Independent investment advisers have gobbled up an ever larger share of the wealth management business, gaining more than $100 billion in assets last year, according to Citigroup Inc., which now wants to tap that resource.
In announcing a new shape for its own brokerage business on Monday, one that will be fee- and not commission-based, Citi called an alliance with independents “a natural step,” according to a story by Matthias Rieker of Dow Jones Newswires.
“Let’s partner with people, let’s build the franchise not by saying, ‘We’ll do it all ourselves,’” said Deborah McWhinney, Citi’s head of personal banking and wealth management.
‘”I expect that there are going to be a lot of brokers who contemplated going independent” at other brokerages who see Citi’s referral offer as a start into a new business, she said. “I fully expect we’ll get a lot of phone calls.”
The changes apply to the 600 advisers who still work within Citibank branches and who remained when the bank combined its Smith Barney brokerage with Morgan Stanley’s brokerage in a joint venture.
Citi decided to rid itself of commission-based advice and will charge clients a fee of about 1% of invested assets. It will give clients the option of working with Citi’s own financial advisers, or of choosing independent advisers with whom Citi will begin to form relationships, and who will pay Citi a fee for the referral.
Citi is in advanced discussions with some of the nation’s top independent investment adviser businesses and expects to announce agreements in select markets in the near future, it said.
In announcing a new shape for its own brokerage business on Monday, one that will be fee- and not commission-based, Citi called an alliance with independents “a natural step,” according to a story by Matthias Rieker of Dow Jones Newswires.
“Let’s partner with people, let’s build the franchise not by saying, ‘We’ll do it all ourselves,’” said Deborah McWhinney, Citi’s head of personal banking and wealth management.
‘”I expect that there are going to be a lot of brokers who contemplated going independent” at other brokerages who see Citi’s referral offer as a start into a new business, she said. “I fully expect we’ll get a lot of phone calls.”
The changes apply to the 600 advisers who still work within Citibank branches and who remained when the bank combined its Smith Barney brokerage with Morgan Stanley’s brokerage in a joint venture.
Citi decided to rid itself of commission-based advice and will charge clients a fee of about 1% of invested assets. It will give clients the option of working with Citi’s own financial advisers, or of choosing independent advisers with whom Citi will begin to form relationships, and who will pay Citi a fee for the referral.
Citi is in advanced discussions with some of the nation’s top independent investment adviser businesses and expects to announce agreements in select markets in the near future, it said.
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