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Top City for Tech and Entrepreneurship
KC ranks alongside Silicon Valley as a top tech city in the U.S., with access to talent, capital investment and opportunity for growth were all factors in determining the top cities. 
Cushman & Wakefield, June 2017

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Best Cities for Jobs
KC ranks No. 3 in Best Cities for Jobs by Glassdoor. Rankings were based on number of job openings, job satisfaction, median base salary and median home value. 
Glassdoor, September 2017

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Jill McCarthy

Senior Executive | Corporate Attraction
816.374.5636
With more than 25 years of experience, Jill leads the business development team.

Financial Services

KC is a center for financial services innovation and activity as a host of blue chip companies operate critical lead and support functions from the region. Select headquarters include American Century Investments, BATS Trading, Commerce Bancshares, DST Systems, Federal Reserve Bank of the United States, H&R Block, State Street, UMB Financial, and Waddell & Reed. KC is also seeing a new wave of companies like bloom, C2FO and ZOLOZ leveraging KC location advantages like the existing financial base and technology components to transform the financial services industry.

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Employed in KC Financial Services
79,600

Bureau of Labor Statistics, 2017 SAE
Percentage of Labor Force in Financial Services
7.4%

Bureau of Labor Statistics, 2017 SAE
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Sectors

The Kansas City region has experienced phenomenal corporate attraction and business growth of late. Companies across a range of economic sectors have selected KC for the location of headquarters, technology, manufacturing and logistics facilities, research and development operations, and shared service centers primarily in finance, insurance and health care. That growth has meant more demand for the high-end financial support services sector.

The diverse and well-balanced economy, network infrastructure and skilled workforce of KC makes it attractive to the financial services industry. There are certain sectors with particular strengths in KC:

Fintech

KC has the financial base and technology components needed for a thriving Fintech ecosystem. Fintech is a highly entrepreneurial industry where success is amplified by collaboration. Whether that support comes from established private sector companies, non-profits, education, government or the connectedness that comes from the density of an innovation hub, KC has it. 

As the first Gigabit connected region, a host of digital entrepreneurs in KC formed StartUp Village. From this community emerged several successful companies including blooom, a financial services company now worth $1B; ZOLOZ, a digital security firm that recently exited from startup status to become part of the AliBaba family; and Machine Halo, a national leader in public safety technology development. Kansas City is also home to C2FO who’s a two-time Forbes Fintech 50 company.

Insurance

KC has a very deep insurance market with an abundant workforce to foster more growth. In 2010, Spring Venture Group, a direct-to-consumer distributor of Medicare supplement insurance, had just 24 employees. Fast forward to 2017, when the company had 300 employees at its KC headquarters and announced plans to add 1,000 during the next six year. Ramping up employment that quickly in KC is made easier by the availability and concentration of skilled labor.

Occupation Employed in KC  KC Concentration
Compared to
National Average
 
Insurance Underwriters 1,490 224%
Claims Adjusters, Examiners & Investigators 3,590 172%
Insurance Claims & Policy Processing Clerks 3,250 150%
Insurance Sales Agents 4,020 140%
Compliance Officers 2,590 122%
Actuaries 340 240%
Source: Bureau of Labor Statistics, OES 2017

Other select insurance operations in KC include:

Headquartered in KC, Lockton Companies is the world’s largest privately owned, independent insurance brokerage firm.

The National Association of Insurance Commissioners is the U.S. standard-setting and regulatory support organization created and governed by insurance regulators from all 50 states, the District of Columbia and five U.S. territories. This organization’s central office is in KC with nearly 500 employees.

Kansas City serves as the hub of State Street’s insurance servicing operation, providing investment administration for insurance portfolios.

Blue Cross and Blue Shield of Kansas and Kansas City are the largest providers of health plans in Kansas and the 32-county area serving Greater Kansas City and northwest Missouri.

Farmers Insurance Group employs over 2,000 workers in KC, with offices housing three different divisions including the company’s national property claims division.

Mutual Funds

Technological advances have allowed for the decentralization of financial information and made it less important to be in one of the major money centers of the U.S. to succeed in wealth management. Though KC isn’t New York or Chicago, the support of innovation and an entrepreneur-friendly culture attracts world class money managers. Most notably, these select companies have a major presence in KC: American Century Investments (HQ), DST (HQ), Mariner Holdings (HQ), State Street and Waddell & Reed (HQ).

Midwestern ethics of good, solid planning and treating the customer right are the core fundamentals that make both the KC economy and wealth managers successful here. Founded and headquartered in KC, American Century Investments embodies why wealth management companies thrive in KC with their motto of “Prosper with a Purpose.” In addition to helping individuals and businesses with their financial goals through high-yielding mutual funds, American Century founder Jim Stowers and his wife Virginia built and endowed the Stowers Institute for Medical Research.

With an initial endowment of $2 billion—99% of Jim and Virginia’s amassed wealth—the Stowers Institute is now recognized as a world-class biomedical research organization. Stowers Institute owns more than 40% of American Century and dividend payments have provided $1.4 billion of ongoing financial support for the Institute’s important work since 2000. Their core focus is to eliminate devastating diseases like cancer, diabetes and Alzheimer’s. With $150 billion in assets under management, the potential to impact lives positively, beyond money, will live on with the partnership between American Century Investments and Stowers Institute.
KC is also an active hub for banking, accounting, audit, taxes, billing and advisory services in the Midwest with a supporting skilled workforce. Big Four accounting firms Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers all have a significant number of employees based in KC. Other well-knowns such as BKD, Grant Thornton, H&R Block (HQ), MarksNelson and RSM employee more than 2,000 workers in KC. In addition, the Internal Revenue Service employees over 4,000 employees at the KC processing center, one of only two in the nation.

Occupation Employed
in KC
Accountants & Auditors  11,770 
Bookkeeping, Accounting & Auditing Clerks  11,490 
Financial Managers  3,930 
Billing & Posting Clerks  3,720 
Bill & Account Collectors  2,950 
Tax Examiners & Collectors & Revenue Agents  1,560 
Financial Examiners  720 
Source: Bureau of Labor Statistics, OES 2017

For more information contact:

Jill-BusDevContactJILL McCARTHY
Senior Executive | Corporate Attraction
816.374.5636


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