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Phil Hough has whittled down his client list at WSFS Bank to just six clients over the last few years. As senior vice president of commercial real estate, he’s now focusing more on people leadership and development. The transition marks a new phase in his career.
“I’ve learned that you can’t be an effective leader and an effective lender at the same time,” Hough says. “Both of those jobs take a lot of energy, and I want to make sure that when my time comes to an end here, my team has grown into new roles and responsibilities.”
Leaving a Meaningful Mark
Hough has been working on this plan for years now. When he eventually retires and becomes a full-time grandfather, he wants his people to be in the best possible position. By that time, he believes his team should have the preparation and experience they need to be successful immediately. But there is still a lot to teach.
“It’s important to me to draw that road map and show my team what it means to be a successful lender and member of this team,” Hough explains. “I want to continue to help them identify our goals, develop business that goes far beyond making sure there are no delinquencies, and make recommendations that aid and fuel our business.”
As Hough has risen in his career, he’s transitioned from an expert lender with a massive book of business to a leader who highlights his talented team’s success. His one-on-one meetings still hit the nuts and bolts of deal talk and forecasting, but he’s increasingly dedicating more time to where his people are headed on their own journeys. He talks to his team about seeking out new leadership opportunities at WSFS as well as how they’re feeling about their lives.
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Character Counts
The SVP came to WSFS with a wealth of lending experience and around 20 clients. He stopped working with most of these clients to better attend to the people with whom he felt the best connection. Hough’s team manages about $1.2 billion in exposure, including $300 million of Hough’s clients, but he says none of that is really the point.
“We’re not the team walking around beating our chests like we’re the king of the castle,” Hough says, laughing. “We contribute to the business and take our role very seriously.”
What Hough really wants his people to learn is the value of finding the right clients. The six clients he still oversees are there for a reason. He acknowledges that early-career professionals in his space aim for quality, not quality. While it’s hard to be picky when you’re starting out, Hough hopes those finding their sea legs can begin assessing their clients and their own ability to serve them well earlier in their careers.
“At some point, you do need to start weeding through your clients and understanding who has the kind of character that you want to reinforce—the people you want to keep in your portfolio.”
It’s not a move to make too early in your career, and, frankly, you have to build out your portfolio before you can start whittling it down. But that shift is critical. Hough says if you’re spending too much time on any one client, things probably aren’t going the way they should be.
“Go through this world with eyes wide open. Don’t let clients pass on the character check because they have cash and collateral.”
Phillip Hough
Hough recounts the 5 Cs of credit: character, capacity, capital, collateral, and conditions. He cares the most about the first C. When times get tough, you see which clients have the kind of character you want to build your career around, both on the borrower and lender sides.
“You need to be in a boat with people you can trust,” Hough says. “Go through this world with eyes wide open. Don’t let clients pass on the character check because they have cash and collateral.”
Service Outside Your Organization
There’s one more lesson Hough hopes he can impart to his people: the value of community service. He’s been active in his community for his entire career because he believes it’s part of what it means to be a good professional. He didn’t do it for the networking opportunities or accolades, but because it’s vital to be part of the community you work in.
“Do your homework and be informed so your expertise can actually be put to use,” Hough says. “You’re on that committee or board because they need your help. The only reward you should be looking for is the feeling of service and fulfilling the goals of that organization. That’s what the work is about.”
Hough isn’t on the brink of retirement or trying to shout down the next generation of young upstarts. He just wants those in his industry to continue to take what they do seriously while also growing their skill sets and experiences.
The SVP has entered his mentor years. He’s got a few more years ahead of him before he steps aside, confident in his team’s character of and the character they will seek out in others.
The commercial real estate team at Potter Anderson provides a full range of commercial real estate legal services to banks and lending institutions, private equity firms, investors, developers, owners, management companies, landlord, tenants, and nonprofit organizations, among many others. Lead by Joy Barrist, Esquire, the team provides representation across the country in a variety of matters including acquisitions, dispositions, financings, leases, and developments/improvements, spread across all asset classes. Joy and her Potter Anderson team are proud of the partnership they have forged with Phil Hough and his group of commercial real estate lenders at WSFS.
Dear Phil Hough and the WSFS Bank team,
Thank you for your exceptional support in financing the development of the Grove at Newark. Your dedication and expertise have been invaluable in helping Fusco achieve its real estate development goals. We greatly appreciate your partnership and look forward to future collaborations.
Sincerely,
Frankie Vassallo and the Fusco team
