Citi Wealth Builder is the latest addition to the world of digital investing platforms. Launched by Citi this week, the new solution features a low initial investment of $1,500 and no advisory fees for Citi Priority and Citigold clients on their initial portfolios. Citi Wealth Builder is powered by Jemstep, which demonstrated its digital advisory technology at FinovateSpring in 2013.
“We have worked closely with Citi to configure the Jemstep digital advice platform to provide a compelling client experience that supports Citi’s value proposition, omni-channel delivery capabilities and robust operational and compliance requirements,” Jemstep CEO and President Simon Roy said. Based in Los Altos, California and founded in 2008, Jemstep was acquired by Invesco in 2016.
Citi Wealth Builder works by pairing customers with one of six portfolios based on the customers’ responses to questions about their investment preferences and goals. Factors ranging as the customer’s ability to tolerate volatility to the current amount the customer already has saved are used to help ensure a good fit between customer and portfolio. The technology works automatically, monitoring and rebalancing the investment allocations; customers have the ability to adjust investment levels and see in real-time how those changes likely will affect investment outcomes.
“Citi Wealth Builder makes it easy for clients to start investing so they can reach the next level of their financial journey,” Head of Citi U.S. Consumer Wealth Management John Cummings said. “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 new release from Citi comes a year after the firm’s launch of Citi Wealth Advisor, which gives Citigold clients their own relationship team to help them design and implement personalized financial plans. The unveiling of Citi Wealth Advisor was accompanied by Citi’s announcement that it would offer commission-free trading on ETFs and new-issue U.S. Treasury purchases for Citigold clients.