CINCINNATI, Sept. 7, 2016 /PRNewswire/ -- Do you feel
financially prepared for the future? If you're not completely
confident in your response, you're not alone. In fact, a recent
survey conducted by Research Now Group, Inc. and commissioned
by Fifth Third Private Bank (NASDAQ: FITB) found that nearly
half of those surveyed have serious concerns that they may outlive
their money in retirement.
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The Bank launched the survey to understand families' financial
planning pain points and gain insight into how the process could be
simplified through its new platform, Life360.
"The study confirmed the anxiety that clients have shared with
our advisors is reflective of similar concerns nationally," said
Phil McHugh, executive vice
president and head of Wealth and Asset Management at Fifth Third.
"Much of that anxiety stems from a lack of clearly articulated
financial goals and alignment around achieving them. Our Life360
platform works to help simplify, focus and holistically address
these critical aspects of the financial planning process."
The survey revealed that several stressors contribute to anxiety
around the financial planning process:
- Forty-three percent feel managing their finances has gotten
more complex over the past five years.
- Nearly half take between one and five hours to research,
organize and calculate their overall financial picture on an annual
basis.
- Only 28 percent feel completely confident in the accuracy of
their methods to keep up to date with their overall financial
picture.
- More than one-third of respondents use two or more advisors to
help them manage their financial activities.
- Thirty percent of survey respondents were unable to confirm
their dependents would know where to easily access or find ALL
important and legal documents.
- Only one in four feels more optimistic about their financial
future than they did one year ago.
The Life360 platform is free for Fifth Third's Private Bank
clients. The secure, simple to use platform provides:
- Instant Updates: Monthly reports can be daunting to
organize and traditional year-end statements often include values
that are no longer relevant by the date of mail delivery. Life360
cuts through the clutter and eliminates extra paperwork by
providing online and mobile access to daily statements.
- Comprehensive Overview: Prior to the launch of Life360,
clients would have to individually combine statements from all
providers. The Life360 platform allows customers to view their
complete net worth in one place, all updated in real time.
- Collaborative Access: Customers can share access to
their Life360 vault with multiple financial advisors such as
financial planners, accountants, lawyers, etc. to ensure they're
getting informed, collaborative guidance on their financial goals.
Family members and beneficiaries can also have access to guarantee
important information is accessible in the event of a health
emergency or death.
- Customized Experience: From scenario forecasting and
retirement exploration to cash-flow analysis and investment
projection, Life360 allows customers to set a financial plan in
action for the things that matter most in their lives. Complemented
by the support of Fifth Third's Private Bank advisors, customers
can work toward their financial goals with confidence.
- Secure Peace of Mind: By using the portal's virtual
safety-deposit box, called the "The Vault," customers can house all
their important documents in one safeguarded location. Essentially
any document, from wills and contracts to deeds and instructions
for passing down personal items to future generations, can be
scanned and uploaded providing peace of mind that your information
is safe and secure.
"September is Life Insurance Awareness Month and a perfect time
for people to sit down with their financial advisors, review their
goals and make sure that everyone is on the page," McHugh said.
"These conversations, combined with talking with family members,
will help to ensure that today's goals are met and a strong legacy
is left for tomorrow."
Fifth Third Private Bank is a division of Fifth Third Bank
offering banking, investment and insurance products and services.
For additional information on Life360 and other wealth management
resources, visit http://www.53.com/privatebank.
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio.
The Company has $144 billion in
assets and operates 1,191 full-service Banking Centers, including
94 Bank Mart® locations, most open seven days a week, inside select
grocery stores and 2,541 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and
North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth and Asset Management. Fifth Third also
has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among
the largest money managers in the Midwest and, as of June 30, 2016, had $305
billion in assets under care, of which it managed
$26 billion for individuals,
corporations and not-for-profit organizations. Investor information
and press releases can be viewed at www.53.com. Fifth Third's
common stock is traded on the Nasdaq® Global Select Market under
the symbol "FITB." Fifth Third Bank was established in 1858.
Fifth Third does not provide tax or legal advice. Please
consult with your tax advisor or attorney for advice pertinent to
you situation.
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, investment
services, and insurance:
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.
Deposit and credit products provided by Fifth Third Bank. Member
FDIC.
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SOURCE Fifth Third Bank