Citi appointed John Cummings chief operating officer of Citigold Wealth Management and Frank Consalo as director of field management for investments. They will both report to Venu Krishnamurthy, president of Citigold.
Citigold is aimed at affluent and high-net-worth investors, Krishnamurthy said in an interview. The sweet spot is anywhere from a "few hundred thousand dollars to a few million [in investable assets]," he said. He described Citi's plan as one based on size and breadth of services. There are about 300 Citi advisors, with an additional 200 in the Citigold program. He said within two years he envisions a total of 800, split evenly between the two camps.
His plans do not include competing with the wirehouses on recruiting packages, which can top 300% of trailing-12 production. That kind of payout does not engender the type of loyalty he's seeking. Instead, he wants to attract advisors who feel that Citi is the "best place to grow their practices."
One area where he expects to garner some interest is from the growing group of advisors who fail to meet ever-increasing minimums in place at the wirehouses.
As for the recent appointments, Cummings will oversee the broker-dealer operating platform, client experience, field services and business risk and control, Citi said in a press release. He will also help shape and lead the strategic priorities of the business.
"John has a distinguished career and carries with him an expertise that is decades in the making," Krishnamurthy said in the press release. "Our goal is to strategically grow Citigold and invest in talent to optimize our client service. We have a strategic path and a clear direction. John is a key team member to help us get where we want to go," according to Krishnamurthy
Prior to joining Citi, Cummings held several positions at Merrill Lynch over the past two decades, most recently as head of Diversified Financial Services and chief operating officer of Merrill's Global Wealth Management Group.
Meanwhile, Consalo is returning to Citi where he started his career more than two decades ago. He will be responsible for leading investment sales and management of the Citi Personal Wealth Management financial sales force where he will focus on driving partnerships within the branch network to facilitate organic growth.
Consalo joins Citi from PNC were he served as territory sales executive, overseeing more than 300 advisors across nine states.