The Most Powerful Women in Banking Top Team: Fifth Third Bank

2022 was a banner year for the wealth and asset management team at the Cincinnati-based Fifth Third bank, one of the largest consumer banks in the Midwest. The team, led by Kristine Garrett, saw a 34% year-over-year boost in total revenue for its business line, up to $626.6  million.  

Loans and deposits increased as well, to $4.4 billion and $12.7 billion respectively, and the fourth quarter brought the launch of registered investment advisor Fifth Third Wealth Advisors, which targets seasoned, client-centered advisor teams with books of business that exceed $1 billion. FTWA joins two other RIAs offered by the bank: Franklin Street Advisors, which provides services to high net worth clients, and MainStreet, which serves mostly institutional clients. 

Additionally, the private bank's business transition advisory team saw a 144% year-over-year increase in client engagements, and total liquidity has grown to nearly $1 billion. 

In total, the wealth and asset management unit of Fifth Third comprises the private bank, institutional services, three RIAs and the foundation office, which works with high net worth clients on wealth preservation strategies. 

Team leader Garrett is the most senior ranking woman at the bank, as executive vice president, group regional president and head of wealth and asset management. There are approximately 846 members in that division, and two-thirds of Garrett's direct reports in wealth and asset management are women. 

Garrett says the women on her team have diverse skill sets and backgrounds. "Some women bring broad external industry experience to the table, while others have institutional Fifth Third knowledge," she said. "They share their experiences, mentor and advance one another and promote learning across the team." 

And Garrett makes it a point to be an advocate for the women at the firm. For example, she works as "executive champion" for Fifth Third's Women of Wealth program, which was formed in 2018 by Marcie Wright, managing director of private bank portfolio management, and colleagues including her co-chair, Jenny Franta.

"After years in investment management, I wasn't surprised to look around and be one of the few women in the room," said Wright. "I wanted to break that 'normal.'"

The program provides training, coaching, leadership exposure and networking opportunities to  women in the asset management division. The promotion rate among program participants is 37%, and the retention rate is 84%.

The team not only embraces the empowerment of women in the industry but also innovations in technology. Wealth and asset management was the first business line at the bank to use e-signature, which transformed client onboarding from a process that took close to a month to one that takes just a few days.

Wealth and asset management also takes seriously the mission of helping to do good in the community. As Garrett noted, "The team is keenly aware that healthy, vibrant neighborhoods make the places where our customers and clients live and work vital and strong." 

To that end, in 2021 Fifth Third Private Bank and the Greater Cincinnati Foundation launched a co-branded, donor-advised fund called Giving With Purpose, which is geared toward helping private bank clients donate to causes that are crucial to their community. The fund today has over $10 million in assets, and the plan is to eventually expand it to Chicago and Charlotte, North Carolina.   

About being named a top team for 2023, Garrett said, "To have Fifth Third Bank recognized for its investments in women, its achievements and the platforms that support us is rewarding. It is so exciting to have an experience that we can share together and create new memories as a team." 

Team Members:

Kristine Garrett, Executive Vice President, Group Regional President and Head, Wealth & Asset Management
Lori Frischer, SVP, Managing Director, Shared Services, Investment Advisers and Institutional Services 
Mary Ellen Reilly, SVP, Managing Director, Investment Management and Trust
Mary Robbins, SVP, Fifth Third Wealth Advisor Chief Investment Strategist  
Katelyn Browning, Assistant Vice President and Manager Wealth and Asset Management Strategy 
Jenny Franta, SVP, Managing Director, Personal Trust 
Heidi Jark, SVP, Managing Director, Foundation Office 
Marcie Wright SVP, Managing Director, Private Bank Portfolio Management 
Lisa Tesarik, SVP, Managing Director, IMG Administration and Infrastructure Optimization  
Frieda Rakhman, SVP, Managing Director, Business Transition Advisory Team and Family Wealth Services 
Tricia Eltonhead, SVP and Private Bank Sales Practice Leader