By: Richard Hawes, Senior Vice President & Managing Director, Fifth Third Private Bank
The adage “If you fail to plan, you plan to fail” could not have been more accurate in the past year, as we saw the stock market plummet, large enterprises fail and industries falter – affecting everyone from Wall Street to Main Street.
Many of our clients at Fifth Third Private Bank are concerned about how their goals and dreams have been impacted as a result of this financial period. Some people are paralyzed by this uncertainty, which may leave their financial portfolios and goals at risk by taking inappropriate action.
With the insecurity in the financial market, creating a wealth plan will be your roadmap. Financial contentment is truly rare and a wealth plan is a proactive approach which will assess where you are today, where you want to go and what adjustments need to be made to get you back on track.
A wealth plan is not a product, an investment or an account, but a detailed process. A true wealth plan should take your life, values and financials into consideration, addressing your goals and financial needs comprehensively. We see many successful people leave major aspects of their wealth goals unaddressed because their plan is not comprehensive, paying little or no attention to the specifics of their investments, tax consequences, risk protection needs or proper estate planning.
Wealth plans can vary depending on your situation. Ask yourself: What do I want to achieve? Am I looking to retire early? Am I looking to start a charitable foundation? Asking probing questions will be vital in the creation and development of your wealth plan.
Wealth planning is an objective means of addressing your financial needs and providing wealth strategies that are specific to you. Whether you are in the earlier phases of accumulating wealth or latter stages of protecting or gifting your wealth – you will find value in this process. During these turbulent times, many older people have come forward wanting to create a wealth plan. Most people would benefit greatly from creating a wealth plan. By starting early, you are better positioned to achieve your future goals.
Do not hesitate to ask for advice from a qualified financial planner/professional. Wealth planning is a specialized service, and as a result, planning fees are based on the time spent preparing your customized analysis and recommendations. Fees are determined on a per client basis based on your needs and degree of complexity. You cannot build a house without an architect – you should not build a wealth plan without a financial planner/professional with a strong planning background.
Finally, understand that things will change. You cannot predict market downturns and life changes. Review your wealth plan with your financial planner/professional once every three years or when these life changes occur to keep you on track. With wealth comes complexity. Financial planner/professionals will help you navigate the many alternatives and decisions your finances require and ultimately simplify complexity to propel you to act on and achieve your goals.
For more information contact Fifth Third Bank Wealth Management Advisor, Tracey Nixon at 248-603-0642.
Fifth Third Private Bank is a division of Fifth Third Bank offering banking, investment and insurance products and services. Fifth Third Bancorp provides access to investments and investment services through various subsidiaries. Investments and Investment Services:
Are Not FDIC Insured | Offer No Bank Guarantee | May Lose Value |
Are Not Insured By Any Federal Government Agency | Are Not A Deposit |
Insurance products made available through Fifth Third Insurance Agency, Inc.
Fifth Third does not provide tax, legal or accounting advice.
Please contact your tax advisor, accountant or attorney for advice pertaining to your personal situation.
