In early 2020, the world rapidly changed as an unknown virus made its way across the U.S. bringing with it an economic halt unlike anything experienced in more than a century.
As businesses closed their doors, schools sent children home, and companies adapted almost instantaneously to a remote working environment, our focus on our finances began to shift. Would there be a market crash? How would treasuries respond? When uncertainty about the immediate and longer-term future set in, the finance industry responded with reassurances, cautions around overreaction, and a steady stream of support for clients – consumer and business alike – all through primarily virtual channels.
Regions Wealth Management teams adapted quickly to the evolving needs and touch point preferences of their clients while continuing to provide a world-class experience through local banking relationships.
In a world where meeting in person was no longer an option, the nature of the client experience became that much more important to maintaining connection.
As with other business groups within Regions, our Wealth Management teams were able to leverage technology and virtual opportunities to continue nurturing client relationships, while guiding clients through a challenging and volatile market.
Regions Bank’s Head of Wealth Management Bill Ritter recently sat down with Regions Bank President and CEO John Turner to talk about the ways that Wealth Management bankers were able to successfully navigate the challenges the pandemic presented.
“John, I’m really proud of the team and the way they reacted through the pandemic,” noted Ritter. “To be perfectly honest, they took your advice. You talk a lot about focusing on what we can control, and the team did just that.”
In April 2019, the Wealth Management team launched a weekly client call led by Chief Investment Officer Alan McKnight. These calls continue to draw clients and prospects interested in hearing timely market and economic updates and learning more about the economic impacts of Covid-19. Regions Chief Economist Richard Moody and Chief Market Strategist Brandon Thurber join weekly, along with special guests, including Regions’ government affairs representatives and other Regions experts.
During the pandemic, the Wealth Management team kicked off its second season of the Regions Wealth Podcast – now boasting more than 10,000 subscribers. Regions industry experts share specialized insights on topics including turning inherited land into revenue, the benefits of an endowment (structuring long-term success for nonprofits), and the increasingly popular theme of finding the secret to early retirement.
Many of the podcast topics come from unique groups within the Regions Bank Wealth Management team such as the Natural Resources and Real Estate group and the Endowments and Foundations team. Through these two businesses, Regions Bank offers specialized products and services meeting the financial needs of clients who hold land assets and/or real estate assets in their financial portfolios and to nonprofits seeking to strengthen their financial position to do the most good in the communities they serve. Additionally, in 2019 Regions acquired specialized institutional investment firm serving not-for-profit healthcare entities, Highland Associates.
As businesses and economies open back up and we shift into a more normal environment where we’re meeting face-to-face with clients, we’re going to use all the different tools to deliver our products, services, and banking expertise through an omnichannel experience. With a keen eye on innovation, we are working on next generation digital tools to enhance the client experience even more, ensuring we are able to meet our clients where they are – and where they want to meet us.
Whether in person, via virtual meeting platforms, or online in other innovative ways, Regions Bank’s Wealth Management associates are striving to deliver the best to each and every client, every day.
Top Five Wealth Management Resources
1) Wealth Insights
2) Wealth Spotlight
3) Asset Management Leadership and Whitepapers
4) Managing My Wealth
5) Managing Wealth for Institutions