Q&A with Fifth Third Private Bank's President Phil McHugh about Life360
In late September, WealthWise sat down with Phil McHugh, President of Fifth Third Private Bank to talk about Fifth Third's Life360 approach to wealth management.
Wealth Wise: Phil, Fifth Third Private Bank has been talking a lot about your Life360 approach to wealth management. What can you tell us about Life360?
Phil: Fifth Third Private Bank's Life360 approach to wealth management is rooted in our curiosity as an organization. The Curious Bank is more than a tagline or slogan. It's who we are. Life 360 is our method that is based on a 360 degree view of each client. What we mean is a client's past, the present, and the future, and personal, financial, and professional goals.
We know that financial planning is means to a goal like a secure retirement, leaving a legacy for children and grandchildren or really anything that makes our clients happy.
Like the name says Life360 is an ongoing process that is built on each client's unique goals, aspirations, and objectives. We take a 360 degree view of each client by asking better questions, listening intently, and using those insights to create a financial plan that encompasses all aspects of a client's life.
Also, our approach is built on one central contact, most likely a Wealth Management Advisor, who takes responsibility for coordinating many aspects of each client's wealth management – both with other Fifth Third specialists and a client's external advisors such as their accountant or attorney.
Wealth Wise: Why does Fifth Third Private Bank take this approach?
Phil: We noticed that clients were meeting with a variety of advisors – both at Fifth Third and from outside – that were not necessarily aligned toward one common goal. For example, a portfolio manager may be focused on diversification while a client's wealth planner was looking at maximizing tax strategies. Getting everyone together and focused on clients' overarching goals has led to better outcomes. At the end of the day, we are focused on helping our clients achieve their financial goals, which is success to us.
Wealth Wise: Where does Life360 begin? What does it look like?
Phil: Life360 is really a thoughtful and deliberate framework based on three specific pillars: understand, build and achieve. Starting with conversations, we seek to understand where clients currently are and where they want to go. Then we focus on collaborating with clients, their outside advisors and Fifth Third specialists to build a plan for each client. We then work on achieving the goals we identified with our clients. This process evolves as we continue to ask questions to ensure goals and strategies are still aligned. Investment strategies that work during a client's career may be very different than what would work in retirement. Goals can change, so strategies should too.
Wealth Wise: How do you define success for clients?
Phil: In many ways, clients define that for themselves, but we have seen satisfied clients who can connect their future goals with their current wealth plan. Knowing that the steps they are taking today can pay off in the future helps give them the peace of mind they need to focus on what's most important to them – family, legacy, building their business – and leaving the day-to-day management of their wealth to us.
To learn more about Fifth Third's Life360 approach, contact your Fifth Third Private Bank advisor.