Citi announced on Thursday the launch of its new tool Citi Wealth Builder, which is described as a digital investing platform with professionally managed portfolios that, in a matter of minutes, helps new and existing customers get on track and stay on track to meet their retirement goals. The digital advisory tool is powered by Jemstep, a subsidiary of Invesco.
According to Citi, users may now start using the new digital platform with a low initial investment of $1,500 and no advisory fees for Citi Priority and Citigold clients on their initial portfolio. Additional accounts have a low advisory fee of 0.55%. John Cummings, Head of Citi U.S. Consumer Wealth Management, further explained:
“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.”
Citi also noted that the platform matches customers to one of six portfolios based on their responses to questions ranging from their level of comfort with market volatility to their retirement goals and how much they’ve saved to date. Simon Roy, President and CEO of Jemstep, also stated:
“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 went on to add that the launch of Citi Wealth Builder follows a number of enhanced client offerings, including commission-free trading for ETFs and new-issue U.S. Treasury purchases for Citigold clients, as well as the introduction of Citi Wealth Advisor, a financial plan that provides Citigold clients with a dedicated relationship team to create personalized financial roadmaps designed to grow their wealth.