Fifth Third Private Bank Introduces Business Transition Advisory Team

Rhea-AI Summary

Fifth Third Private Bank has launched a Business Transition Advisory team to assist business owners in preparing for transitions or liquidity events. Led by Frieda Rakhman, the team aims to address both financial and personal aspects of business transitions, a key need as 77% of privately owned businesses are expected to transition in the next five years. The advisory service is complementary, supporting owners in the planning process 24-36 months prior to a transition.

Fifth Third Bancorp, headquartered in Cincinnati, manages $205 billion in assets and operates over 1,000 banking centers.

Positive

• Creation of the Business Transition Advisory team to enhance client support during financial transitions.
• Led by Frieda Rakhman, who brings over two decades of financial experience.
• Addresses the complex emotional and financial aspects of business transitions.
• Research indicates a significant market need, with 77% of privately owned businesses likely to transition.

Negative

• None.

Fifth Third Private Bank, a division of Fifth Third Bank, N.A., has announced the creation of the Business Transition Advisory team, dedicated to preparing business owners financially and personally for a business transition or liquidity event. Leading the team is Frieda Rakhman, who joined the Bank in January bringing more than two decades of financial experience to the role.

According to a January 2020 National Center for the Middle Market research report, 77% of privately owned businesses have transitioned in the past five years or will transition in the next five years. Of those businesses, a third haven’t taken any steps to prepare for a transition, such as a sale to an outside buyer or passing the business to the next generation of family.

“It is in the fabric of our DNA to approach conversations with clients as a strategic partner,” said Kris Garrett, head of Wealth & Asset Management for Fifth Third. “With the new capabilities brought by Frieda and her team, we are leaning further into our strategic partner role and the advice we can offer our clients.”

Navigating a business transition or liquidity event is complex, both financially and emotionally. The Business Transition Advisory team seeks to help business owners during this process as a complimentary and consultative offering from the Bank. Whether they are selling the business or passing it down to family, the team works alongside business owners and their outside advisors to optimize their financial and business outcomes.

“The most common regret we hear from business owners who have gone through a transition or liquidity event is that they didn’t spend enough time on the personal aspects of the process,” said Rakhman. “We believe the optimal time for a business owner to begin thinking about and preparing for a transition is 24-36 months. We can serve as a trusted advisor to help the business owner navigate the personal planning process, the business transition and how the two overlap, and what life looks like post-transition.”

Rakhman, based in Atlanta, began her career in strategy consulting and has deep expertise across wealth management, including in practice management consulting, portfolio management, client service and business development. She earned a bachelor’s degree in economics from the Wharton School of Business at the University of Pennsylvania.

Fifth Third Private Bank provides access to investment and planning solutions to preserve clients’ wealth, increase assets, protect businesses and leave a lasting legacy for high net-worth individuals and families. For more information about the Business Transition Advisory team, visit 53.com.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the Company had $205 billion in assets and operates 1,096 full-service Banking Centers, and 2,369 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2021, had $483 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. 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 Private Bank is a division of Fifth Third Bank, National Association, offering banking, investment and insurance products and services. Fifth Third Bank provides access to investments and investment services through various subsidiaries, including Fifth Third Securities. Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA/SIPC, a registered broker-dealer and registered investment advisor registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210819005460/en/

FAQ

What is the purpose of the Business Transition Advisory team by Fifth Third Private Bank?

The team is designed to help business owners prepare financially and personally for business transitions or liquidity events.

Who leads the Business Transition Advisory team at Fifth Third Bank?

The team is led by Frieda Rakhman, who has over 20 years of financial experience.

What percentage of privately owned businesses are expected to transition in the next five years?

According to research, 77% of privately owned businesses are expected to transition in the next five years.

What kind of services does Fifth Third Private Bank offer?

Fifth Third Private Bank provides banking, investment, and insurance solutions to help clients preserve and grow their wealth.

How many banking centers does Fifth Third operate?

Fifth Third operates 1,096 full-service banking centers across multiple states.