Citi Personal Wealth Management: what do you need to know?
Find out all about Citi Personal Wealth Management, its services, investment philosophy, pricing structure, pros and cons, and more.
Summary
Citi Personal Wealth Management offers a range of financial planning services and investment products, such as ETFs, mutual funds, and stocks.
Only Citigroup Global Markets Inc. clients can access the company’s free financial planning services.
The fees vary according to service type, while account minimums depend on the type of account chosen.
Finding a financial advisor that suits your needs is the best way to manage your money and meet your financial goals.
Introduction to Citi Personal Wealth Management
Citi Personal Wealth Management is Citigroup's financial advisory arm. Citigroup is a global financial services company and a bank. It is a subsidiary of Citigroup Global Markets Inc., which is, in turn, a subsidiary of Citigroup Inc., a publicly held company.
The parent company employs hundreds of thousands of individuals around the world, and it ranked 36th on the 2023 Fortune 500.
Citi Personal Wealth Management was founded in 1964. The company boasts a massive network of financial planning professionals, with thousands of financial advisors among them. This New York-based company shares many clients with broker-dealer Citigroup Global Markets Inc.
What services does Citi Personal Wealth Management offer?
Citi Personal Wealth Management offers a range of services, including:
College planning
Estate planning
Financial education center
Financial planning tools
Investment advisory programs such as multi-asset class programs
Retirement planning
Wealth protection
What is Citi Personal Wealth Management’s investment philosophy?
Citi Personal Wealth Management’s financial advisory and investment philosophy centers on creating complete personal financial profiles for all its clients. These profiles include personal information on clients’ income and expenditures, assets, liabilities, objectives, and tax status. They also include insurance and estate planning considerations, as well as long-term plans such as education payments and retirement plans.
If you get investment advice or a financial plan from Citi Personal Wealth Management advisors, you can use Citigroup Global Markets, Inc. as a broker-dealer that will put your plan into action. You can choose investment strategies from a range of options, each of which focuses on specific risk tolerances, time horizons, or areas of the market.
What is Citi Personal Wealth Management’s pricing and fee structure?
There are no additional Citi Personal Wealth Management fees for financial planning services. However, it’s important to take note that these services are available only to Citigroup Global Markets Inc. clients. However, there are Citi Personal Wealth Management fees that you need to pay when you use the company for investing. The fees are based on your chosen account option and are as follows:
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% |
Estimated Management Fees, excluding brokerage, custodial, third-party manager, and other fees
| Your assets | Equity, Balanced, and Multi-Style Fees |
|---|---|
| $500,000 | $10,000 |
| $1,000,000 | $17,500 |
| $5,000,000 | $62,500 |
| $10,000,000 | $112,500 |
Account minimums depend on the type of service you choose at Citi Personal Wealth Management. While there’s no set minimum for financial planning services, most clients who use this service have a net worth of at least $200,000. When it comes to investment advisory services, the account minimums vary according to the investment program:
Citi Advisor Program: $100,000
Fiduciary Services Program: $50,000
Manager Selection Program: $50,000
Consulting and Evaluation Services Program – Citi Wealth clients: $100,000
Consulting and Evaluation Services Program – Citi Private Bank clients: $1,000,000
Advisory Portfolios program: $1,000,000 - $25,000,000
Citi Portfolio Manager Program: $25,000
Dynamic Allocation Portfolios: UMA Program: $25,000 ($100,000 for custom)
Model Allocations Portfolios Program: $25,000
Multi-Asset Class Solutions Program: $100,000 - $25,000,000
Is Citi Personal Wealth Management trustworthy?
You can trust Citi Personal Wealth Management, as this is a legitimate financial services company with offices around the world. That said, it’s worth mentioning in the interest of transparency that Citigroup Global Markets Inc. had 172 disclosures in the last 10 years.
What are the pros and cons of Citi Personal Wealth Management?
Citi Personal Wealth Management has a number of pros and cons. These include:
Pros
Choose from a range of ETFs, mutual funds, and stocks.
Make trades with no minimum balance and no commissions.
Enjoy easy access to market news and financial insights.
Investor Learning Centre offers guided content on investing, saving, and financial wellness.
Cons
Citi manages ETF/bonds but outsources stock/equities to a third party.
Potential conflict of interest with fund fees – some funds charge management and performance fees.
Account minimums vary by program, making them inaccessible to some earners.
Parent company Citigroup Global Markets has 172 disclosures on record from the last 10 years.
How to open an account with Citi Personal Wealth Management?
There are two ways to open an account with Citi Personal Wealth Management.
One is to visit one of the branches listed on the website and make an appointment with a Citi Personal Wealth Management financial advisor, who can assist you in person.
The other is to open an account online.
You must register online with a Social Security number.
Get expert financial advice
A global company, Citi Personal Wealth Management offers a range of financial planning and wealth management services as well as investment products. Although account minimums vary significantly according to product or service, they are high enough to exclude some earners. The company’s free financial planning services are only available to Citigroup Global Markets Inc. clients.
Find a registered financial advisor through Unbiased to get expert financial advice based on your specific circumstances and needs.
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