Banking and financial services in Missouri: Major regional banks include UMB, Commerce Bank. Headquarters for Edward Jones, Stifel Financial. Lower cost of living impacts savings potential. Access to online and mobile banking services. Missouri Division of Finance regulates state banks. No state tax on retirement income. Wide availability of credit unions statewide. Regional Federal Reserve office in St. Louis. Many community banks support local businesses. Access to various financial planning services.
Major regional banks include UMB, Commerce Bank.
In Missouri, major regional banks include UMB Financial Corporation, which offers comprehensive banking services, asset management, and institutional banking across its eight-state footprint, including Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona, and Texas. Meanwhile, Commerce Bank, a subsidiary of Commerce Bancshares, Inc., provides a diversified line of financial services, including business and personal banking, wealth management, and investments, with a strong presence in Missouri, Kansas, Illinois, Oklahoma, and Colorado.
Headquarters for Edward Jones, Stifel Financial.
Edward Jones is headquartered in St. Louis, Missouri, with its main headquarters located at 12555 Manchester Road, Saint Louis, and additional campuses in the area. Stifel Financial Corp., another major financial services firm, is also headquartered in St. Louis, Missouri, with its global headquarters at 501 N. Broadway, St. Louis.
Lower cost of living impacts savings potential.
Missouri's lower cost of living significantly impacts savings potential, with lower average rents, gas prices, and car ownership costs, making it the fourth most affordable state to live in. This affordability can extend the longevity of retirement savings and everyday savings. For a deeper insight into how Missouri compares in terms of costs, you can explore more details on the Journey To College website.
Access to online and mobile banking services.
Community Bank of Missouri provides an extensive range of electronic banking services, enabling customers to conveniently manage their finances from virtually anywhere. Their offerings include free online banking, mobile banking, bill pay, mobile deposit, and text banking. These services empower users to efficiently handle their accounts, transfer funds, pay bills, and deposit checks without the need to visit a physical branch. To explore more about these services, you can visit their Electronic Banking Services page.
Missouri Division of Finance regulates state banks.
The Missouri Division of Finance plays a crucial role in regulating state-chartered banks, trust companies, consumer credit facilities, mortgage brokers, and savings and loan institutions. Its primary responsibilities include ensuring the safety and soundness of these financial entities and monitoring compliance with laws and regulations. This is to safeguard depositors' funds and maintain public confidence in Missouri's financial system. For more detailed information about their initiatives and responsibilities, you can visit their official website.
No state tax on retirement income.
Missouri has partially exempted certain retirement incomes from state tax. As of the 2024 tax year, Social Security retirement benefits are not taxable, public pensions are exempt for those meeting income requirements, and private pensions have an exemption of up to $6,000 for those with incomes below specified thresholds. If you're looking for detailed information on these exemptions, the AARP's State Taxes Guide offers a comprehensive overview of how these policies may affect you. By considering these exemptions, retirees in Missouri can better plan their financial strategies, making the most of their retirement income.
Wide availability of credit unions statewide.
Missouri has a wide availability of credit unions statewide, with numerous credit unions such as Highway Crossroads Credit Union, Central Missouri Community Credit Union, and St. Louis Community Credit Union, among others, offering various financial services across different cities including Sikeston, Warrensburg, St. Louis, and more. For those interested in exploring the options available, the Licensee Search provides comprehensive information on the credit unions operating within the state.
Regional Federal Reserve office in St. Louis.
The Federal Reserve Bank of St. Louis, serving the Eighth Federal Reserve District, promotes economic stability in Missouri and surrounding areas by setting monetary policy, supervising financial institutions, providing payment services, and supporting the U.S. Treasury's financial operations. With branches in Little Rock, Louisville, and Memphis, the bank plays a crucial role in maintaining financial stability. For more details about their operations and services, visit the Federal Reserve Bank of St. Louis.
Many community banks support local businesses.
Community banks in Missouri, such as Equity Bank, play a crucial role in supporting local businesses by providing various financial services, including loans, business credit cards, and treasury management services, which help entrepreneurs grow and contribute to the local economy. These banks foster economic growth through personalized service, strong community connections, and a deep understanding of local market needs.
Access to various financial planning services.
In Missouri, individuals have access to a wide array of financial planning services provided by various financial advisors offering comprehensive financial planning, budget and debt management, and assistance with retirement accounts such as 401(k)/403(b)/IRAs, alongside estate and charitable planning options. Missouri's top financial advisor firms, including Plancorp, specialize in services such as investment management and asset allocation, serving both non-high-net-worth and high-net-worth individuals, as well as pension plans and corporations. For those pursuing a career in financial planning, Missouri State University offers a Financial Planning Track that covers essential topics like investments, tax, estate planning, and insurance, and also prepares students for the CFP® certification, ensuring a comprehensive educational foundation for aspiring financial planners.