Recognised as the best private bank for high net worth (HNW) clients, Fifth Third Private Bank provides a model that includes a complimentary wealth strategy as part of the Private Bank experience. Unlike many competitors where wealth planning may be just a simple retirement projection, Fifth Third Private Bank offers complex planning ideas that go beyond.
Fifth Third Private Bank is more than just a regional wealth management firm; it is a symbol of trust and a beacon of innovation with strong community roots and a national reach. Specialising in comprehensive, advisor-led, and digitally enabled approaches to wealth strategy, this institution’s dedicated teams have crafted its position as a great private bank.
Recognised as the best private bank for high net worth (HNW) clients, Fifth Third Private Bank provides a model that includes a complimentary wealth strategy as part of the Private Bank experience. Unlike many competitors where wealth planning may be just a simple retirement projection, Fifth Third Private Bank offers complex planning ideas that go beyond.
These plans are tailored to each client’s unique journey, needs, and goals. What sets Fifth Third Private Bank apart is the personalised mapping of wealth strategies designed to navigate clients to a successful financial future. Every member of the highly credentialed local wealth team focuses on providing digitally enabled, customised solutions, backed by senior strategists who often hold both CPA and attorney credentials.
In a remarkable achievement at the Global Private Banking Innovation Awards 2023, organised by The Digital Banker, Fifth Third Private Bank clinched two prestigious awards. The bank’s dedication to innovation, personalised strategies, and exceptional client services was celebrated as it was named the Best Private Bank for High Net Worth (HNW) Clients and Highly Acclaimed, Outstanding Private Bank for Growth Strategy.
Nirav Patel, Managing Director of Global Private Banking and The Digital Banker, lauded the institution’s efforts by saying, “Fifth Third Private Bank’s exceptional focus on high net worth clients, paired with their digitally enabled, tailored wealth management solutions, makes them an industry leader. The bank’s innovative approach to growth strategy, supported by a deepened wealth strategy offering and the integration of best-in-class digital capabilities, clearly delineates why they’ve secured these accolades.”
With over a century of wealth management experience, Fifth Third Private Bank has remained steadfast in dedication and adaptation. In Q3 2021, the bank’s value proposition evolved, deepening its wealth strategy offering for Private Bank HNW clients. This new model now offers a complimentary wealth strategy, unveiling unknown risks and optimising efficiencie.
In Q1 2022 alone, more than 200 Private Bank clients benefited from this new model. Key performance success indicators show an increase in client satisfaction metrics and growth in assets and fees. Private Bank clients engaged in wealth planning revealed a +58 bps higher Overall Satisfaction Rating and a +47 higher Net Promoter Score.
“With over a century of wealth management experience, Fifth Third Private Bank has remained steadfast in dedication and adaptation.”
Tracing the Journey: The Evolution of Wealth Strategy
Fifth Third Private Bank’s commitment to being the best private bank for HNW clients led to the launch of its evolved value proposition. Beginning in Q3 2021, after in-depth research and planning, the bank offered a deeper, more comprehensive wealth strategy, striving to create the best possible experience for HNW individuals and families.
Looking ahead to 2024, Fifth Third Private Bank has ambitious plans to remain a best-in-class relationship bank. The focus will be on the addition of Wealth Management Advisors and acceleration of teams. Technology implementations will continue to eliminate manual processes and drive consistency in client and employee experience.
The introduction of this innovative initiative has shown measurable success within the institution itself. With AUM at $32 billion and a positive net flow of $600 million in 2022, there was also a year-over[1]year loan growth of 13%. The 2021 Private Bank Client Experience survey revealed higher loyalty scores and satisfaction among clients using Fifth Third Private Bank’s digital Life360 platform.
Fifth Third Private Bank’s unique and forward-thinking approach to wealth management for HNW clients is a testament to its understanding of the sophisticated financial landscape. The blend of personalisation, technology, and strategic planning has not only brought success and satisfaction to its clients but has also carved a distinctive and respected space for Fifth Third Private Bank in the global financial community. The future, it seems, holds even more promise and potential for this exceptional institution.
