Citi Wealth Builder features professionally managed portfolios to help new and existing customers
Citibank branch on Michigan Avenue in Chicago. (Credit: Wikipedia/TonyTheTiger)
US-based Citibank has launched its new, low-cost digital investing platform Citi Wealth Builder, developed in partnership with Jemstep, a subsidiary of Invesco.
The financial services provider said that its new digital platform comes with professionally managed portfolios to help new and existing customers.
In addition, the Citi Wealth Builder can be used by the customers with a low initial investment of $1,500, where the Citi Priority and Citigold clients are enabled to use the platform without any advisory fees, and other customers can use the platform through an advisory fee of 0.55%.
Jemstep pand CEO Simon Roy said: “Jemstep is proud to partner with Citi to provide personalized, goal-based wealth advice to their clients. We have worked closely with Citi to configure the Jemstep digital advice platform to provide a compelling client experience that supports Citi’s unique value proposition, omni-channel delivery capabilities and robust operational and compliance requirements.”
Citi Wealth Builder monitors and rebalances diversified ETF portfolios
Citi Wealth Builder has been designed to quickly assign customers to one of six portfolios, based on their responses to questions on their total savings, comfort with market volatility and retirement goals. The platform is said to allow the customers to adjust their investment levels.
Following the account opening, the platform would monitor and automatically rebalance the diversified exchange-traded funds (ETF) portfolios designed and managed by investment experts, while customers are provided with access to the accounts online through Citi Mobile App.
The company claimed that along with Citi Wealth Builder, it offers various enhanced client offerings, including commission-free trading for ETFs.
The offering also include the introduction of Citi Wealth Advisor, a financial plan that offers Citigold clients with a dedicated relationship team to create personalised financial roadmaps to grow wealth.
Citi US consumer wealth management head John Cummings said: “Citi Wealth Builder makes it easy for clients to start investing so they can reach the next level of their financial journey. It’s part of Citi’s holistic approach to banking and wealth management. In just a few minutes, customers can start building a solid foundation for years to come.”