Citi launches robo-advisor as part of "holistic approach" to banking

Citi Wealth Builder has no advisory fees for initial portfolios for Citi Priority and Citigold clients

Citi launches robo-advisor as part of "holistic approach" to banking
Steve Randall

Citi is the latest global banking group to launch a robo-advisor, enabling its clients to start investing in minutes with a fully-digital experience.

The firm’s Citi Wealth Builder has an entry-level investment of U $1,500 with no advisory fees for its Citi Priority and Citigold customers on their initial portfolio. Additional accounts have a 0.55% advisory fee.

Citi Priority customers have a minimum account balance of $50,000 while Citigold requires a minimum $200,000 balance.

Citi has come to the robo-advisor space relatively late for the large Wall Street names.  JPMorgan Chase, Wells Fargo, Bank of America, US Bank and Morgan Stanley already offer robo-advisor products.

“Citi Wealth Builder makes it easy for clients to start investing so they can reach the next level of their financial journey,” said John Cummings, Head of Citi US Consumer Wealth Management. “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.”

The robo-advisor is powered by Invesco subsidiary Jemstep and monitors and automatically rebalances diversified ETF portfolios designed and managed by investment experts. Customers can follow their accounts online or in the Citi Mobile App, with live support available 24/7.