net-Worth Arizonans Upbeat about Economy

A study released today by BMO Private Bank has revealed that affluent Arizonans are optimistic about what the future holds for the U.S. economy.  The study is the second in a series by BMO Private Bank examining trends among high-net worth individuals (those with investible assets of $1 million or more) in Arizona and across the country.

According to the study, 65 percent of Arizona’s affluent expect the U.S. economy to improve over the next year. Additionally, almost half (48 percent) say they are financially better off now than they were before the 2008 recession.

Other key highlights of the study include:

* Affluent Arizonans consider stocks (65 percent) and real estate (58 percent) as the investments most likely to deliver solid returns in the next five years.
* They see the health sector (83 percent) as the most promising in which to invest, followed by the energy and technology sectors (73 percent each). They are least optimistic about the mining (40 percent) and agricultural (28 percent) sectors.
* Arizona’s affluent are spending more or the same since before the recession on entertainment/leisure activities (88 percent) and vacations (85 percent).

“Confidence in the economy has given Arizona’s wealthy greater peace of mind,” said Mike Sullivan, CFA, Regional Director – Investments, Western US, BMO Private Bank. “They are relaxing more, spending more, and making more thoughtful decisions about their investment strategies – all of which will continue to help stimulate economic growth within the state.”

On a national level, the study found:

* Almost two-thirds (61 percent) of high-net worth Americans say they are better off today than they were before the recession.
* Sixty percent of the nation’s affluent are optimistic about what the future holds for the U.S. economy.
* They are most bullish about the technology (80 percent), health (78 percent) and energy (77 percent) sectors and least optimistic about the prospects for the manufacturing (50 percent), agricultural (46 percent) and mining (43 percent) sectors.
* They are spending more money or the same amount as before September 2008 in a number of areas, including:

* Entertainment and leisure activities (86 percent)
* Travel and vacations (83 percent)
* Club memberships (81 percent)
* Collections and hobbies (80 percent)
* Clothing and accessories (77 percent)

Ray Headshot

Artigue Agency Expands Growing Sports Practice

Local marketing communications firm, The Artigue Agency has announced the addition of several new clients to its growing sports practice.  Led by sports marketing veteran Ray Artigue, the firm’s new clients include Junior Golf Association of Arizona (JGAA), Naismith Basketball Hall of Fame, former Phoenix Suns star and NBA veteran Eddie Johnson, Patriot All-America at Wigwam Arizona and QR Gameplan.

“The growth of the agency represents the need for additional staff and expanded offices and I’m flattered by the market’s demand for our professional services,” said agency principal Ray Artigue.  “As we evolve and expand our sports offering, our greatest marketplace differentiator remains our people.  Our team comes from a variety of backgrounds, bringing diverse skills and extraordinary expertise in their respective specialty areas, ensuring that we’ll continue to deliver successful PR and marketing programs.”

The Artigue Agency recently moved to a larger office in Biltmore-area of Phoenix to be closer to new and existing clients and to accommodate its growing team.  The firm has also added two new two senior account executives, Casaundra Donahoe and Ian La Cava.

Donahoe brings nine years of experience in brand strategy, creative development, media relations and communications planning. Prior to joining The Artigue Agency, Donahoe worked for Park & Co. where she served as strategic counsel for brands like Goodwill, Girl Scouts, Expect More Arizona, METRO Light Rail, Coca-Cola and many others.

La Cava has five years of experience developing and executing public outreach campaigns and strategic initiatives on behalf of several clients in the sports industry. Prior to joining The Artigue Agency, La Cava worked for Niner Sports Marketing where he managed talent procurement, endorsement deals and social media for marquee athletes.

The Artigue Agency works with emerging and established companies in several markets with extensive experience in the sports, entertainment and lifestyle, healthcare, financial, legal and environmental industries.  Current clients include Arizona Broadcasters Association, Arizona Public Service (APS), Arizona Biltmore Golf Club, Abrazo Health Care, Cardon Global, Gallagher & Kennedy, BMO Private Bank, JDM Partners, Scottsdale Tourism Development Council, Wigwam Golf Club and Waste Management, among others.

Phoenix Symphony Contest

Phoenix Symphony Names 2 to Board

The Phoenix Symphony Association named Jaime Daddona Brennan and Tim K. Schultz to its Board of Directors.

“Jaime and Tim bring invaluable experience to our Board of Directors,” said C.A. Howlett, Chairman of the Board for The Phoenix Symphony. “We are truly fortunate to welcome such high-caliber individuals to our team” he added.

Jaime Daddona Brennan is a Senior Associate with Squire Sanders (US) LLP in Phoenix. She practices in the corporate, securities, and financial services practice groups with an emphasis on merger and acquisition transactions, public and private offerings of debt and equity, and corporate governance matters. Ms. Brennan attended Arizona State University where she graduated as valedictorian, summa cum laude, with her master’s degree in public affairs, and graduated magna cum laude, Order of the Coif, from the ASU College of Law. In addition to her law practice, Jaime serves as the Secretary of the Phoenix Symphony Young Professionals Board, is a Squire Sanders (US) LLP Global Associate Liaison, and has served on the U.S. Marine Corps Scholarship Ball Committee, the International Foundation for Anti-Cancer Drug Discovery Advisory Board, and the Fax Net 1 Board of Directors.  A lover of classical music in particular, Jaime plays the piano and recently took up violin.

Tim K. Schultz is Senior Vice President/Regional Director of Administration and Operations for BMO Private Bank, a part of BMO Financial Group, in Scottsdale. Prior to this position, Mr. Schultz held several Vice President/Regional Director positions with financial corporations throughout the country, most recently M&I Wealth Management. Tim has a long-time passion for music and the arts, having earned his Bachelor of Music from Augsburg College. He currently serves as an Advisory Board Member for the ASU Lodestar Center for Philanthropy and Nonprofit Innovation; Board Member of One-n-ten; Member of Planned Giving Roundtable of Arizona, Central Arizona Estate Planners, BMO National and Regional Diversity Councils and the BMO Community Reinvestment Committee.

For more information about The Phoenix Symphony visit phoenixsymphony.org.