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Wednesday, September 27

The role of a hometown bank’s trust department is a unique one — from assisting with estate and retirement planning to staying current on very specific legal and ethical responsibilities. The Trust Track brings together professionals from across the state to discuss the tools and strategies needed to best serve bank customers.

Who Attends: Trust Officers, Wealth & Private Banking Directors, Senior Financial Advisors, Personal Bankers, Estate Planning Attorneys, Senior Level Executives, and Portfolio Managers

7:30 a.m. - 8:00 a.m.
 Registration & Breakfast
8:00 a.m. - 9:00 a.m. The Human Dynamics of Wealth and the Family Business
Dave Specht, Global Family Business Institute, The Drucker School of Management

We are amid the greatest wealth transfer in the history of the world. In that transition, it will be crucial to understand and be able to navigate the financial and non-financial complexities the wealth and family business transfers create. During this session, you will be introduced to a new lens through which you can look at these business-owning families and the dynamics they face. You will come away with actionable steps to help them preserve their family relationships and preserve their businesses and wealth.
9:15 a.m. - 10:15 a.m. Think Twice Before You End a Trust – Income Tax Consequences of Trust Commutations and “Early Terminations,” and a Little About the Arkansas Uniform Fiduciary Income and Principal Act
David Bingham, Mitchell Williams Law Firm

Despite the Rule Against Perpetuities being repealed in many states, most trusts don't go on forever. In an ideal scenario, the terms of the trust indicate when the trust ends and who will receive the assets. The recipient takes the trust's basis in the property distributed and the no capital gain or loss is recognized by either the trust or the recipient. But sometimes the trust doesn't make it that far. Family feuds and litigation, changed circumstances, and changing tax laws all create situations in which a trust either should be ended, or must be ended. In this presentation, Bank Trust Officers will learn how to spot and possibly avoid negative tax consequences for income beneficiaries when a trust is terminated early. Also, Arkansas’s new Uniform Fiduciary Income and Principal Act will be discussed.
10:30 a.m. - 11:30 a.m. Private Banking and Wealth Management: Leveraging Technology to Secure and Grow Existing Relationships
Trent Fleming, Trent Fleming Consulting

Private Banking and Wealth Management are often overlooked services in the community banking world. Yet growth and retention in this area will ensure that you establish and cultivate relationships with high net-worth individuals in a way that maintains your value to them over their life. Many banks and customers feel that only the largest banks can successfully offer such services when in fact community banks are often in the best position to provide wealth management and private banking. This session will offer ways to begin to offer such services, based on the premise that the best business development is doing more business with your existing customers.
11:30 a.m. - 12:45 p.m. Lunch
Envisioning your Next Core Banking Solution
Trent Fleming, Trent Fleming Consulting

There is a lot of discussion these days about next generation core software. This session will look at the key components of the "core of the future" and discuss how your bank can get there. These components include seamless integration of all applications, enhanced methods of leveraging data to better support customers, and an infrastructure that will support both remote customers and remote employees well. Perhaps surprisingly, your next core will likely involve your current vendor!
1:00 p.m. - 2:00 p.m. Emerging Legal Issues for Trustees
Jeb Joyce & Cliff McKinney, Quattlebaum, Grooms, & Tull PLLC

MMany Trust Officers deal with real estate on a daily basis. This presentation will focus on emerging issues in real estate law. Topics will include (i) the potential new impact of blockchain, cryptocurrency, and NFT’s on real estate; (ii) ordering surveys under the new ALTA/NSPS standards; (iii) interpreting new title insurance forms; (iv) Arkansas’s new limited liability company act and amendments; (v) the latest impacts of marijuana legislation on real estate operations; (vi) proposals for new laws including changes to commission payments and short-term rental regulation, and (vii) a real estate law legislative update.

2:15 p.m. - 3:15 p.m.

 Happy Birthday, Traditional IRA! Look Back and Leap Forward
Ben Norquist, Convergent Solutions

As we approach the 50th anniversary of the inception of Individual Retirement Arrangements (IRAs), now is a good time to look back at how the IRA market has evolved over the past five decades. It’s also a good time to look forward, exploring the likely trajectory of this financial juggernaut and the strategies that will best position IRA providers to capitalize on this substantial market opportunity.

While IRAs still play a crucial role as a contributory retirement savings vehicle for households looking to set aside a portion of their annual incomes on a tax-sheltered basis, the role of the humble IRA product has evolved considerably over time. With each passing decade, IRAs continue to take on a more centralized role in our nation’s overall retirement security strategy as the federal government introduces new IRA-based business retirement plan alternatives, individual states implement state-sponsored IRA-based retirement savings arrangements, and job changers and retiring workers annually roll over hundreds of billions of dollars from workplace retirement savings programs such as 401(k)s.

With an aggregate market value exceeding $11 trillion dollars and the clear potential for double-digit growth in the coming years, the IRA market represents a tremendous strategic opportunity for trust departments. The trust departments best positioned to capitalize on this opportunity are those staffed with those who understand the market trajectory and can clearly identify and “productize” unique value propositions.

In this presentation, we will explore both the challenges and opportunities facing trust departments that are hoping to aggressively grow their IRA business in the coming years. We’ll also highlight key changes to procedures, processes and systems that are required due to recent rule changes, for firms to remain compliant.

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David Bingham Image

David Bingham
Mitchell Williams Law Firm

David Bingham is a native of the Little Rock area and focuses his practice on estate planning, probate, trust law (taxation, litigation, and administration), state and federal income taxation (businesses and individuals) and the structuring and taxation of business entities (formation and sales/re-combinations) at Mitchell Williams Law Firm. David represents individuals, couples, and families in estate planning from straightforward wills to complex generation-skipping trusts and makes sure his clients’ assets are transmitted in the most tax-efficient manner. In addition, when representing clients in business entity formations or sales, David makes sure the entrepreneurs and ownership groups utilizing these entities choose the correct entity to minimize taxation and facilitate the transmission of the business’s value to the owners or their heirs, whether the business is passed on or sold. He also assists non-profit entities with formation, operations and qualifying and maintaining tax-exempt status.

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Jeb Joyce
Quattlebaum, Grooms, & Tull PLLC

Jeb H. Joyce handles a wide variety of transactions at Quattlebaum, Grooms & Tull PLLC, with an emphasis on commercial real estate. His work includes formation of horizontal property regimes, commercial lease negotiation for tenants and landlords, and real estate conveyances. Mr. Joyce has represented lenders and borrowers in closing numerous commercial loans, has substantial experience in formation and governance of corporate entities, and he regularly provides local counsel opinions in connection with foreign transactions. Mr. Joyce has extensive experience in tax increment financing law and assisted in enacting Act 2231 during the Arkansas General Assembly 2005 Session, a substantial revision to Arkansas' tax increment financing framework. He was instrumental in forming one of the first tax increment financing districts in Arkansas. Mr. Joyce is listed with The Best Lawyers in America® in the areas of Banking and Finance Law and Real Estate Law and with Chambers USA 's Guide to America's Leading Lawyers for Business in Real Estate and Corporate/Commercial. He was named the 2017 Little Rock Banking and Finance Law Lawyer of the Year by Best Lawyers®. Mr. Joyce holds a Master of Laws in Securities and Financial Regulation from Georgetown University Law Center. A frequent lecturer to title, banking, and real estate groups, some of Mr. Joyce's recent speaking engagements include:

"Loan Training: How Do You DUE Diligence", to numerous groups including Today's Bank, Centennial Bank and Arvest Bank (2018, 2017)

"Legal and Legislative Update", to Arkansas Land Title Association (2019, 2018, 2017).

Mr. Joyce is an adjunct professor at the University of Arkansas at Fayetteville Law School. Mr. Joyce teaches Real Estate Transactions, a three-hour credit course, every spring semester.

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Trent Fleming
Trent Fleming Consulting

For more than 40 years, Trent Fleming has helped hundreds of banks make wise strategic decisions about the optimum use of their management and technology resources.

As a consultant, Fleming was a pioneer in the introduction of check imaging technology to the community bank markets. More recently, he has replicated that success with other emerging technologies, including Internet Banking, Remote Deposit Capture, and Mobile Banking. Fleming’s ability to assist banks in training employees and educating customers about the benefits of products and services results in a positive experience as emerging technologies are introduced.

He has consulted with banks on matters as diverse as strategic planning, business continuity, and operational efficiency. His background includes correspondent banking, regulatory compliance, and industry experience as a sales operation executive with two large banking software vendors.

He serves on the faculty of the Graduate School of Banking at the University of Wisconsin, the Advanced Banking School at Penn State University, and the Florida Bankers Association’s Banking School at the University of Florida. He regularly contributes articles to industry publications and publishes a newsletter and blog at www.bankinginsights.blogspot.com. Trent holds a Bachelor of Science in Economics and Finance from Christian Brothers University.

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Ben Norquist
Convergent Solutions

Ben is the co-founder and CEO of Convergent. After receiving a BA degree in 1987 from Concordia College in Moorhead, MN, Ben started with Universal Pensions, Inc. (UPI), a nationally recognized consulting and training firm located in central Minnesota. Over the next fifteen years, Ben had the good fortune to lead several highly successful business units within UPI, including the company’s consulting hotline. During his tenure at UPI, Ben received the certified pension consultant (CPC) designation from the American Society of Pension Actuaries and played a key role in creating the industry’s first IRA-specific designation program (the American Bankers Association’s Certified IRA Services Professional (CISP) program). Ben and his wife, Jennifer, subsequently co-founded Convergent Retirement Plan Solutions, LLC, in 2004. Ben is a frequent speaker at industry conferences, and has been interviewed by numerous publications including Forbes, MarketWatch, Kiplinger’s, Investment News, SmartMoney, Financial Advisor Magazine, Money Magazine, and The Wall Street Journal.

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Cliff McKinney
Quattlebaum, Grooms, & Tull PLLC

J. Cliff McKinney is a transactional attorney at Quattlebaum, Grooms & Tull PLLC. His primary practice is real estate law and business and regulatory matters related to real estate. Mr. McKinney has served as lead counsel on dozens of multi-million dollar transactions throughout the mid-South region. His projects include one of the largest real estate transactions in the corporate history of a major global retailer. He also represents restaurant owners, including franchisees of national chains. In addition to working on the transactional aspects of a project, Mr. McKinney assists clients with financing, business organization, environmental and land use issues. Mr. McKinney also has experience dealing with real estate-related litigation matters, including adverse possession, boundary by acquiescence, prescriptive easements, quiet title, eviction, foreclosure and restrictive covenant disputes, among others. A Fellow of the American College of Real Estate Lawyers (ACREL ), Mr. McKinney holds a Master of Laws emphasizing real estate from Southern Methodist University and is recognized for his work in Real Estate Law by The Best Lawyers in America®, Chambers USA 's Guide to America's Leading Lawyers for Business, and Super Lawyers. Mr. McKinney is in his second term as a Council Member of the Legislative Committee of the Uniform Law Commission (ULC), a position he was first appointed to in 2017 by then­-Governor Asa Hutchinson. He also serves as an adjunct professor at the University of Arkansas at Little Rock Bowen School of Law where he has taught real estate courses for over thirteen years.

A frequent lecturer to title, banking, and real estate groups, some of Mr. McKinney's recent speaking engagements include:

Uniform Partition of Heirs Property Act, Unlocking Heirs Property in Arkansas, Sponsored by DA-Little Rock Bowen School of Law, University of Arkansas at Pine Bluffs Small Farm Program, Arkansas Access to Justice Commission and DA-Little Rock BLSA, with Lynn Foster, Little Rock, Arkansas, January 24, 2019.

Arkansas Real Estate Review, Arkansas Bar Association, with Lynn Foster, Little Rock, Arkansas, January 24, 2019.

Leasing-Special Industry Groups (SIGs), International Council of Shopping Centers Red River States Conference, with Joe Gardner, Jim Parrick and Jeff Yates, Fort Worth, Texas, January 10, 2019.

Scholarships for Retail/Financing of Public Improvements, Arkansas City Managers Association Fall Conference, with Gordon Wilbourn, North Little Rock, Arkansas, October 18, 2018.

2018 Case Law Update, Arkansas CCIM Annual Meeting, with Tim Grooms, Little Rock, Arkansas, June 28, 2018.

Arkansas Uniform Law Commissioners Panel: Latest Developments at the ULC, 2018 Annual Meeting of the Arkansas Bar Association, with Vincent Henderson, David Nixon and John Shepherd, Hot Springs, Arkansas, June 14, 2018.

Interpreting Surveys: Learning the Lay of the Land, 2018 Annual Meeting of the Arkansas Bar Association, with Paxton Singleton, Hot Springs, Arkansas, June 14, 2018.

2018 Legislative Update, BOMA Greater Little Rock Annual Meeting, Little Rock, April 25, 2018.

Dave Specht Image

Dave Specht
Global Family Business Institute, The Drucker School of Management

Dave Specht is a Washington-based writer, keynote speaker, and strategy consultant to generational family-owned businesses throughout the United States including family-owned farms and ranches. He was a lecturer at The University of Nebraska and is best known for his creation of the Inspired Questions- For Family Business mobile app and the GenerationalBusiness360 process. He is the creator of the mobile app, Inspired Questions-For Farmers, and the Generational Business 360 process.