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
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- 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.
