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Citi Personal Wealth Management Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Citi Personal Wealth Management is the financial advisory arm of Citi (a SmartAsset advertising partner), a global financial services company and bank. It is a subsidiary of Citigroup Global Markets Inc., which is itself a subsidiary of Citigroup Inc., a publicly held company. The firm is based in New York and has an extensive network of financial planning professionals, including thousands of financial advisors.

Clients of Citi Personal Wealth Management are often clients of Citigroup Global Markets Inc., a broker-dealer. Most of the firm’s clients are non-high-net-worth individuals, but it also works extensively with high-net-worth individuals. It also serves institutional investors, including pension and profit-sharing plans, charitable organizations, government entities, settlement trust accounts and corporations.

Citi Personal Wealth Management Background

Citi Personal Wealth Management is a subsidiary of Citibank. Citi was originally founded in 1812, but Citi Personal Wealth Management has only been around since 1964.

Citi is ranked 33rd on the 2021 Fortune 500, and it has more than hundreds of thousands of employees worldwide. Citi works in many areas of financial services, including investment banking.

Citi Personal Wealth Management Client Types and Minimum Account Sizes

Citi Personal Wealth Management offers financial advisory services to a wide variety of clients, including individuals and multi-family offices. Financial planning services are exclusively offered to clients who already are clients of Citigroup Global Markets. Since the firm is part of a large international financial service company, it will suit clients who want the resources that these types of companies typically have more widespread access to.

Additionally, Citi works with a wide range of institutional clients. It offers its investment programs to corporations, foundations, charitable organizations, other business and governmental entities.

Citi’s account minimums vary by service type. It doesn’t necessarily require a set minimum for its financial planning services, though it does note that most of its financial planning clients have at least $200,000 in net worth.

For investment advisory services, the firm’s account minimums vary by individual investment program:

  • Fiduciary Services Program: $50,000
  • Manager Selection Program: $50,000
  • Citi Advisor Program: $100,000
  • Consulting and Evaluation Services Program 
    • $1,000,000 for Citi Private Bank clients
    • $100,000 for Citi Wealth clients
  • Multi-Asset Class Solutions Program: $100,000 to $25,000,000
  • Advisory Portfolios Program: $1,000,000 - $25,000,000
  • Citi Portfolio Manager Program: $25,000
  • Model Allocations Portfolios Program: $25,000
  • Dynamic Allocation Portfolios: UMA Program: $25,000 ($100,000 for custom)

Services Offered by Citi Personal Wealth Management 

A variety of services are offered by Citi Personal Wealth Management. They include:

  • Retirement planning
  • College planning
  • Wealth protection
  • Estate planning
  • Financial planning tools
  • Financial education center
  • Investment advisory programs, including multi-asset class programs

Citi Personal Wealth Management Investment Philosophy 

Generally, the financial advisory side of Citi Personal Wealth Management focuses on creating a complete personal financial profile for each of its clients. This profile includes information about a client’s assets, liabilities, income and expenditures, tax status and objectives, as well as other long-term plans like paying for education and getting ready for retirement. It also considers insurance needs and estate planning needs.

Clients who get a financial plan can then use Citigroup Global Markets, Inc. as a broker-dealer to implement the plan drawn up by their Citi Personal Wealth Management advisor. In terms of investing strategies, a number of options are available, with each focusing on specific areas of the market, time horizons or risk tolerances.

Fees Under Citi Personal Wealth Management

Citi Personal Wealth Management doesn’t charge any additional fees for its financial planning services, which are only available to clients of Citigroup Global Markets Inc. Citi also does not receive compensation from third parties in connection to preparing financial plans. Financial planners are paid through a combination of salary, incentive compensation and possibly a discretionary bonus.

Using Citi Personal Wealth Management for investing carries a variety of fees, based on the account option selected. Fee rates for these accounts are below:

Equity, Balanced and Multi-Style Accounts
Assets Under Management Fee Rate
First $500,000 2.00%
Next $500,000 1.50%
Next $2,000,000 1.25%
Above $3,000,000 1.00%

 

Fixed-Income Accounts
Assets Under Management Fee Rate
First $500,000 1.00%
Next $500,000 0.90%
Next $2,000,000 0.75%
Above $3,000,000 0.60%

Curious about how Citi’s investment management fees stack up? The table below lays out how Citi's equity, balanced and multi-style account fee schedule translates to real dollars. Note that these estimates are based on the maximum potential fee rates.

Estimated Management Fees at Citi Personal Wealth Management*
Your Assets Citi Personal Wealth Management Equity, Balanced and Multi-Style Fees
$500K $10,000
$1MM $17,500
$5MM $62,500
$10MM $112,500
*Estimated management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.

What to Watch Out For

Citigroup Global Markets Inc., the parent company of Citi Personal Wealth Management, has a number of disclosures on its record from over the past 10 years. According to SEC documents, the company has disclosures related to the following:

  • Pleading guilty or no contest to a felony
  • Being charged with a felony
  • Being charged with a misdemeanor
  • Violating SEC or CFTC regulations or statutes
  • Having an order entered by the SEC or CFTC for an investment-related activity
  • Having a civil money penalty or a cease and desist from the SEC or CFTC
  • Being found by a regulatory agency to have made a false statement or omission or to have been dishonest, unfair or unethical
  • Being found in violation of investment-related regulations
  • Having an order entered related to investment activity
  • Having a regulatory agency deny, suspend or revoke a registration or license
  • Having various disclosures related to a self-regulatory organization, including having made a false statement or omission

Opening an Account With Citi Personal Wealth Management

Citi has branches throughout the country. You can use Citi’s website to find a branch that has financial advisors onsite and then call to set up an appointment with an advisor.

All information is accurate as of the writing of this article.

Tips for Financial Planning

  • Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • When thinking about your financial future, it’s important to know how you’ll be supporting yourself after you retire. Part of your retirement income is likely to come from Social Security. You can use SmartAsset’s Social Security calculator to see just how much Social Security income you’ll be getting once you reach your golden years.

How Long $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.