Wealth Insights
Our wealth management philosophy

Article

Your personal values can guide you through both good times and periods of financial uncertainty.

There is much more to your life than what can be consolidated into a financial statement or traditional financial plan.

Why? For starters, a snapshot of balance sheets and cash flow is static. A moment in time doesn’t tell a full story or capture the breadth of an individual’s vision, goals and definition of what a fulfilling life looks like.

“If the focus is merely statistics or achieving a round number—for instance, saying ‘I would like to be a millionaire by the age of 60’—clients and prospects will miss the opportunity to truly get in touch with their financial life,” says Bryan Koepp, Wealth Planning Executive at Regions Private Wealth Management. “They won’t set the stage appropriately for the retirement, legacy or business sale that they really desire.”

That’s why a process of perpetual discovery is essential to the planning experience at Regions. Instead of the “one and done” model, the foundation of Regions’ wealth management is grounded in the belief that all clients have the right to consultative advice focused on their priorities and aspirations.

Listening to understand

Effective and meaningful client-advisor relationships are conversational versus presentational. Understanding our clients’ lives means asking the right questions and actively listening to better understand their values and priorities.

The one constant in the financial markets—and our lives—is change. “Wealth management planning is a living, breathing process that helps identify and articulate your goals in an ever-changing environment,” says Hollins Rush, Wealth Advisor for Regions Private Wealth Management. “Having a well-thought-out philosophy and a purpose around your plan can help you understand how best to use your assets to accomplish your goals, while diminishing risks as best as possible.”

This box is called “The Three Pillars of Wealth Planning.” The list is: “1. The Right to Advice. Each client and prospect has a right to agnostic, customized advice. 2. Planning As an Experience. It is based on perpetual discovery with a focus on goals, objectives and aspirations. 3. A Focus on Shared Values. Wealth planning is a collaboration between the advisory team and client.”

Collaboration and connection

Defining a wealth philosophy is bigger than any one investment vehicle or even an estate plan. It’s both a mindset and a process that guides financial choices—and for Regions, it starts with creating a relationship with each client. “From an investment standpoint, we want to make sure what you’re doing is prudent and risk managed. But we also want it to align with your personal goals, which are unique,” says William Chenoweth, Portfolio Manager for Regions Asset Management.

Through in-depth conversations and active listening, Wealth Advisors provide much-needed perspective and serve as a sounding board. “This approach helps us take a step back from the financial specifics and better understand the macro themes you or your family are trying to accomplish,” says Rush.

Often, the biggest risk clients face is not market volatility but emotions that arise in difficult moments. These can cloud decision-making. Decisions driven by emotion can lead clients further from their goals. If you have already had the discussion with your wealth team about your long-term plans, navigating difficult moments will be easier.

Over time, these conversations help advisors understand where each client needs guardrails regarding their time horizon, appetite for risk and more. Helping clients visualize the consequences of their potential decisions is both an art and a science. In part, it requires testing different hypotheses and seeing potential outcomes, and running scenarios to understand what each client requires in order to achieve their goals.

“It’s all about being intentional with the decision-making process. Whatever your ‘why’ is will drive the rest of the factors behind every decision we make,” says Chenoweth.

“Our job is really educating clients and prospects on the trade-offs required to reach their goals, and how they may or may not be working together,” says Olivia C. Wiggins, Trust Advisor for Regions Private Wealth Management. “Knowledge is crucial—a complete wealth plan will help a client not only understand their choices but also navigate the inevitable uncertainty they will encounter along the way.”

Empowerment to make informed decisions

An advisor’s role is to help clients make the most informed decisions possible. Chenoweth recalls a new client with a conservative approach to risk who came to Regions disappointed in his previous investment returns. The prior investments were all sound from a strictly investment standpoint, but there was a misunderstanding between the client and his previous advisors around purpose and goals.

Along with his trusted advisory team, the client tested different hypotheses with financial science, all informed by the team’s experience. He then felt empowered to make informed decisions, allowing him to fund his goals as well as maintain peace of mind and a confident approach. With a life expectancy of about 35 more years, the client realized he could afford to take more risk and, in the process, achieve another important goal—providing for his next generation. Focusing on his purpose and vision made change possible.

“As a team,” says Wiggins, “our goal is to empower a client with tools and resources, so their financial plan successfully balances their investment, lifestyle, legacy and charitable objectives with their risk appetite.”