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GENERAL FUNCTION: Serves as the primary Wealth Planning expert and resource for high net worth prospects and client relationships (> $10MM investable and/or $15 million in net worth) involving complex financial issues and strategies, typically including multi-generational trusts, closely held business entities, corporate executives, and private foundations. Partners with WMAs in the prospecting experience participating in all aspects of delivering Fifth Third's discovery experience to prospects and clients. Focus in this process is gaining and documenting an effective level of understanding of the family's current financial situation across all disciplines and collaboratively developing a Wealth Strategy to propose. Remains engaged with the Private Bank team in executing on the Wealth Strategy and assists the Private Bank team in coordinating the client experience.
Provides professional consulting / advisory services to clients through the development, delivery and implementation of a customized wealth plan, which includes proactive, high impact, multi-generational planning solutions based upon each client's facts and circumstances. Additionally responsible for contributing to the group's creation of thought leadership pieces focused on various financial planning concepts that will be used to educate prospects and clients.
Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank's risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
Prospect and Client Discovery:
Plays a major role in the sales process in acquiring significant (generally >$10 million investable) relationships by partnering with the WMA and collaborating with specialists in delivering Fifth Third's discovery experience to clients and prospects. Primary focus is understanding and memorializing the entirety of the client's/prospect's current financial structure, including organizational structure of their net worth, their cash flow and income tax situation, their family tree and business entity structure, and the current structure of the estate and wealth transfer plans, supervising Analysts, Strategists, and leveraging Life360 and other tools as identified.
Will meet with the WMA with clients and prospects, generally those with more than $10 million investable (current and/or opportunity).
Will coordinate the preparation of net worth statements, current cash flow projections at a high level, current preliminary estate flow illustrations, and other illustrations as needed, supervising Wealth Strategists and Analysts in the production of these and reviewing and presenting them in collaboration with the specialists serving the client.
Will develop, present, modify and maintain, in collaboration with the full Private Bank team, a Wealth Strategy for each client and prospect. This represents the team's best thinking as to the steps the client or prospect should take, based on our discovery experience, to make progress to their goals.
Identifies issues and planning opportunities for review and discussion with the client and the client's advisors.
Conducts research related to the use of various complex tax and estate planning strategies under consideration by clients and develops financial modeling and flowcharts to demonstrate the economic impact of the strategies.
Post-Discovery plan design, maintenance, implementation, and optimization
Where one of the next steps in the Wealth Strategy is the development of a coordinated, more comprehensive analysis of alternatives to consider, decide and act upon (a Wealth Plan), responsible for leading the planning experience: delivering customized wealth plans, which includes providing professional consulting / advisory services and solutions to clients through the development, delivery and implementation of advanced planning techniques: (estate, tax, insurance, option, investment, retirement).
Reviews all client deliverables for which the Strategist is the lead.
Delivers the wealth plan to clients and their advisors in a clear and understandable manner and responds to their questions.
Develops proactive, reciprocal calling and referral relationships with client relationship managers and sales officers to create strategies and opportunities for high net worth client base.
Additional expectations for broader impact:
Coaches and counsels Private Bank team members or One Bank partners on financial planning strategies via formal training or as part of client relationship reviews.
Develops and expands relationships with centers of influence, such as attorneys and CPAs, resulting in additional business opportunities.
Provides thought leadership internally and externally in the form of internal white papers, presentations, calls, webinars, etc.
Assists with development and presentation of training programs.
Must be able to converse with clients, their advisors, and RMs convincingly.
Maintains knowledge of complex, advanced planning techniques and relevant legislative, regulatory, and case law changes.
Attends/ participates in community and/or industry-specific forums, conferences and/or to broaden relations, network, and continually deepen knowledge of trends, practices, products and competitors.
Displays the ability to be highly effective in a team-oriented environment and to build relationships based on added value, not title or authority.
Supports a proven track record of successfully collaborating with and influencing management and peers to support growth and financial results.
Participates in the ongoing development of the wealth planning process.
SUPERVISORY RESPONSIBILITIES:
Responsible for providing Wealth Planning Analyst and Wealth Strategists timely, candid, and constructive feedback; develop Analysts and Strategists to their fullest potential and provide challenging opportunities that enhance employee career growth; recognize employees for accomplishments
MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:
Bachelor's degree required.
CFP, JD, CPA, or LLM required. JD, CPA or LLM preferred.
10+ years in financial and/or estate planning related work, preferably at a high quality professional financial services company or firm.
High level of technical expertise in estate, tax, option, retirement, insurance, investment and cash flow/capital needs planning analysis.
Advanced listening, written, and oral communication skills.
Experience in sales and/or marketing.
Resourcefulness in finding creative solutions.
Sr. Wealth Strategist
LOCATION -- Cincinnati, Ohio 45202
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