Citibank / citi personal wealth mgmt advisors

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Jun 30, 2009 3:37 pm

does anyone have info on recent program changes..ie..payout, penalty boxes, platform and reinstatement of the referral program? just curious..

Jun 30, 2009 3:56 pm

I cannot imagine citi having the gall to tell clients how to handle money when citi cannot handle there own.

 
Who in the world would listen to them?
 
Jun 30, 2009 4:27 pm

no kidding...I totally agree...


Your question: who in the world would listen to them?


A: clueless bank clients who don't understand full-service brokerage and base their major financial decisions purely on convenience.  said unsophisticated clients have never maintained advisor relationships at major wirehouses, regionals or independents. said clients are commoditized into getting everything for free....free mortgage quote, free investment consultation, free sh*tty-bank logo golf balls when a well-qualified, G.E.D. hopeful, banker slams them into a checking account or bank product they don't need..the same banker that says he has a "great referral" for his financial advisor partner, yet couldn't remember the client's name or document the profile information..
 
 
 
Jul 1, 2009 7:37 am

It is a good thing broker/dealers going out of business don't have liquidation sales. If that were the case we would all be in trouble as all of the Citi owned companies would be selling their Legg Mason Funds at half price.

Jul 1, 2009 11:28 am

I would like an update on the former Smith Barney bank-based advisors, now Citi Personal Wealth Management.  Isn't true wealth management personal by nature?!?! way to go Citi!  To my knowledge, they retain the SB technology and product suite until told otherwise.  Will the comp structure change to be more in line with a bank program or will the bank brokers remain on the current SB comp plan with penalty boxes for those with los 5-9 years doing less than $300K?

Oct 18, 2009 3:51 pm

Citi management is getting rid of everything and has outright lied to their advisors about their intentions for the past 6 months. Citi will have an extremely limited offering relative to the robust offering it currently has with the platform gained from its time with  Smith Barney.

It;s been all lies.  First " We are not Selling Smith Barney" "We are keeping Smith Barney technology and platform for at least 3 years."  "Not much will change for our clients"

Now firm has announced in the press that we are going to move to fee only platform in 2010 and will phase out comp on any transactional business.  The firm is also strong arming advisors to form RIA like teams in order to comptete for refferals with independent RIA's. 

All this was anounced more than a week ago and Citi advisors are learning more about the plan by reading the paper than from any communication within the firm. 

The deceitfulness and lack of professional courtesy has everyone extremely upset.  I beleive Citi will loose first quartile advisors which were very impressed with the way Smith Barney did things and think that bank management is a joke.

Oct 19, 2009 10:16 am

EASY E - my thoughts exactly.  how ironic is it that they told advisors that the "SB platform would remain in the bank channel and nothing would change for 3 years" .. while simultaneously hiring and integrating Deborah McWhinney in April..who spearheaded Schwab's RIA unit...seriously, are they that lame?!

 
I'm so curious to see how many advisors they lose..
Oct 19, 2009 10:24 am

Yet you are still there?

Oct 19, 2009 4:41 pm

If they were smart, they would hire an attorney and cpa into the new teams, and market themselves as a turn key "Family Office" to high net worth.  They could carve out a unique niche compared to the other wires and probably do well.

 
But then again it is Citi....
Oct 19, 2009 6:01 pm

Does anyone know if it's legal? Can they force people to comingle accounts.. Seems like it dilutes the reps and certainly removes any equity that has been built into everyones practice... Of course if you want to leave, they will say goodbye, how are supposed to take clients from teams of 10 people.. So they use you for a year or two, use you for introducing your clients to the "team" , then you basiclly give away your book for the " powerful" citi machine... Seems very cold war Russia esque... Are any advisors discussing legalities of this???

Oct 19, 2009 9:12 pm

100 percent true.. They've lied all the way through.. Now they want the reps to give away they're clients....where doyou think 1st quintile reps will go???

Oct 19, 2009 10:34 pm

I have thought of incorporating an  attorney or accountant in order to increase the value proposition If I were to stay.  It could be interesting as long as the firm would allow these new partners to have an outside business interest.  Most accountants or attorneys that I know run their own businesses. 


Oct 20, 2009 12:56 pm

I do not understand this whining!

 It sucks for sure!
 But it is a wirehouse, you had to know they were going to screw you over, but yet you stayed
 
It is not easy to move a book. But it is now or never for you 
 
I think you know it to!
Oct 20, 2009 5:25 pm

Moving a bank book is hard enough, moving months from now once assets are flowing into the new RIA business will become impossible. Anyone not making it out asap is going to quickly find themselves about as marketable as the guys on the other end of a TD Ameritrade 800 line. 

Oct 21, 2009 11:52 pm
excitr1011:

Does anyone know if it's legal? Can they force people to comingle accounts.. Seems like it dilutes the reps and certainly removes any equity that has been built into everyones practice... Of course if you want to leave, they will say goodbye, how are supposed to take clients from teams of 10 people.. So they use you for a year or two, use you for introducing your clients to the "team" , then you basiclly give away your book for the " powerful" citi machine... Seems very cold war Russia esque... Are any advisors discussing legalities of this???

 
When did you ever have a book? Working the banks asset list and taking referrals from other bank employees isn't building a book for you, it's building one for the bank that employs you.
Oct 21, 2009 11:54 pm
Greenbacks:

I do not understand this whining!

 It sucks for sure!
 But it is a wirehouse, you had to know they were going to screw you over, but yet you stayed
 
It is not easy to move a book. But it is now or never for you 
 
I think you know it to!
 
It isn't a wirehouse you dimwit, it's a bank. I find it very hard to believe you run any sort of business. Are you someone's assistant?
Oct 22, 2009 10:59 am

EasyE - do you know any local MSSB managers?  If you're at or around $500k, you might have a shot at moving there.  Just because Citi's bank channel advisors weren't invited to take part in the joint venture doesn't mean they can't move in arrears..

Oct 22, 2009 3:18 pm

Greenbacks what do you mean you say dont understand the whining?  You're right, you don't understand.   It is not unreasonable to expect your employer to at least ad hear to basic decency, respect and honesty to it's employees.  Do you disagree?  If you commit yourself to firm it's a big deal.  Much thought is put into that decision and you have to base it on what you are told you can expect.  When you are then treated like trash and lied to and had your pay cut every year, who would not be upset and surprised?  I know I was and that is why I left that God forsaken company.  My book followed me.  Citi is a horrible company in my opinion.  I work for myself now and thank my lucky stars I left when I did.  

Oct 22, 2009 4:14 pm
ESmini:

Greenbacks what do you mean you say dont understand the whining? You're right, you don't understand. It is not unreasonable to expect your employer to at least ad hear to basic decency, respect and honesty to it's employees. Do you disagree? If you commit yourself to firm it's a big deal. Much thought is put into that decision and you have to base it on what you are told you can expect. When you are then treated like trash and lied to and had your pay cut every year, who would not be upset and surprised? I know I was and that is why I left that God forsaken company. My book followed me. Citi is a horrible company in my opinion. I work for myself now and thank my lucky stars I left when I did.





u do futures ?

Oct 22, 2009 5:07 pm

Yes.  I also manage a hedged investment account for clients.