Fifth Third Private Bank Introduces Business Transition Advisory Team
19 Agosto 2021 - 3:00PM
Business Wire
Frieda Rakhman leads team as managing director
of strategic client development
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210819005460/en/
Shandi Grant (Media Relations) shandi.grant@53.com |
513-534-8894
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