Citi Personal Wealth Management Review
Citi Personal Wealth Management offers both financial planning and investment management solutions. Here’s what to know about its services, reputation, and fees.
Citigroup (branded by the company as Citi) is a well-known investment bank and financial services company based in New York, NY. As part of the firm, it provides financial advice and wealth management through Citi Personal Wealth Management, a registered investment advisor (RIA) with the SEC under the name, Citigroup Global Markets Inc.
In J.D. Power’s 2024 Investment Satisfaction Study, Citi took 14th place, ahead of firms like RBC Wealth Management and Wells Fargo. This review will provide an overview of what you can expect from the firm’s financial advisor services, including the types of clients it serves and its fee structure. We’ll also highlight the firm’s investment philosophy and disclosure history.
Assets Under Management
$40.5 billion
Number of Employees
293,000
Date Founded
1960
CEO
Jane Fraser
Fee Structure
Fee-based
Headquarters Address
111 Wall Street, New York, NY 10043
Phone Number
(210) 677-3782 or (800) 846-5200 (toll-free in the U.S.)
Pros and Cons of Citi Personal Wealth Management
Pros
- Wide range of investment management programs
- Free financial planning
- May be convenient for existing Citi Bank clients
Cons
- High account minimums
- Expensive fee schedule
- Over 1,000 disclosures
Types of Clients
Citi Personal Wealth Management provides its services to three segments of clients. The segments, Citi Priority, Citigold, and Citigold Private Client, are based on the level of investable assets a client has. Below is a breakdown of each segment per the firm’s Form ADV Part 2A:
Segment | Investable Assets |
---|---|
Citi Priority | $30,000 to $199,999 |
Citigold | $200,000 to $999,999 |
Citigold Private Client | $1,000,000+ |
In addition to the segments above, Citi Global Markets Inc. and, the focus of this review, Personal Wealth Management, set an account minimum for each investment management option. To open an account and receive advisor services for each tier, you must meet these requirements. Here is a comprehensive overview of what each requires:
Service Name | Account Minimum |
---|---|
Fiduciary Services Program | $50,000 |
Manager Selection Program | $50,000 |
Citi Advisor Program | $100,000 |
Citi Private Banking and Wealth at Work | $1,000,000 |
Citi Wealth | $100,000 |
Discretionary Investments Bespoke | $25,000,000 |
Multi-Asset Class (MACS) Solutions Umbrella Portfolios Program | $100,000 to $10,000,000 |
MACS Citi Active Allocation | $100,000 to $10,000,000 |
Advisory Portfolios Custom | $25,000,000 |
Advisory Portfolios Core | $250,000 |
Portfolio Manager Program | $25,000 |
Model Allocation Portfolios Program | $25,000 |
Dynamic Allocation Portfolios | $25,000 to $100,000 |
The firm also notes in its Form ADV Part 2A that, under some circumstances, it may waive the minimums at its discretion. In addition to the requirements above, you’ll also be responsible for covering fees associated with your account.
Financial Advisor Services
Citi Personal Wealth Management’s advisory services comprise investment management and financial planning. The former offers discretionary and non-discretionary programs, where an advisor helps you construct and maintain a portfolio tailored to your needs. Meanwhile, the latter is an arrangement in which a professional works with you to build a comprehensive financial plan.
Below is a breakdown of what each service offers:
Investment Management
Citi Personal Wealth Management offers discretionary investment management through a wide range of programs, or account types, that clients can open per the minimum requirements above. According to the firm’s Form ADV 2A, a program may have either one or several investment strategies in place, depending on the type. The program you have depends on your goals, risk tolerance, time horizon, and amount of investable assets.
Clients of Citi Personal Wealth Management may participate in the following programs:
- Fiduciary Services Program. A discretionary program that provides investment managers who create a portfolio according to a specific strategy.
- Citi Advisor Program. A non-discretionary service where you receive guidance on building an investment strategy suited to your needs.
- Consulting and Evaluation Services Program. A discretionary arrangement where one or more managers build and monitor your portfolio according to your needs.
- Multi-Asset Class Solutions (MACS) Programs. A discretionary program that combines traditional and alternative assets to build a customized portfolio.
- Citi Portfolio Manager Program. This discretionary service provides you access to portfolios managed by Citi’s investment managers. The portfolios are managed according to your needs and investment objectives.
- Dynamic Allocation Portfolios – Unified Managed Account (UMA) Program. A discretionary service where an advisor invests in various securities according to your objectives, including exchange-traded funds (ETFs), mutual funds, and separately managed accounts (SMAs).
- Model Allocations Portfolios Program. This provides pre-built, diversified portfolios per your goals, risk tolerance, and time horizon.
Financial Planning
Citi Personal Wealth Management also provides non-discretionary financial planning to clients with generally over $200,000 or more in investable assets. According to its Financial Planning Brochure, clients begin by completing a Financial Profile. This is typically based on the following:
- Assets
- Liabilities
- Income sources
- Tax status
- Long-term financial goals, such as retirement or education
- Insurance needs
- Estate planning
Once the firm receives this information from you, its advisors will build a comprehensive plan specific to your needs. The firm explains that a typical plan will include these elements:
- Analysis of your current financial situation
- Summary of your objectives
- Specific and actionable recommendations according to the advisor’s expertise and research
Fee Structure and Cost
Citi Personal Wealth Management’s fee structure depends on the service. While it doesn’t charge for financial planning, it does set an annual fee based on assets under management (AUM). These differ according to your portfolio’s strategy, breaking down as:
AUM | Fee for Equity, Balanced, and Multi-Style Strategies | Fee for Fixed-Income Strategies |
---|---|---|
First $500,000 | 2.00% | 1.00% |
Next $500,000 | 1.50% | 0.90% |
Next $2,000,000 | 1.25% | 0.75% |
Over $3,000,000 | 1.00% | 0.60% |
Clients must pay fees quarterly, as well as a cost for their investment manager’s services. Fees are negotiable under some circumstances; however, the firm doesn’t make the deciding factors clear.
Investment Philosophy
There is no overall investment philosophy that defines Citi Personal Wealth Management. Rather, you can expect each of the company’s portfolio management programs to follow differing strategies depending on your needs and the discretion of the investment manager. The firm must, however, act in a fiduciary capacity at all times because of its status as an RIA.
For the company’s financial planning service, you can reasonably expect the results to be tailored specifically to your needs and objectives. This is primarily because, for an advisor to build a plan for you, they must first receive a detailed profile about your current situation, goals, and needs.
Disclosures
Citi Global Markets Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as an RIA and the Financial Industry Regulatory Authority (FINRA) as a broker-dealer. To maintain its status with these regulatory bodies, it must report any disciplinary action or conflicts of interest as disclosures on its annual Form ADV filing.
Being in business since 1960, Citi has 1229 disclosures on file, per FINRA’s BrokerCheck. 583 of these are regulatory events, five are civil events, and the other 641 are arbitrations. Compared to other long-standing financial advisor firms, this is a staggering amount.
While such a significant number of disclosures can be frightening, it’s most important to consider whether your advisor is of high quality. No matter the firm or professional you work with, be sure to look up their status and disciplinary history on either the SEC’s Investment Adviser Public Disclosure (IAPD) database or FINRA’s BrokerCheck.
Customer Service and How to Open an Account
If you have any questions or concerns regarding Citi Personal Wealth Management, you have a few options:
- Call (210) 677-3782 or (800) 846-5200 (toll-free in the U.S.)
- Contact your advisor directly
- Mail the firm at 111 Wall Street, New York, NY 10043
To begin working with the firm, you may call the numbers above or visit the firm’s website and click “Get Started.” Be aware that you must meet the firm’s minimum requirements to be a client, which range from $30,000 to $10,000,000, depending on the services you require.
Methodology
This review is based on publicly available information directly from Citi’s website and the SEC. Neither the firm nor its representatives have any say on what we’ve included on this page.
Frequently Asked Questions
How much does Citi Personal Wealth Management cost?
What you pay depends on the services you receive. While financial planning is free, the firm charges for investment management. These fees scale up based on the strategy your portfolio uses (equity/multi-asset vs. fixed income) and your AUM. The chart above outlines what you’ll pay based on these factors.
Does Citi offer financial planning?
Citi Personal Wealth Management offers financial planning for clients who generally have $200,000 or more in investable assets. After completing and submitting a financial profile regarding your goals, current situation, and needs, an advisor will devise a comprehensive plan for you.
Is Citi Personal Wealth Management good?
Citi offers a comprehensive, well-rounded advisor product, including financial planning and investment management solutions. However, it also has notable drawbacks to consider, such as its high account minimums, expensive fee schedule, and extensive disclosure history.
As a potential client, you’ll need to weigh Citi against other options to determine whether it’s the right fit. And, when you first meet with an advisor, ensure they’re someone you want to work with and trust to manage your portfolio.