Essay: Wealth Management

8 Mar

Essay: Wealth Management

Sample Essay

The wealth management division is centered to the Citigroup Private Bank that provides high-net worth clients with advisory and trust maintenance services. The package of services include managing relationships with clients and referring them to other divisions to obtain the product they need which are offered Citi. Statistically, this segment of Citi maintains 290 specialists in over 30 countries with a network of 470 professionals.

For instance, Smith Barney is one of the traditional private wealth management components of Citigroup providing services to clients with high-net worth such as governments, private firms, companies, and foundations. As a result, Smith Barney network has more than $1.2 trillion in client assets and over 13,000 financial advisors in over 600 offices.

Despite these indicators of greatness, Citigroup wealth management revenue has declined and other financial groups seem to take over. For example, according to metrics of 2007 Citi lags behind Merrill Lynch group (see table 2).

Table2: Financial advisors data 2007

Metrics variables             Citigroup        Morgan Stanley         Merrill Lynch
Revenue per adviser $742,000 $853,000 $860,000
Total advisers 14,858 8,429 16,740
Total assets (bn) $2,182 $1,045 $1,020
Fee-based assets as % of total 28.8% 27% 37.4%
Total client assets (bn) $1,548 $758 $1,751

Source: Citigroup Financial report, (2008), available at www.citigroup.com; retrieved on 21st January, 2009

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