In the latest development in its two-year over- haul of its wealth management business, Citigroup announced that it would not send clients to independent registered investment advisors. Rather, the company said that it plans to beef up its own ability to provide financial advisory services to its clients by hiring more advisors, at least 30 in the next year, according to reports.
As part of the change, Citi is eliminating the role of investment consultant. This impacts 80 employees who worked in the branches funneling clients to Citi's own financial advisors. These employees were originally intended to refer clients to independent RIAs. Observers knowledgeable about the company said Citi never finished establishing relationships with these outside money managers, and the investment consultants ended up referring clients to teams of Citi's own financial advisors. Citi said in a statement it would let those employees apply for other jobs at the company.
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