Citi Wealth Advisor, a digital financial planner is going live. The Citi Wealth Advisor tool is targeted at the bank’s mass affluent Citigold clients.
The tool enables clients to create a financial plan that focuses on the goals that matter most. Moreover, Citi is offering commission-free trading for ETFs and new-issue US Treasury purchases for Citigold clients.
“There isn’t a one-size-fits-all approach to financial planning,” says John Cummings, head of Citi US Consumer Wealth Management.
“We’re proud to introduce Citi Wealth Advisor, a more personalised, intuitive experience. This helps clients create a financial roadmap that’s unique to them.”
Citi Wealth Advisor: personal financial roadmap
With Citi Wealth Advisor, clients select their goals to create their financial roadmap, showing them how to achieve their goals. The roadmap includes a Confidence Score. This estimates their probability of success, as well as the solutions needed to maximise their efforts.
The client’s Citigold team can follow the plan in real time, and recalibrate it as their clients’ lives and financial responsibilities evolve.
In addition, Citi Wealth Advisor allows investors to model various “what if” scenarios. These strategies include controllable elements, such as increasing savings or adjusting retirement dates. Additionally it includes uncontrollable events such as market downturns, inflation or Social Security benefit changes.
“Understanding and preparing for these risks to retirement can be very reassuring,” says Chuck Cavanaugh, head of wealth planning, Citi Personal Wealth Management.
“And for clients who are already on pace to achieve their retirement goals, we can advance into meeting other goals like funding health care, college, travel and charitable giving. Our advisors are supported by a number of specialist teams that can provide investment analysis, risk management and advanced planning strategies.”
Citigold eligibility: clients require a minimum combined average monthly balance of $200,000 in linked deposit, retirement and investment accounts.