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11:41 am
Finance Giving Back October
Learn More About Montecito Bank & Trust

“Everybody can do something,” Montecito Bank & Trust founding member and Chairman Michael Towbes became famous for saying. While he spoke these words to encourage his colleagues to use their time, treasure or talent to help organizations they are passionate about, Towbes also modeled this sentiment throughout his life.

From serving his country in the Navy during the Korean War, to volunteering and chairing numerous nonprofit boards and granting more than $25 million to more than 400 organizations on the Central Coast through his Towbes Foundation, Towbes’ desire to help others led him to create a lasting legacy that continues to this day, almost 10 years after his passing in April 2017.

Towbes’ spirit of service was embedded into the culture of Montecito Bank & Trust from the beginning, back in 1975 when he cofounded the bank, originally named Bank of Montecito. Elected as CEO in 1982, Towbes became the sole shareholder in 1983 and eventually served as Chairman from the 1990s until 2017.

During his tenure, he established impactful programs, including Community Dividends and Anniversary Grants, donating millions of dollars to help local nonprofits in their invaluable work supporting those in need and strengthening communities.

“Giving back has always been part of who we are at MB&T. Michael Towbes founded the bank with a vision to make the communities we serve better places to live and work, and more than 50 years later, that still guides us,” said Chairman and CEO Janet Garufis. “We believe being a community bank means investing in the people and organizations doing the important work to help our communities grow and thrive.”

Towbes wanted MB&T associates to have the opportunity to support the organizations that mattered most to them. In 1990, he began the annual tradition of celebrating the bank’s anniversary by encouraging associates to nominate and select 10 nonprofits to receive Anniversary Grants in support of their missions. Since its inception, the program has provided more than $700,000 to over 180 unique nonprofits.

In 2003, Towbes invited 100 local nonprofits to join him for lunch on the Monday before Thanksgiving. He surprised each with a check, totaling $1 million, and announced the launch of MB&T’s Community Dividends program. Today, the annual celebration brings together local nonprofits and provides more than $1 million each year in support to community organizations focused on enriching Arts & Culture, Health & Medical, Social Services, and Youth & Education. As of November 2026, the program has provided more than $25 million to over 500 nonprofits throughout Santa Barbara and Ventura counties.

After Towbes’ passing in 2017, the bank added the Michael Towbes Community Impact Dividend to the annual Community Dividends celebration in his honor, providing significant additional funding to organizations delivering critical and sustainable services to some of our community’s most vulnerable residents. Since its inception in 2019, the Community Impact Dividend has awarded $1.325 million to 18 organizations, including last year’s recipients, the Santa Barbara Foundation and Ventura County Community Foundation.

Beyond these giving programs, the bank supports hundreds of community and business events through sponsorships, matches associates’ and directors’ charitable giving and recognizes their volunteer service with additional donations to the organization of their choice.

Carrying on the legacy of Towbes, MB&T’s associates give back to their communities year after year. Last year, they volunteered over 7,900 hours, with 43 associates serving on nonprofit boards and reaching over 2,250 students through their financial literacy programs. Partnering with schools and nonprofits through programs like REACH, PEAC and Fun in the Sun, MB&T’s associates educate community youth about finances, empowering them with essential tools to build successful financial futures.

“We know we can do more together,” said Garufis. “No single organization can meet every need, but we all have something to contribute. For us, that might be funding, expertise, relationships or simply showing up when we’re needed. When we bring those strengths together, we can make a much greater impact.”

Towbes’ vision to create a community bank dedicated to giving back continues to serve hundreds of nonprofits from Santa Maria to Westlake Village. The seeds he planted more than 50 years ago have bloomed into a mighty force for good in the world.

Towbes’ enduring commitment to improving and uplifting the lives of so many lives on through MB&T’s support of nonprofits focusing on Arts and Culture, Youth and Education, Social Services, and Health and Medical Services. Local nonprofits can apply for Community Dividends, and 188 nonprofits received support last year through just that one program.

As communities’ needs change, MB&T will continue to develop solutions and resources to address essential issues including affordable housing, mental wellness and food access, while sharing expertise and educating communities about financial education, fraud prevention and cybersecurity.

Guided by their founder’s example to provide innovative, lifechanging programs, MB&T’s associates stand strong in their efforts to make the communities they serve better places to live and work.

Michael Towbes’ Origins & Timeline

  • Born in Washington, DC, July 17, 1929
  • Obtained a B.S.E. in Civil Engineering from Princeton University, graduating Summa Cum Laude and Phi Beta Kappa in 1951
  • Pursued graduate studies in Structural Engineering at MIT
  • Joined the Navy during the Korean War
  • Began volunteering in the 1960s: 27 years on the board of Cottage Hospital (5 years as Chair); President, Santa Barbara Foundation; founding board member, Scholarship Foundation of Santa Barbara
  • Formed Michael Towbes Construction & Development, Inc. in 1970
  • Founded Bank of Montecito in 1975
  • Founded the Towbes Foundation in 1980
  • Passed away April 13, 2017, leaving a legacy of giving back

5:27 pm
Finance March
Learn More About Montecito Bank & Trust

For the 23rd year and counting, Montecito Bank & Trust awarded local nonprofits grants to support their efforts to uplift the area’s most vulnerable residents.

“You and your teams are resourceful problem solvers; often the first to see a need and step up to meet it,” acknowledged Chairman and CEO Janet Garufis. “You respond to crises at hand, work to find long-term solutions and to help empower individuals and families so that they have the tools they need to not just survive but thrive. You feed the hungry, house the homeless and heal the hurting… You listen to your community, engaging with them to better understand their needs, collaborate with partners… and advocate for changes to enhance the quality of life for all segments of our community. THANK YOU!”

Montecito Bank & Trust’s Annual Community Dividends® Awards Luncheon, held last November at The Hilton Santa Barbara Beachside Resort, recognized 188 local nonprofits’ amazing work, distributing $1.2 million in awards to help support their programs. Since its launch in 2003, the Community Dividends program has invested more than $24 million in over 300 nonprofit organizations. In 2025, its total charitable giving exceeded $1.7 million, with funding directed toward organizations serving low- to moderate-income individuals and families across both counties.

Nonprofit executives, frontline staff and volunteers gathered alongside 68 Montecito Bank & Trust associates, the Bank’s executive leadership, Board of Directors and Emeritus Director Pete Jordano to celebrate the organizations. Throughout the year, Bank associates contributed more than 5,500 volunteer hours to many of the organizations represented.

In addition to awarding Community Dividends grants, the Bank chose two nonprofits to receive the Michael Towbes Community Impact Dividend, established in 2019 to honor the Bank’s founder. The annual award directs at least $100,000 to nonprofits delivering essential, sustainable services to large numbers of vulnerable residents.

This year, rising demand and a shifting funding environment made it difficult to prioritize a single area of need.

“Identifying one pillar where the need was clearly greatest—food insecurity, mental wellness, housing and healthcare—proved to be an impossible task,” Garufis said. Thus, the Bank opted to strengthen the community’s safety net by investing in two trusted local foundations: Santa Barbara Foundation and Ventura County Community Foundation. Each received $100,000 for emergency response funds, bringing the Impact Dividend total to $200,000.

This decision “demonstrates MB&T’s unwavering commitment to our ENTIRE community. Mike always hoped that our Philanthropy would ‘model the way’ for others in the community,” said Garufis. “We believe this is one of those moments where MB&T can make a powerful statement about the urgent need for support.”

Attendees received a surprise treat from students at the Music Academy of the West’s SING! Program, who performed Shalom Chaverim, a Hebrew folk song, and Kuwa Furaha (Be Joy) by Jim Papoulis, drawing a standing ovation from the audience. The free after-school program primarily serves students from Title I schools & is supported by Montecito Bank & Trust.

The event concluded with another unexpected nod commemorating the Bank’s 50th anniversary—five “golden tickets,” each representing a decade of service, were tucked into the Bank’s 2025 Community Impact Report distributed at the event. The nonprofits who discovered them received an additional $500 donation.

The afternoon demonstrated the importance of service and recognition as well as the mutual benefits that result when local institutions work with area nonprofits to invest in the well-being of the place we call home.

10:37 pm
Finance January

The Lake Avenue Group at Morgan Stanley

The Lake Avenue Group at Morgan Stanley provides financial counsel and investment management to individuals and their families, professionals, business owners, and others. Providing advice on specific financial needs to creating individualized plans that focus both sides of the balance sheet and every aspect of financial decision-making toward specified goals and objectives. We also provide access to Cash Management and Lending Solutions.

100 N. Westlake Blvd. Suite 200 Westlake Village, CA 91362
805-494-0238| morganstanley.com

CLICK HERE Learn more about The Lake Avenue Group at Morgan Stanley

Article By Ryan Parker, CFS®, Financial Advisor

Growing up, I was taught to avoid strangers and to say no to drugs, but no one ever told me that ignoring financial planning could be just as risky. Looking back, I realize how much time and opportunity I let slip away by not taking control of my financial future sooner.

As we prepare for 2026, it’s the perfect time to reflect on some simple yet powerful financial habits that can help lead toward a secure and prosperous future.

1) Make More Than You Spend—Without Living Less

Be strategic with spending. Audit subscriptions and small recurring charges that deliver little value. Trim waste, not joy. There’s a balance between enjoying life today and over-tightening the belt: a dinner that deepens friendships may be money well spent; a forgotten subscription quietly draining your account is not. Remember the opportunity cost—every frivolous dollar isn’t just spent; it’s a dollar that could have compounded for your future.

The highest impact lever to pull is your income. In most fields, those at the top of their craft earn multiples of the average paycheck in the same role. Make advancement your primary focus: educate, upskill, pursue credentials, seek mentors, take stretch assignments, negotiate and stay open to firms that better reward your impact. Block time every week for deliberate career growth—treat it like a standing meeting with your future self. Over time, even modest increases in compensation, compounded, can outweigh most budget tweaks.

2) Invest the Excess—Thoughtfully and Professionally

DIY investing can be tempting, but professional guidance adds perspective, discipline and efficiency. A good advisor aligns your portfolio with your goals, time horizon and risk tolerance—and helps you stay the course when headlines are loud. By delegating, you reclaim hours to do what drives wealth most: become an expert in your field, advance your career and grow your income, while your capital is managed with intention. The aim isn’t to swing for the fences, but to run a durable, tax-aware, risk-aware plan that can compound over time.

3) Protect Against Large Losses—Control the Downside

The overlooked pillar of wealth building is preservation (and this is where the right financial advisor can make all the difference). Big setbacks can erase years of progress—and for many of us, there simply isn’t enough time or runway to fully recover—so controlling risk matters as much as pursuing growth. Diversify across asset classes so weakness in one area doesn’t derail your plan. Consider tactical approaches. Avoiding deep drawdowns can preserve the conditions for compounding over time.

Protection extends beyond markets. Insurance—health, life, disability, property—can help ensure that unexpected events don’t become financial crises. An emergency fund and thoughtful estate planning add further resilience.

A New Year, a Durable Mindset

As you step into 2026, embrace simple, intuitive habits that can significantly enhance your financial future. Focus on earning diligently, spending with intention, investing wisely and protecting your assets consistently. These straightforward practices can help you build a solid foundation for long-term success.

If you’re looking for help growing and protecting your wealth, consider reaching out for professional guidance. Our team is here to support you in crafting a financial strategy that aligns with your goals and aspirations.

Morgan Stanley Smith Barney LLC offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at http://www.morganstanleyindividual.com or consult with your Financial Advisor to understand these differences.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

Morgan Stanley Smith Barney LLC. Member SIPC.

CRC 4766177 08/25

© Copyright 2025 Targeted Media Partners LLC All Rights Reserved

1:06 am
Finance

Montecito Bank & Trust

Montecito Bank & Trust’s Vice-President/Senior Portfolio Manager Albert Chu shares tips about smart year-end financial planning.

Albert Chu
CFA®, CAIA®, VP / Senior Portfolio Manager
805-979-4506 | achu@montecito.bank

CLICK HERE Learn more about Montecito Bank & Trust

Article by Albert Chu

Q: Why is year-end financial planning important?

A: While it’s always a good idea to periodically review your finances, and progress towards your goals, there are certain things that do have year-end deadlines. If you’re a participant in your employer’s 401k plan, you’ll want to review and maximize your contributions or employer match for 2025. From a tax perspective, you’ll want to look at harvesting losses that may offset any capital gains and other situations like a RMD (Required Minimum Distribution) from your retirement accounts. The holiday season is also a great time to think about others so review any charitable donations and any gifts you’ll want to give to individuals to maximize your annual exclusions. There are also mundane things that you’ll want to review to not leave any money on the table. For example, if you have a Health FSA (Flexible Spending Account), you’ll want to ensure you use all funds that can’t be carried over into 2026.

Q: What are the main considerations when undertaking year-end financial planning?

A: As mentioned, there are items in your financial plan that need to be addressed each calendar year. In addition to these items, you’ll need to consider updating your financial plan for upcoming life events. These can be life events like having a child, starting a new venture or purchasing a second home closer to grandchildren that impact your finances. You also want to take some time and review your progress towards your current goals.

Q: What advice can you offer for those who may be having trouble getting started?

A: You don’t need to do everything in one day; dividing your checklist into manageable pieces will help you from feeling overwhelmed.

Q: Do you recommend meeting in person or is a phone conversation sufficient?

A: An initial phone conversation is a great way to learn more about an individual’s situation. This will allow your financial advisor to research and prepare strategies that are customized to your needs. An in-person or Zoom meeting is important afterward to share ideas and recalibrate the strategy if necessary.

Q: What is the anticipated outcome of assessing finances at the end of the year?

A: With a year-end review you hope to optimize your tax strategy for the current year and set yourself up for the upcoming year. Reviewing your budget and expenses should provide some insight on opportunities to increase savings or reallocate resources. It also provides a set timeframe to check your progress on your long-term goals and adjust course if necessary for the coming year.

Q: When is the best time to perform this review—before the holidays or in November/December?

A: The best time to perform the review is sooner vs. later. The holidays can be a time filled with events, and it can be difficult to carve out time. Also, as you get closer to year-end, you may find more people rushing to get their financial check list complete as well.

Q: Any other general advice for readers regarding year-end financial planning?

A: With the new Tax Bill, you’re more likely this year to itemize deductions instead of taking the standard deduction, making it more important to keep good records of deductible items.

Q: What do you enjoy most about assisting clients with this task?

A: I enjoy working with clients and demystifying the financial planning process. It’s rewarding knowing that you can play a part in someone’s financial journey and seeing them reach personal milestones like retirement.

Q: What is challenging?

A: The biggest challenge is balancing the need to have a structured financial plan while building in the flexibility to adjust as life changes/surprises arise.

Albert Chu has over 25 years of investment management experience serving clients in private banking, prominent RIAs and a multifamily office. Albert works with clients to develop a goals-based approach to wealth management that incorporates both traditional and alternative investments. He holds both the CFA (Chartered Financial Analyst) and CAIA (Chartered Alternative Investment Analyst) designations.

© Copyright 2025 Targeted Media Partners LLC All Rights Reserved

9:52 pm
Finance

The Lake Avenue Group at Morgan Stanley

The Lake Avenue Group at Morgan Stanley provides financial counsel and investment management to individuals and their families, professionals, business owners, and others. Providing advice on specific financial needs to creating individualized plans that focus both sides of the balance sheet and every aspect of financial decision-making toward specified goals and objectives. We also provide access to Cash Management and Lending Solutions.

100 N. Westlake Blvd. Suite 200 Westlake Village, CA 91362
(805) 494-0236| morganstanley.com

CLICK HERE Learn more about The Lake Avenue Group at Morgan Stanley

Article by Laura Marie Raulinaitis

Financial planning is not just about numbers—it’s about people and priorities. Families, business owners and individuals all face decisions that shape their futures: saving for retirement, caring for loved ones or creating a legacy. Without a clear plan, those decisions can feel overwhelming. With preparation, they provide clarity and confidence.

The Power of Collaboration

Financial lives are complex. Investments intersect with taxes, estate planning, insurance and family dynamics. That’s why collaboration matters. When CPAs, attorneys and advisors work together, clients feel supported and better equipped to make lasting decisions.

Balance Over Certainty

Markets, tax laws and personal circumstances constantly evolve. The best financial plans are flexible, balancing growth potential with risk awareness. While no strategy guarantees certainty, a well-prepared plan can provide resilience in the face of change.

Every Plan Tells a Story

Behind every financial strategy is a personal story: parents saving for education, couples preparing for retirement or entrepreneurs building for the next generation. Numbers alone can’t capture what matters most—values, priorities and emotions are just as important.

Avoiding the Trap of Being Too Conservative

While careful stewardship is essential, being overly conservative can carry risks of its own. This is especially relevant for women. On average, women earn less than men over the course of their careers, live longer and often take on caregiving responsibilities that interrupt earning years. Added together, these realities mean women may face greater financial headwinds.

Avoiding the Trap of Being Too Conservative

While careful stewardship is essential, being overly conservative can carry risks of its own. This is especially relevant for women. On average, women earn less than men over the course of their careers, live longer and often take on caregiving responsibilities that interrupt earning years. Added together, these realities mean women may face greater financial headwinds.

To compound the challenge, studies show women tend to be more conservative investors than men. While caution can protect against volatility, it can also limit growth potential. The result: Women not only make less money during their lifetimes, but often make less on their money as well.

That’s why setting clear goals and maintaining accountability are so important. A strong financial plan doesn’t just help protect against downside risks—it gives your money the chance to grow in alignment with your future needs.

The Value of Relationships

Financial planning doesn’t have to be a solo responsibility. The most successful outcomes happen with trusted relationships who listen, run through scenarios and challenge assumptions. Advisory relationships also create accountability—ensuring goals remain clear, plans stay on track and strategies adapt to life’s changes.

A Stewardship Mindset

Wealth is more than a measure of success. Managed thoughtfully, it becomes a tool for opportunity, stability and legacy. Transparency, responsibility and respect for the trust clients place in advisors form the foundation of effective stewardship.

The Takeaway

Life’s most important financial decisions rarely come with perfect timing. But with a thoughtful plan, families and individuals can move forward with greater confidence.

Morgan Stanley Smith Barney LLC offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at http://www.morganstanleyindividual.com or consult with your Financial Advisor to understand these differences.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

Laura Marie Raulinaitis is a Financial Advisor with the Global Wealth Management Division of Morgan Stanley in Westlake Village, CA. The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and/or investments referenced may not be suitable for all investors as the appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its affiliates.

Morgan Stanley Smith Barney LLC. Member SIPC.

CRC 4766177 08/25

© Copyright 2025 Targeted Media Partners LLC All Rights Reserved