When you think of wealth management accounts, you might think of large investing-focused firms like Edward Jones, J.P. Morgan, and Wells Fargo. But today, we’re talking about a big bank known for its deposit accounts: Citibank. Specifically, what this institution brings to the table for personal wealth management.
We’re bringing you an in-depth review of the Citi Personal Wealth Management account. Read everything you need to know about this account. Is it going to be the next step in your investment strategy?
Citi is responsible for managing over $282 billion in assets as of 2022. Also called Citigroup, this global corporation reported $17 billion in revenue in Q4 2021 and $71.9 billion for the year.
Citibank, the consumer division of Citi, was named the world’s best supply chain finance bank at the Global Finance Trade Finance Awards. Founded in 1964, Citi Personal Wealth Management offers investment products through Citigroup Global Markets Inc. (CGMI), member SIPC.
Citi Personal Wealth Management provides wealth management services through Synergy Advisors Group. You can read more about this group here.
You do not need to be a high-net-worth individual or experienced investor to get started. Find out here if Citi’s personal wealth management division is right for you.
How It Works
You can register for a personal wealth management account with Citi whether you are a new or existing user.
But the depth of financial advising you qualify for depends on which investment program you are a part of (if any). This is determined by how much money you have in Citi accounts (whether checking and savings accounts or investing and retirement accounts).
The three different investment programs within Citi Personal Wealth Management are Citigold, Citigold Private Client, and Citi Priority.
To qualify for Citigold, you have to maintain a minimum combined average monthly balance of $200,000 across all of your linked deposit and investment accounts with Citibank. As a Citigold member, you have a personal Citigold Relationship Manager who serves as your personal point of contact and can assist you with general questions and account help.
You also have a Citi Personal Wealth Management Wealth Advisor as a Citigold client who is dedicated to providing you with customized financial advice based on your investment goals. They can provide as much or as little support as you need when making decisions about your account.
Citigold membership also includes access to The Citigold Concierge, an exclusive assistance service that is available 24/7 to help you make restaurant reservations, purchase tickets for events, and even book travel through a full-service travel agency. Citigold also comes with benefits such as waived foreign exchange fees and access to Citigold lounges.
Citigold Private Client
As a Citigold Private Client, you receive all of the perks of Citigold membership plus premier banking and investing services. These include access to advanced wealth specialists and wealth planning services, higher movement limits and Mastercard World Debit Card benefits, premier investing products and advisory reserved for high-net-worth investors, and additional wealth planning selections.
To qualify for Citigold Private Client, you have to maintain a minimum combined average monthly balance of at least $1,000,000 across all of your linked deposit and investment accounts (including retirement accounts).
As a Private Client, you will have a wealth team made up of a Citi Personal Wealth Management Wealth Advisor and a Relationship Manager to help you navigate both investing and your relationship with Citi. Private Clients also have access to a member-only phone line that is available 24/7.
Other benefits include lifestyle perks and extra financial planning services for Personal Wealth Management and other investments. You do not have to pay a monthly service fee to be a Private Client.
The third personal wealth management investing package is Citi Priority. There is no minimum balance requirement to qualify for Citi Priority, making this the most accessible option. However, there is a $30 monthly service fee, and the only way to waive it is to maintain a minimum average monthly balance of at least $50,000 across all of your accounts.
The benefits of Citi Priority include preferred banking solutions such as commission-free trading with Citi Personal Wealth Management, travel perks, and financial guidance from Citi Priority Advisors whenever you need it.
Citi Self Invest
If you’re looking for an alternative to these personal wealth management options, you might consider a self-directed account.
Self Invest is Citi’s self-directed investing platform. It offers $0 commissions and has no account minimum or opening deposit requirements. You can make unlimited investments in assets such as stocks, mutual funds, and ETFs with no trade fees.
Self Invest is a newer offering introduced in 2021. You do not need to be a priority client of any kind to qualify to open this account, just an existing Citi member or joint account owner. You will not receive financial advising or wealth management services with Self Invest.
Features and Benefits
Citi Personal Wealth Management offers a user-friendly experience overall and a variety of investment options.
You can view your portfolio by logging into your account and selecting “Portfolio” to view all of your balances and investments. You can see an overview of your activity, a snapshot of the balances across your account, and all of your holdings as well as your realized and unrealized gains/losses, history, and projected cash flow given your current investment composition.
If you’d like to open a new trade, you can do so by clicking “Transact” from the home page and selecting “New Order.” Citi Personal Wealth Management offers a number of trade options including:
- Equity trades
- Mutual fund trades
- Option trades
- Fixed income trades
- 529 plan allocation
You will be able to see the funds you have available to trade in your account at this time and can increase or decrease your investments as needed (consult with your advisor for personalized advice).
As with any investment account, you can be as active or inactive as you choose, but Citi’s offering allows you to enable many automatic notifications such as Market Alerts and Watchlist Alerts to help you stay in the loop even when you step away from your account.
If you ever have a question about your account or a trade you are thinking of making, you can find the contact information for your financial team by logging into the online platform or app and viewing an account statement.
Looking for a different option that charges fewer fees and offers lower investment minimums? Citi Personal Wealth Management also has a robo advisor called Citi Wealth Builder. You can start investing with this account with as little as $1,000 or $10,000 depending on the investing style you use.
To start, you can choose from three different investment styles to build your portfolio. These are Track an Index (where you will invest primarily in passively managed ETFs), Integrate Sustainability Criteria (where you will invest in assets that meet Environmental, Social and Governance criteria), and Incorporate Active Management (where you will invest in a combination of active and passive mutual fund and ETF holdings. Here is how many portfolios are available and the minimum investment for each:
- Track an Index: 6 portfolios, $1,000 minimum
- Integrate Sustainability Criteria: 5 portfolios, $10,000 minimum
- Incorporate Active Management: 5 portfolios, $10,000 minimum
There is a 0.25% advisory fee that is waived if you have a Citigold or Citi Priority account (note that you can only waive the fee for up to one linked account).
This account requires that you have a Citi Individual or Joint Checking account to open.
There are no monthly service fees for using Citi’s personal wealth management, but you will pay fees as a percentage of your trades for portfolio management. These are determined by the type of assets you have in your portfolio and their balance tier but typically fall within the 0.60% to 2% range. Generally, the average fee for investment advisory is around 1%, so these rates are on the slightly high end of typical.
For example, the fee for the first $500,000 you put into equity accounts is 2.0% and for the first $500,000 you put into fixed-income accounts is 1.00%. These percentages decrease as your balance increases. There will also be third-party trading fees for securities such as ETFs and mutual funds.
You do not pay any additional fees for financial planning services as these are automatically included with whatever package you qualify for.
To get a more complete picture of fees based on AUM (assets under management) take a loot at the tables below:
Pros and Cons
So how does this account compare to others like it?
Citi offers lower minimum investment options than many other firms. Many accounts can be opened with as little as $25,000 which is below average for this type of account and especially low when you consider that advising services are included.
One of the main advantages of this account is the wide range of investment options you can choose from. You can use this account for general investment and wealth protection or you can use it to save for retirement or plan for your child’s education. You have the choice between using a single investing strategy across all of your accounts or using multiple different investing strategies to build your perfect portfolio. Overall, Citi’s personal wealth department offers a much more complete investing package than the average account with a lot of flexibility.
As for the fees, these are decent. You’d probably save money using a robo-advisor, but this is probably not going to be as flexible or offer as much in the way of investment choices and guidance. This is a good choice for people looking to save money.
Now onto the disadvantages. The biggest one is that you have to have a very high net worth to qualify for all of the advising and planning services Citi offers. The Citi Private Client package is packed with valuable–and free–benefits from banking and investment perks to premier personal wealth management and advisory services, but few will qualify for this account.
Citi Priority, the option that’s going to be available to a much wider range of investors, is still a good package, but it might not offer the level of advising and management that you’re looking for. You can pay for additional services, but this can cost up to 0.50% on top of whatever fees you’re already paying.
Some users also complain that the online platform isn’t as easy to use and comprehensive as it could be, but it’s not bad for a brokerage.
How to Open an Account
To open an account as an existing Citi user, just register with your User ID and verify your identity using the online form. This is the same ID you use to access your accounts online. Alternatively, you can ask your banker to help you get set up the next time you go into your branch. If you want to meet with your advisor in person, be sure that a branch near you offers on-site advisory services.
If you’re not already a Citi customer, consider the pros and cons of moving any of your money over to Citi checking and savings accounts to avoid fees or qualify for a higher personal wealth management package.
Overall, Citi’s Personal Wealth Management is a really solid option for both low and high-net-worth individuals. Whether you’re looking to protect your wealth or take a more aggressive approach, you should be able to find what you need with Citi. The management fees are reasonable for the level and quality of service you receive.
High net worth investors are going to get the most out of this account, but it’s a good all-around option for newbies too. This might not be the firm for you if you’re looking for a personal wealth management account with really low balance requirements and minimum investments.