Citigroup has launched a robo-advisor, joining the ranks of other big banks and brokerages who already offer a digital advice product.
Citi Wealth Builder has an account minimum of $1,500 and a 0.55% fee, but investors with a Citi Priority account, which requires a minimum balance of $50,000 in deposit, retirement and investment balances, or a Citigold account, whose minimum balance is $200,000, pay no advisory fee. Underlying ETF management fees range from 0.18% to 0.24%.
Jemstep built the Citi Wealth Builder platform, which will match customers to one of six portfolios based on their risk tolerance, retirement goals and current savings. Clients can adjust their investments as goals and tolerances change and access support online or via the Citi Mobile App 24 hours a day. Their accounts will be automatically rebalanced.
“In just a few minutes, customers can start building a solid foundation for years to come,” said John Cummings, head of Citi U.S. Consumer Wealth Management, in a statement.