FTG 0024 - Building Communities Through Banking with Wealth Manager & Banker Kyle Morgan ‘02

ABOUT THIS EPISODE

Overview:

Editor’s Note: This was recorded in January 2022, which provides the context for Kyle’s comments about “snowy Buffalo,” and the then current situation with Russia and Ukraine prior to late February 2022.

This episode features a conversation with Kyle Morgan, Class of 2002, a Senior Vice President and Senior Relationship Manager for Key Private Bank in Buffalo, New York. Our conversation touches on a lot of topics, from starting at a commonwealth campus, the department of economics, aviation, and customer centric values in finance and banking, as well as life in mid-size cities. You can read Kyle’s full bio and get a more detailed breakdown of the topics below.

Guest Bio:

Kyle Morgan ’02 Liberal Arts is a Senior Vice President and Senior Relationship Manager for Key Private Bank in Buffalo, New York, where he leads their client development program and assist clients with investment management, trust and estate planning, and specialty banking solutions. Kyle's clients include high net-worth individuals, non-profits, and institutional investors. Kyle previously worked as a Regional Vice President for Federated-Hermes in Boston, Massachusetts from 2003-2017. Kyle earned his BA in Economics and BA in Political Science with honors in 2002.

Episode Specifics:

· Starting at a Commonwealth Campus and changing your major from what you intended to study coming in

· Perspective on the honors program within the Department of Economics

· Integrating personal interests with your academic discipline in the thesis process

· Finding the right industry when another one is not in the cards

· Thoughts on the future of work travel in a post-COVID world and dealing with uncertainty

· Going from small towns to large cities & taking advantage of opportunities

· Life in Buffalo, New York and other mid-size cities

· The importance of people skills and the ones Scholars should develop to succeed in their careers

· Recommendations for finding mentors at internships and early career roles

· Insights on working with high-net worth clients and businesses as a private banker

· Professional development, lifelong learning, and professional & community organizations

· The joys of pursuing aviation as a hobby and skill

· The importance of keeping people and communities centered in financial work-----

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Credits & Notes:

This content is available in text form here.

This show is hosted, produced, and edited by Sean Goheen ‘11 Lib (Schreyer).

The artwork was created by Tom Harrington, the College’s Web Developer.

The sound effect is “Chinese Gong,” accessed via SoundBible used under Creative Commons License.

The theme music is “Conquest” by Geovane Bruno, accessed via Pixabay and used under Creative Commons License.

Greeting scholars and welcome to following the Gong, a podcast of the Shire Honors College at Penn State. Following the gone takes you inside conversations with our scholar alumni to hear their story so you can gain career in life advice and it spanned your professional network. You can hear the true bread of how stollar alumni have gone on to shape the world after they rind the gone and graduated with honors, and learn from their experiences so you can use their insights in your own journey. This show is proudly sponsored by the Scholar Alumni Society, a constituent group of the Penn State Alumni Association. I'm your host, Shawan Doheen, class of two thousand and eleven and college staff member. If this is your first time joining us, welcome. If you're a regular listener, welcome back. This episode features a conversation with Kyle Morgan, class of two thousand and two, a senior vice president and senior relationship manager for key private bank in Buffalo, New York. Our conversation touches on a lot of topics, from starting at a Commabo campus, the Department of Economics, aviation and customer centered values in finance and banking, as well as life in midsize cities. You can read Kyle's full bio and get a more detailed breakdown of the topics in the show notes on your podcast APP. Now let's get right into our chat with Kyle following the Gong A. Thank you, Kyle, for joining me today here on following the gone. I think this episode coming about is a great example of the power of Linkedin. You and I connected at some point along the way and we got chatting about the show and here you are recording with me today and sometime down the road you, the listener, are hearing our interview days. So thank you for joining me. Well. Thank you, Sean, and greetings from a very snowy and cold Buffalo New York today. Well, I think it gives you a little bit of insight into the time of the year that were recording this if you're listening later. Speaking of snow, it's snowing here in Happy Valley, or it has been snowing a lot recently. But you didn't start at university park, Kyle. I want to know how you came to choose Penn state where you started at. What it was like at the campus you were at and how you came to be in the Shire Honors College. Yeah, sure. Well, you know, I actually started by Penn state career at the two boys campus for my first year and really chose to go there primarily due to proximity to home. Was it was quite quite a lot of my friends were going there and I thought it'd be a nice easy transition. Sort of got into a couple different things when I was there and and realize that, you know, to sort of do what I wanted to on the major as pursuing at the time, was kind of best to move on to university park, which I did and for my second, third and fourth years. But you know, it was it was a nice, easy transition. I think I got a really good good you know, first year at the Dow boys campus was a little bit of smaller class size and you made that that transition to school just a little bit easier. Ended up coming to university park thinking I was going to be a hotel management maker and, you know, for whatever reason my second year I sort of stepped into some economics classes. Really enjoyed those. Found that I kind of liked the theory and the practice of the science and just decided to major in that and that's what I sort of sort of stuck to for the next four years, also completing a second major in political science. But I was actually during that second year, approached by a gentleman, by Dame with David Shapiro, who was a professor of economics and used to run the economics program in the department, and just asked my my interest in participating in the Department Honors Program. So talked about it by my sophomore year and then was able to to become part of the Honors College in my junior year and was really, you know, one of the highlights of my my time in college was the was the Economics Honors Program, which you complete as a senior, and really a an experience that was, you know, sort of change my life and the made a lot of really good people and, you know, further my education. In the questionnaire, you specifically mentioned the cohort of the fellow scholars in the economics program. Can you talk a little bit more about them and what made that group so special for you? Yeah, so I think it was, you know, a little bit different in the fact that when I was going through the Honors College. There were just a few individual departments that had their own sort of internal honors program and we actually, the the cohort that I was with, had classes together for the entire day, Tuesday and Thursday, but there were about fifteen of us and you know,...

...you just got to share a heck of a lot because, you know, not only was it the class experience but you know, some of the the things that we did outside, presenting our research to other colleges. Really being able to do that as a as a group in together, you know really just you know, made the experience so much better. It also really built some lifelong friendships. I mean it was like having a small college within a college and you know, there's a lot of folks that I still stay in touch with. You know, last night when I was thinking about this, I went back and looked on my facebook page of some of our pictures and brought back a lot of good memories. But it was a really exceptional opportunity to be able to spend that much time with folks of similar interest and have that in a much interaction with the faculty and you know, a lot of that time was certainly devoted to writing our thesis but, you know, having you know, eight credits together during the week we studied a lot of different items and different areas and subject matter within economics and political science and Statistics, and it really just was, you know, the most amazing experience you could have ever asked for. Speaking of that, thess, do you recall what you wrote yours on and what your findings were? Sure, so I had a people would call probably a very dry thesis title and part of this cohort was we peer reviewed all of our all of our, you know, findings and you know, the final copies that everything like that, and they said you have to come up with a better topic. So I finally did and the title actually came out to be up swings, down turns and happy landings the US airline industry in the business cycle. And what it really did was try to understand an industry on the macro level and how it was affected by, you know, various stages of economic expansion to contraction. So the findings were it's a very disproportionate industry when times are great, you know, the aviation business is always good. Sometimes time as it a get better than you know, you know, a benchmark and they suffered just proportionately down parts. That might sound look pretty common sense, but we sort of picked it apart and understood different phases of it and up with a couple good finding and if you're an economics major now as a scholar, I'm sure you could take it a second look at that, especially in the first two years of the covid pandemic and ups and downs that the airline industry has felt, first with shutdowns and then things opening and then second waves of different variants. That's another one that you see constantly kind of having that fluctuation. So that does make a lot of sense. It does, and if anybody can go find a copy of it and dust it off, it might be good too to steal some research if you want. And if you don't know if you're listening, all the honors theses from, I believe, before two thousand and ten are in hard copy somewhere in either I want to say paternal library, maybe the fourth or fifth floor. So you can check the libraries website for confirmation on that, but go check that out if that is something that might help you in your own thesis or from other episodes that you've heard. Thesis descriptions about. Now what was it specifically, Kyle, about the airline industry? Because there's so many topics you could pick from in economics. What was it about that specific industry that you wanted to look at? Sure, so I've always sort of been fascinated by flight and when I was about sixteen years old I started taking flying lessons so I I was actually able to get my pilot's license and really thought for a period of time in my life that was the sort of professional career I'd like to follow. For a lot of different reasons I decided to just take it on as a hobby, but I can, you know, go back and think of some of my most fond memories are spending time with with with family doing things around aviation, and it was just something I really really wanted to do. So when I turned sixteen, I think the first thing I asked for was could I please have flying lessons, and and luckily I was able to do that and sort of kind a passion of mine ever since, and that was the really nice thing about sort of the support I got within the Economics Honors Program was when you're thinking about writing your thesis, you know, obviously you want to you want to bring your discipline forward, but you also want to write something that you care and you're very passionate about. So this was something that was pretty interesting for me to do and it didn't seem like so much of a task whenever you really love what you're working with. And I think there's some really good advice there and what you just said, Kyle, for those listening who are in the process of trying to figure out their thesis topic is find something that you are really passionate about within that discipline, because when you're in that eleventh hour and you're trying to push through at the end, being a topic that you care a lot about is very helpful. I speak from my own experience. I'm sure you could attest to that as well. Absolutely and, like I say, you...

...know, if you if you enjoy it, you're going to have a passion to do the research, you're going to have a passion to work hard on it and it's always just going to result, I think, in a better final product. And I think you can even say that about you know, when you go out there and you're thinking about your first job or you're thinking about a career change. I think all those things. You know, love what you do. Everything else will follow. Well, I think that's a perfect segue their way to I appreciate you team up, Kyle. So you Ted you have a passion for aviation, but and you even consider going into aviation as a career. But you didn't. You actually went into banking and wealth management. So how did you discover that as a specific career path that you could pursue? Well, it was a little bit a was a little bit of a circumstance of time. I during my my senior year, was really trying to think about what do I want to do? I'm going to have my degree finished, my thesis will be done. I've got, for lack of better word, and undergraduate degree that can let me do a heck of a lot of different things. You know, the Nice thing about economics being a social science, you could pursue graduate school, you can go out into the financial field, you can about, you know, doing more research and you know, I graduated in the spring of two thousand and two and that was one of the worst times in the world for the US. Are the work the global airline industry and there were not a ton of opportunities. So thankfully I had, you know, a really good, solid undergraduate education at Penn state. That allowed me to sort of change gears a little bit and I've always been interested in finance. I've always been interested in economic forecast and things like that. So making that sort of ever slops like pivot, sort of go into the financial world wasn't tough. It wasn't what I necessarily thought I was going to do, but it turned out to be really great. And you know, my first job right out of school was working for a really large investment company in their capital markets group. So great training on how the economic market it's functioned and you know, I like to say is a young guy working for a big company like that, I got to do a lot of travel. So that sort of took care of the travel bug and it still kept me on airplanes quite a bit. Well, I'm going to throw a curveball here for you then. How have you seen things change and what are your economic forecasts around and obviously this is not any kind of investment advice, when I make that very clear here, but just generally, what are your sense on the long term changes around business travel? Sure, so that's an incredibly interesting question and you know, as you and I are sitting talking here today on the twenty five of January, we've had probably the rockiest January and recent times as far as the markets are concerned, and there's a whole lot of reasons for that. It's, you know, it's uncertainly around what the Fette is going to do. It's potential issues in Ukraine and Russia and NATO's response. All of it really boils down to uncertainty. Markets don't like uncertainty. Are For one case, don't like uncertainty. So it's it's certainly something for us to sort of be concerned about. And how does that really translate into everyday lives? HAS THAT TRANSLATE INTO EVERYBODY'S INDUSTRY? and You specifically ask about business travel. I mean, you know, when you think about it, over the last three years, as a society we've been forced to digitize meeting and to a certain end. If you look at a lot of the sectors of the economy, they've rebounded differently. The aviation business, or specifically the airline industry, has rebounded principally on leisure travel. People have wanted to get out of their houses, they've wanted to do things they've had some disposable income do that with. So the the you know, the recovery has really come from the American family for the aviation business. It hasn't come from, you know, the SP five hundred composite makeup companies spending more on business travel and in fact that is at record lows of where it was twenty years ago. I still don't think you can ever replace in our business a facetoface meeting with the client, whether they're across town or there across the world. But we've been able to really think about, you know, how much travel do we need? And if you think about the economics of aviation, you know the majority of the profit of when that bowing triple seven takes off comes from business travelers and that's still way down. It is hurting the industry. Remember how much stimulus money has got into the aviation industry, how much has got into the airlines, and they're still really, you know, benefiting from that. There is going to be a time that we have to reassess how much business travel does does this industry support? And it will be less than it was five or ten years ago. Does that recover over the next seven or eight years. I bet you it does. But there's going to be a time here that there's sort of a disconnect there and and that's why you still see, just ever so slightly, a little bit of softest...

...and and all of those aviation you got me thinking back to ECON. I think it's one hundred and two and one hundred and four, where, you know, I think airlines are always a textbook example of price discrimination. Right, and business travelers, oh, we have this meeting next week and we got to get this presentation and you book your trip and you're kind of in a crunch, so you know there's a price premium versus the family that's book their Disney trips six months out so they can get their fast passes scheduled in everything and so the flights are cheaper. So that mean sense that you you can't replicate a vacation on zoom, but you can do business meetings on zoom. And actually we're recording this. You are at home, you've got your cats there. I'm at one of my work from home days here. I'm in my Home Office with I've got my rescue months behind me. So certainly a different flavor on even how we're engaging alumni, for for you students in in this we would not have done this two years ago, so serainly, some innovationally. Five years still, we would have done this over a couple of coffee or something, you know, probably, and a lot of the technology has advanced to make this more feasible. Now going back in time a little bit again, you wrote in your questionnaire that you actually ended up in Boston after you graduated. You reference working for a really big firm. Can you tell us what that experience was like? You went from being in Du Boys and in University Park State College. They're both pretty small towns. What was it like going to, you know, a top ten size city with its own unique culture and character, up and UP IN BOSTON? It was one of the greatest things I ever did. And I'll walk it back just a little further. When I left Penn State, the first stop I made was my first job, was actually in Pittsburgh and I was there for about eighteen months and my boss at the time came down and said, you know how you've been doing a really great job for us. We want to offer you a promotion. Usually, when these things happen we like to send you somewhere else and there was an option for me to go to, I believe it was Cincinnati, Ohio, or or to go to Boston. I never spent much time in either city, but I thought, you know, what the heck, let's go to Boston, and I'd like to say there was a whole lot more thought in it than that, other than I thought Boston would be a great place to be. I made the move there in two thousand and three and it was one of the best things I ever did. I lived there for over fifteen years. A fantastic city, wonderful people and and really, you know, they called Boston New York with an inferiority complex, but I sincerely loved it. The people there are some of the greatest Jo'll ever find and being in sort of that type of an environment, dealing, you know, with clients that for you know, you know, from from very small individual investors all the way up to corporations where you were literally managing billion dollar accounts for them. It was a great mix. It was a great city to grow up in and I like to say when I moved up there I helped the red sox break their curse. But you know, I guess that'll be left for the historians to do. Well, certainly at least, if not causation, certainly a nice correlation there for for any for any socks fans listening. So you can thank Kyle for that run of titles across all of the different teams in the Boston sports scene in the past two decades. Here now, as we're talking, you're no longer in Boston. You actually moved to another city that's having its own sports renaissance, if you will, with the buffalo bills in western New York. What precipitated that move? Well, the the the move was precipitated by a little bit of a career change. But when I was living in Boston, I was very fortunate to have clients all over the country and all over the world. One of my best clients, who actually ended up being a really great mentor to me, was a gentleman who lived here in Buffalo and I got to, you know, visit him, you know, multiple times a year for literally a decade and you know, you get to with business travel. I think it to learn about a city, get to learn about its people, a little bit about what makes it tick and, you know, in the back of my mind I always thought, you know, this is a great little city, and I should use the word little. It's a great city and I always enjoyed my time here. We had some some changes that were that were taking place at my job in Boston and, coincidentally, about the same time, a friend of mine let me know that the firm that I work for now, which is called Ke Bank, was really rebuilding and ramping up their their wealth management presence and there their sort of wealth management arm is called keep private bank, and that's where that's I work. And they had recently completed a really large merger for the bank that acquired a company called First Niagara Financial...

Group, which was a large regional bank that was based here in western New York. So he came in, you know, the eleventh largest bank in the country and was really trying to make, you know, all of western New York a pretty big focus market for it. Along with myself and a couple other folks from across the country, we were recruited to come in and we've been at it for about four years now and it's been a great success. But really what brought me to buffalo was, you know, the people, just a fantastic city to live in. You know, we're close to a lot of different things than normal times. You're a hop, skip and a jump from Toronto, which is a great and wonderful city and, as you mentioned, we have a great a great sports culture here with the bills and the sabers that collegiate teams. You know, we also have, you know, a little bit of a renaissance going on. You know, our downtown core is really expanding. We have new businesses coming in focused in healthcare and on technology. It's a younger city. It's really growing. I look at it, you know, from living in Pittsburgh and now living in Buffalo. Buffalo is just a few years behind and if you've been to Pittsburgh you've seen the real renaissance taken place there. You know that's happening here too, and is the sort of a guy who's in his s and part of, you know, the financial market here in western New York. It's fun to be a part of that from a commercial perspective and and also helping our individual clients that are coming from all over the world to this relatively new new experience for them here in western New York. And there's a reason that the population music is starting to grow and because people are liking it here, they're staying here and funny, it's a really great city to raise a family and and sort of be part of which, again, going back to our conversation around business travel versus remote you know that's certainly an option, you know, to look at. If you can do a job remotely, which I think a lot of our scholars are going to be seen those opportunities as corporate rolls shift in that way, you can work from anywhere and that include settling down and in a town like buffalo in addition, even if the company's not located there. So you heard it from Kyle. Great option to consider, I think. Also great shoutouts for Pittsburgh, and I'm a little familiar with Cincinnati from my time in Kentucky. Also a great kind of city in that same vein of those slightly smaller than New York, Philly, Boston towns for you to consider, and a lot of big companies headquartered there as well. Now, Kyle, in your answer and a lot of your answers, you keep saying words like client and people and communities. When we think of banking, first thing we think of is, lots of numbers, spread jets, graphs, checkbooks, ATMs, Bitcoin, all these different things. But without the people involved, the numbers don't really mean anything. So can you talk about your role and your day today, if there's such a thing as a VP and a relationship manager for key private bank and working in this specific type of financial role? Sure, and you're absolutely right, this is a people's business because, you know, everybody can give you an ATM machine, everybody can print you off a credit card, give you a check book. Anybody generally can do all those daytoday functions for you. But it's it's something sort of special when you get to work with a client who maybe maybe they started a business when they were young, maybe they had a really great idea, and you really get to follow them through their journey in life, because their life won't get less complicated. You know, we always think about, you know, how we help our clients grow and thrive and in our typical clients are individuals who have really done well for themselves. You know, when I reference key private bank, we are sort of a Boutique Bank within key bank, which is itself part of key Corp. And while we're the eleventh largest bank in the country. What we do is we try to be a hometown bank in all the cities that we're large in, and that's in cities like Buffalo, like PORP and main, like Detroit, like Cleveland Ohio, like Anchorage, like Seattle. Those are cities that we really have a big presence in. It where our home is, and we try to operate as a local community bank in each of those cities. While we still have these global reaches that we have and and the power of being such a large, large bank, we really want to be bankers to our community. So it is it is really kind of a people business in the fact that we want to help folks, you know, grow their business, we want to help them plan for their future, we want to help them mitigate any of the little sort of side steps that can happen, whether that's issues with with children, with marriages, with with taxes, with things of that nature. We're really here to be consultants for the entire lifespan of an individual. So how does that look? How To daytoday basis? That's that's the, I guess, the really interesting question. And every client is different. I mean it can be an individual. I work with a lot of institutions, such as nonprofits. You know, think of Higher Education Institutions that have endowments the people have donated to...

...and how do you invest those funds properly and how do you make sure that they're there to push the mission forward of a nonprofit, of a institution that's, you know, specializing in in different types of education? So all of those things really lead back to what we do, and that's really listening to people, understanding where they want to go financially and given them the tools to do that. That's, in a nutshell, what a daytoday life is. Now that that there's a lot of tools in the toolbox to make that happen, but that's sort of what we do on a day to day basis is really sort of try to customize a roadmap or, for lack of a better word, guide the journey for the client, help the family get where they want to go, help a nonprofit hit where they want to go, and as long as we can be a partner doing that, we're helping them, we're helping the communities we serve to so for the scholars listening, Kyle, what would you recommend that if they want to go into what you're doing or similar roles that are heavy customer service, heavy client and relationship management focus. What are some opportunities? Are Stills that you would recommend that they start working on now? Obviously, probably excel is a good still to know, but particularly around the people and what we might call the soft skills, what would you recommend that they start looking at and how they can start developing those? Sure, so I'll say something to sort of my fellow economics finance majors. When you're an Undergrad, the best thing you can do is with your electos, take some take some interesting classes. Take a foreign language, study some Pennsylvania history, think about some theater, some arts, some film classes. Really try to be as diverse of an individual as you can when you're when you're coming out of school. That really goes a long way with a lot of our recruiters. I know it does a key in my other firm, you know, making yourself stand out a little bit and really in those first couple of years when you're out in your first job, whether you're an analyst, whether you're doing something at a big accounting firm, you've went to work for an investment back you've decided to go into, you know, finance, actual services at a a brokeer ch house or something those first couple of years, finding a good mentor, which I did also a penn state graduate from the S, but finding a really good mentor somebody that can really, you know, not just teach you the technical aspects of the job, because I promise you you're going to pick that up quicker than you ever think. So don't worry so much about that. But it's finding out how to deal with people, understanding where they want to go and, more than anything, just being able to listen, understand where we're where, where they want to be, what do they want to do? What's the desired outcome? And you're going to have a you're going to have a set of tools to be able to do that. So I think the best thing that any scholar can do is when you go out and you get that first job, and you're going to have some scholars that go to really big firms and small firms, but the unique thing is is they're going to go to good firms and there are going to be individuals they're who want to help that next generation really be able to grow and create and succeed and finding somebody that you can be lifelong friends with and work with them and learn this business is the best thing that you can ever do and it's something you can't study, it's something you can't learn, it's just something you have to try, you have to do. So mentoring is a very common theme of this entire podcast. Shell, how would you, in your experience, recommend that scholars, and particularly those who are interested in this line of work, for those ECON, for those finance, for those accounty majors? How would you recommend that they go about finding a mentor in that internship or that first job? Well, I think the first thing you can do is, depending on the size of the company you go to. A lot of them, like key Corp, have very formal mentorship programs where when new individuals will come into the bank, either as an intern or a or a new hire, you're sort of a signed, for lack of a word, a buddy or a friend that can help you learn all the INS and outs of the bank or the firm, from technical systems all the way up how to run the zerox machine. So you know you have to find somebody like that to help you understand all the all the big picture things, but also how how that hundred to five or that daytoday works. And going back to my back say. And so, if there's not a formal program at the firm you go to, you know, even with it's somebody in hr when you were interviewing that you sort of clicked with, or one of the folks who have just recently gone through the same thing that you have. Just just just paw up with them, become friends, go out, grab a cup of coffee, grab a drink after work and really sort of just lay it on the table that you know, hey, I've noticed how successful you've been. You seem really happy in what you do. I'd like to replicate that. How can I learn from you to have a similar experience? So I think it's mostly personality matching. Find somebody that you get along with, it's been successful and and really just attach yourself to them. Even if you're ever so much a bit of a pain, they're going to...

...still do it for you because they've been in the exact same shoes that you've been in. And I've found without question, I've only worked for two firms, but they they've both been pretty big. Big Firm, without question, there's going to be some formal mentoring opportunities. If you go to a larger place, take every advantage of that you can. If you'RE gonna go to a smaller firm or you're going to even go to graduate school, find somebody who sort of traveled your path before. Become good friends with them. It's the best route, deficient who can ever make absolutely I noticed you mentioned the Xerox Machine. Definitely, even those little things like that are very helpful to learn. Whenever we have somebody joined the college, I always made sure they know how to operate the coffee machine because it's a little it's a little challenging, I think, for at first to make sure that you do it right. If so, if you're not a train buristay and if you're if you're going to go into finance, you're going to need a ton of coffee your first two years, no matter what job you have. So, and I imagine also the consultants would probably tell you the same thing for the delights in the mackenzies of the world to yeah, so going back a couple questions here. You mentioned that you work with both individuals who are high net worth. You work with some businesses. You work with nonprofits. What is it like balancing those portfolios? Are there any similarities and any differences between working with those different types of clients? Sure there are. The risk tolerance of individuals and institutions can be very similar, meaning, you know, how much exposure do they want to the markets versus sort of safe and secure investments, and it all still goes back to understanding where your client wants to go. It can be a family that has been successful and they want to grow their wealth for generations and there's a there's a customized plan that we put in place for that, and that's to make wealth last not just for an individuals children, but for grand quote and great grandchildren in and maybe even a journey that they'd like to and doubt, if you take a step to the side, it's actually very similar when you work with a nonprofit, because they're really doing the same thing. They're at they're receiving the quests, they're, you know, having, you know, operations, operational profits, things of that nature, and they put a plan in place of what they want to do in the future and it's really our job to help them get there. So you think about nonprofits, maybe even in the healthcare sector that that are really out there, you know, trying to stay on the cutting edge of whether it's providing healthcare services to inner city disadvantaged individuals or there are there are a large cancer research institution. It's still pretty similar, you know, understanding what the client wants to do and how they'd like to get there. It's really done our job to get them there. So, as I said, we always have a lot of tools on our bag do that. So there's a heck of a lot of similarities between individuals and, for lack of a better word, institutions and how they how they want to move forward. It's very different from attack structure, from an investment structure, from an amount of risk that you can take with an individual versus and but you know, the fundamentals are there and for into for folks that are going out to start in this world and the career path. You know, the best thing you can always do is listen to your client, but a plan in place, stick to it and you'll have the desired outcome. You if you want. When you don't listen to your client or you try to sell them something or you you know, you deviate from a long term plan. That's when you have trouble and that's when you don't really don't really have been desired outcomes. That you one mentioned quite a few things in the last couple of answers and I'm curious. You know, tax codes change, technology changes, industries evolve. Things that were great investments before maybe not so great now. New Things are coming on the horizon, like cryptocurrencies and different green technologies. How do you continue your professional development well after your days of Penn State so that you can stay on top of your game, add to your tool kit and best serve your clients? Sure it's a great question, because there's there's nothing as sure as change, especially in the markets that we're living in today. You see so many different things changing. Fifteen years ago people didn't even you know, if you would say what is eesg investing, they wouldn't understand. You know, it's environmental, social, social responsibility and governance, and that's that's a big change. You know the tax changes, they happen every year, sometimes more than once a year. So you know, being involved in some different professional organizations, working for an institution like I work for, where you know we have dedicated individuals who are following all of those changes and bringing the folks are out in the field, such as myself, those really good ideas that we can translate to our clients. Is it's paramount delivering the right experience. But what I would say to folks who are thinking about this you can never sort of stop learning because, if you know, in one thousand nineteen eighty we would have gone out and bought our clients a portfolio of fifty of the largest stocks in the country. Those fifty largest stocks in the country are very different today than they...

...were in one thousand nine hundred eighty. They're very different they were in two Thousan they're very different than they were in one thousand nine hundred and ninety. So, you know, really staying on top of things, you know, making sure that you're in tune with the markets, that you're you're doing the requisite amount of sort of research into the different tax situations and understanding that, you know, nothing is as sure as change, but making sure that you're on top of it always is the best way to deliver the best outcome for your client. There's a lot of ways to do that. It's again learning from your peers from your company, getting into civic organizations. I belong to a noose organization called the Association of mergers and acquificition. So getting into the folks and institutions like that, where they're constantly bringing a new ideas understanding what's going on in Washington and around the world, that's the best way to really deliver the best outcome for your client. So you mentioned that professional association you're really involved in in the profession. How did you get involved in that and, more importantly, why do you take on that extra work to volunteer with these kind of professional groups? Well, I think it makes you a more well rounded advisor for your client. You're sort of specializing in certain areas and when you when you for lack of a better word, when you go out there and you start working with individuals, you're always going to gravitate sort of toward a certain type of situation, whether that's, you know, helping business owners, whether it's helping institutions. But really thinking about there, you know what really can I learn, what can I sort of be an expert at? That can translate into a good outcome or a good knowledge base for my clients. And one reasons that I decided to sort of get involved in an organization that specifically helps with individuals who may have grown a business. Maybe it was a start up and they went through an IPO and now you know they grew this business out of their garage and now you know they could buy a small country, finding and really thinking about the topics that are important to them. Many, many times it's paxes. Many times it's thinking about how to preserve wealth and pass it on to my kids and grandkids and really figuring out those sort of answers and really, you know, having an association of individuals that are doing that. Seeing multiple situations across the globe really helps us a great deal in the amount of knowledge we're able to gather and, you know, whatever situation that we find ourselves. And it's also a really nice peer group to go out and ask for resources and to see how you can best help your client through maybe they've been in a situation that similar before. And then, in addition to your professional community across the country, you're also heavily involved in your community in Buffalo. Can you tell us what you do and why you do what you do? Sure you know I was. You know, I've always had a saw spot in my heart for the city of Buffalo even when I was a living here and I was living in New England. But when I moved here, you know, it didn't take very long to realize that this is the place that I hope to put down routes for the remainder of my time and the city is really growing. It's you're going to see it in a lot of travel magazines. are going to see it in a New York Times dining out article. But it's important that we realized. I think that, you know, not everybody in the city of Buffalo and in western New York is is sort of sharing in those same headline successes. You know, we're still a city that is recovering from Bethlehm Shit Steel shutting down in one thousand nine hundred and eighty four. We've lost, you know, roughly a third of the population in the last thirty years and it's just starting to come back. So there's a lot of people that maybe aren't sharing in all of the the success that the city is having on a macro level right now. So I was really pleased a little while back to get involved with an organization called Evergreen health services that first started off as the Buffalo AIDS project and really it went out there and try to help individuals that were suffering with with HIV and AIDS at the time in the S and s. But it's really turned into an organization that provides primary healthcare, mental healthcare, mental health care, helping folks get their first house, really sort of a catch all organization that's out there trying to make a difference in the lives of people of Western New York, specifically sort of folks here in Buffalo, because it is it is easy to get left behind. There's a lot of folks that have had some circumstances that, you know, we could never even in a million years, you and I sitting here, understand or or candidly, even fathom. And they're vital part of this city to and they need all the resources that we as a collective here and provide and and being able to serve with this organization. You know a little bit, first as a volunteer and and now I'm on the board of directors of their foundation to really help them grow. I've seen the good things that they've done, the good things they've...

...done historically, the good things they're doing today helping people who had a tough time, whether it was with substance abuse, whether it was suffering from discrimination because of their sexual orientation or anything like that. It's it's it's just a fantastic organization and it's one of many in this city that's really trying to help those of us, you know, who just haven't had the opportunities or are trying to change their life and being able to be a part of that. It's probably one of the most rewarding things I've done in many, many years. That's great and I think that is really a continuation of the honors colleges mission envision. So that is great to hear. Now, before we get into the reflective questions, one thing I wanted to ask about. You mentioned earlier your license pilot. Do you still get out to fly and when you were a student, was there any for me? There's students who are interested in picking this up or who are active, you know, getting their license as well. We're able to practice and fly and get hours. When you were a student, I did. Yeah, I probably didn't fly as much as I should have when I when I was younger and in college, but I did I got to go out and practice got to use the University Park airport a little bit, rented some airplanes and and flew all over Pennsylvania, New York and in Maryland. Today I still get to fly quite a bit. One of my flight instructors is a is a gentleman that I've been lifelong friends with that lives and Capecott and Massachusetts and every year take a little bit of a trip out there and we always go flying and have a lot of fun together. So yeah, it's something that that it's a lifelong passion of mind. It's a great pursuit and it's always something that you continue to learn because just as the financial markets are always changing, you know, the technology of aviation is too. So it's always something that you can keep up with, learn a new skill and there's nothing, nothing cooler than getting up there and seeing the world below and the flying an airplane and and just having a great time. And, you know, one of the things I can't encourage people enough to go out and try, if you have an opportunity, the the amount of freedom that it allows you to have and experience. It's just it's not rival than anything else. Well, as pen stators, I think we know a little bit about unrivaled. So you heard it from Kyle about going out and checking out the blue skies and I know it can be a bit of an investment, but maybe you know, work with folks like Kyle to see if you can financially swing that if that's a hobby that you are interested in pursuing. Now, Kyle, in our now we're going to kind of pivot to the last section of our conversation today. What would you say is your biggest success to date? I would say in my professional life it's definitely taking some organizations that serve the greater good of our communities to the next level. I was fortunate enough to to work with an organization that helps folks sort of in their last last days in Chautauqua County here in New York state, and they were an organization that, you know, had always done a fantastic job of helping individuals that were facing, you know, really tough decisions. It was sort of a hospice like organization and they sort of came to us with an idea of how they wanted to build a residential inpatient facility to help folks that maybe didn't have a home or didn't have loved ones that could look after them in those last days. And, you know, really taking this organization from just an idea on on a piece of paper to actually, a year ago, seem and put shovels in the ground and build this building and take care of people. I've got to say that's probably the one that strikes home the most. It's it's benefiting a lot of people, it's allow them to have a lot of dignity and a lot of hope and I think that's the powerful thing that we can do. In my industry, you know you're going to watch a lot of movies that talk about the porsches in the expense accounts and in the bottles of wine and finance, and you know that's not all it is. Is actually getting out there and helping individuals on our community. We have a mission, we have a duty to do that and I just think it's amazing when you can see it happen. That's great. I think you've provided a lot of insight, kind of contrary to kind of the Hollywood perspective. You think of things like the wolf of Wall Street, which is very probably stewed perspective on things. What would you say is your biggest transformational learning moment and what you learned from that experience. I think the transformational part of that is understanding that you know, if you take things, for lack of a better word, one step at a time and trying to leap to where you want to go, you're going to have a really good outcome. Because we had a lot of twists and turns in this project that we assisted on. There was a family that was going to originally donate a lot of a lot of the capital. They decided not to and now we're...

...left with, Oh gosh, what do we do? So you know, if you don't follow the methodic process, you might not be able to react in those situations the best way. In this situation we were able to do so and we found other ways to sort of get it done. So I think to answer your question, you know, just staying focused, understanding with the end of the game is the realizing you don't have to get day to Z in one jump, that you can go from A to B to CDD and so on. They're you know, you can't be all things to all people, but you can give honor in ten percent of your best and if you do that, you generally going to get to where you want to go now. You mentioned a trouble faults at the very beginning when you were talking about the ECON department. Are there any other professors or friends from your scholar days that you would like to give a shout out to? Sure you know, I I was lucky enough to be able to do a double major in economics and political science, and in the economics world I worked a great deal with David Shapiro, who is still a professor emeritus of economics, and stay in touch with regularly. I had another gentleman who I actually got to work with quite a while. His name was Philip Line and he was probably one of the world's pre eminent researchers of business cycles and economic fluctuations and sadly he passed away about a decade ago. But don't even after I left Penn State, we stayed in good touch. Occasionally would visit with him and his family and just really love the research he was doing. We were sort of kindred spirits in that regard and it was it was wonderful. I also had a great, great, you know, experience in the Political Science Department. A lot of professors there, you know we're exceptional and teaching political theory. I had a professor by the name of Bob laport who, you know, was very skilled and sort of Southeast Asia politics, which I always found interesting, and local governments as well, and it was a great opportunity and and the Nice thing about it is I've still kept in touch with a lot of them. I think that's important. They're always great folks to share a story with or maybe even reach out for a little bit of advice. So, as I started said, even when you're talking about professional careers, you know, when you're a student and you're a young scholar, find a few folks that you really like and enjoy and you'll have you'll have lifelong friendship with them. Is there any final advice that you want to leave students that maybe hasn't come through it in any other point in the conversation so far? I think that what I would what I would leave a lot of the scholars out there with, is, you know, think about what you're doing right now, realize that it may be completely different from what we're going to do five or six years from now. Realize that that's okay. Take every opportunity that you possibly can to grow. One of those ways is, I think, to find a good mentor out there, become as close as you can with them, understand, you know where they've been successful, where where they need some guide to, because you'll be able to help them. And, as I would always say, I know it's a little bit of a Cliche, but travel as much as you can. Learn how the world works. Aren't how different cultures are, pick up a different language, get a global prostective on life, because there's there's a tendency, I think, to live in our own little bubbles and the best thing I think you can do for your career and your first job, protect and really that promote, is always be able to understand. You know what makes people, how do they think about things, how do they approach a problem? And it's not always going to be the same way you do. So it's important to think about that and and really have as many different sort of centers of influence as you can go to to have different perspectives. Absolutely great advice. LOVES THE SHOUT OUT FOR OUR mission tenant of global perspective, and you also mention mentioned mentoring and we've talked about that quite a bit in our conversation. If a scholar wanted to reach out to you and take this conversation further, pick your brain, learn a little bit more from you, Kyle, how can they get a hold of you? Absolutely, and I've actually done that for a few scholars and just a few folks who have been students in the ECON department over the years. Happy to do that. You know, you're welcome to to shoot me an email at ils one, one at maccom. Certainly, you know, hit me up on Linkedin. You'll see me there. Kyle Morgan and key private bank and Buffalo New York. Happy to help anybody, principally as you're thinking about going out there and getting that first job or evaluating some different offers, or, heck, if you want to learn how to fly, I'd be happy to get you into the right right places to do that. Well, you heard it from from Kyle. He can help you with a bunch of different things and I strongly recommend that, like me, you connect with him on Linkedin. Now, Kyle, as is tradition here, on following the gone. I know you've listened, so you know what is coming. If you were a flavor of Burkie creamery ice cream. Which would you be? And, most importantly, as a scholar alumnus, why would you be? That flavor Pumpkin, and don't throw me into the whole pumpkin coffee thing because I don't like that. But I love the Pumpkin ice cream from the creamway and I'll tell you why. My senior year I ended up meeting one of my closest and best buddies at Penn State. First couple of days of class I was like, is this guy stalking me or something, because we had literally...

...the entire same schedule, Monday, Wednesdays and Fridays, and we sort of just started laughing. Went Day. I'm like, you're in every class that I'm in and this guy's name is built. Done. He said Yeah, I think we have the exact same schedule. So we thought let's go get some ice cream and figure out how we can attack some of the projects that we are given and things like that, and a couple of classes and we went over the creamery. I had my typical Pumpkin ice cream. I don't know what that had, he actually had, but it's a good memory of mine because one of my best lifelong friends we sort of started our our relationship over creamery ice cream and I'm still really good friends with him and his son. We spend a few holidays together every once in a while and you know, it's it's a good thing. So don't, don't, don't pick on me about the Pumpkin, but it is my favorite playing well, I'm always going to side in the apple in the fall flavors and at by the point that this one has been published, I know we've already had, will have had an episode with the Apple Pie flavors. So now we've got pumpkin covered. So either side on that, on that fall flavor debate, you've got your you've got your representative here on following the gone. So I haven't had that one yet, but I'll have to try that next fall. Kylen Fort Gut its right, Kyle, you are a relationship manager and VP at key private bank in Buffalo New York. Thank you so much for joining me today here on following the gone. Thank you, Sean, and all the best to you and all the scholars out there that took the time to listen to this. Thank you, scholars, for listening and learning with us today. We hope you will take something with you that will contribute to how you shape the world. This show probably supports the Shryer Honors College Emergency Fund, Benefiting Scholars experiencing unexpected financial hardship. You can make a difference at rays dot PSU DOT edu, forward slash shreire. Please be sure to hit the relevance, subscribe, like or follow button on whichever platform you are engaging with us on today. You can follow the college on Facebook, twitter, instagram and Linkedin to say uptodate on news, events and deadlines. If you have questions about the show or a scholar alum who'd like to join us as a guest here on following the gone, please connect with me at scholar alumni at PSU DOT ETU. Until next time, please stay well and we are.

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