Early in their marriage, Dan Griffith and his wife sat down to discuss their finances. Like most young couples, they knew they would need to start making plans for such things as paying for their children’s college tuition, buying a home and, eventually, retirement.
Unlike most young couples, however, the Griffiths had a certain advantage when it came to planning the family’s financial future. That’s because Dan is the director of wealth strategy at Huntington Private Bank. As part of his job, he educates clients and colleagues on planning techniques and leads a team of advisers dedicated to working with ultra-high net worth clients.
“My wife and I are [still] having these conversations,” says Griffith, who used to practice law. “We sit down every year. We’re no different from other clients.”
Their oldest child is going to college next year, so they’re plotting how much they will need to put into the “bucket” of cash designated for tuition. But they know to keep track of the retirement bucket, too. “Those are things we’re thinking [about],” Griffith says. “Other people might not be aware of them, but we’re lucky enough to know that different phases of life require different planning.”
Those kinds of discussions take place daily for Mike Foley, who leads PNC’s Asset Management Group in Columbus. “It all starts with a conversation with clients,” he says. “When that conversation works the best, it is a very transparent and honest conversation. What are their goals? What are they trying to accomplish in the short term—the next year or five years—and then long term?
“Whatever phase of life, whether they’re 25 or 65, if we’re doing it right, we can get to the ‘why’ behind this. Once we have that nailed down, articulated and understood, then we can focus on the particulars.”
To ensure that the conversation is transparent and honest, “the most important part is finding your adviser,” says Olivia Herzog, a financial…
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