More On Legal & Compliancefrom The Advisor's Professional Library
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- Scope of the Fiduciary Duty Owed by Investment Advisors A fiduciary obligation goes beyond the suitability standard typically owed by registered representatives of broker-dealer firms to clients. The relationship is built on the premise that the advisor will always do the right thing for the person or entity receiving advice.
Citibank announced Friday that as part of a “strategic decision” by Citibank and Citigold Wealth Management leadership, the Citi Personal Wealth Management Investment Consultant role “will be discontinued, and will no longer be present in the bank’s consumer branches.”
Citibank says approximately 80 positions across Citi’s U.S. footprint will be eliminated.
The bank’s Investment Consultant role was introduced in 2010 to help facilitate business plans with independent registered investment advisors.
However, these plans Citibank said, “which were put on hold earlier this year, will no longer be pursued, therefore eliminating the need of the Investment Consultant role.”
Citi’s statement went on to say that while “this role elimination is quite limited in scale, we are taking every measure to ensure that clients are not impacted. Furthermore, we will assist affected employees in this transition by providing them the opportunity to apply for other jobs within Citi.”
Citibank’s noted that its “commitment to Citigold and to growing the Wealth Management business is stronger than ever, and we continue to make investments in serving the banking and investment needs of retail customers across the U.S.”
Most notably, Citibank said in the statement:
- We are increasing our wealth management sales force, including Citi Personal Wealth Management Financial Advisors, Citigold Relationship Managers and Citi Private Client Relationship Managers in our key markets;
- We are enhancing product capabilities with a focus on financial planning, retirement and insurance;
- We continue to strengthen our customer service and operating platforms.