Citi To Launch ‘Citi Alliance’ For Consumers With Independent Advisors

Citi has announced a new program called ‘Citi Alliance‘ that targets consumers with an independent financial advisor. It will provide the following suite of benefits (emphasis ours):

  • A dedicated Citi Alliance Relationship Manager and a 24/7 servicing team
  • Global ATM fee reimbursements and waivers
  • Waived fees on foreign currency deliveries
  • No foreign exchange fees on purchases made with the Citi Alliance debit card
  • Waivers on fees for checkbook orders and select wire transfers fees
  • Relationship pricing on a premium travel credit card and mortgages offers

The most interesting point is regarding relationship pricing on premium travel credit cards. I assume this refers to a discounted annual fee on the Citi Prestige card. It’s unclear how Citi Alliance actually works and it seems that the program is geared towards onboarding consumers with an independent advisor onto the Citi platform rather than supporting the independent advisors.

Hat tip to FL Banker

 

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auberginebe
auberginebe (@guest_1400502)
June 26, 2022 15:47

although we’ve been getting an AA Plat card free from Citi since 2007 at least, when it was grandfathered into some magical Citigold deal. that was turned off a long time ago, but ours was kept at the free level. even more amazingly, when motivated, i could even call in for retention/offers on that truly free card. most of the time, i don’t risk it though.

auberginebe
auberginebe (@guest_1400501)
June 26, 2022 15:45

‘premium travel’ cards that provide NO protections when things go wrong….

Eric
Eric (@guest_1399845)
June 24, 2022 17:34

Also, on my latest citi statement, it says “Effective July 18, 2022, the minimum combined average monthly balance range to avoid a $30 monthly service fee for the Citi Priority Account Package will be reduced from $50,000 to $30,000.”

Raylan
Raylan (@guest_1399815)
June 24, 2022 16:13

I would bet that it’s similar to the CitiGold annual fee reduction package. CitiGold people get $145 (??) off either the Prestige or AA Exec card.

DWT
DWT (@guest_1399804)
June 24, 2022 15:40

Very interested to see if they bring back or tweak the Prestige… it’s been almost a year now since they closed it to new accounts

Reno Joe
Reno Joe (@guest_1399791)
June 24, 2022 15:07

It will likely operate as the Schwab Advisor Network or Fidelity’s program do. Citi provides custody and trade execution. Citi refers the client to an independent advisor whom Citi has admitted to its program. The independent advisor charges its fee and the advisor pays Citi a (disclosed) ongoing referral fee.

TB
TB (@guest_1399852)
June 24, 2022 17:50

Gadget - Bank Bonus Geek referral was mentioned here

Creditian
Creditian (@guest_1399873)
June 24, 2022 18:27

It’s more like Edward Jones. Schwab has cooperate stores.

Drew
Drew (@guest_1400058)
June 25, 2022 09:33

Schwab and fidelity also partner with external advisors who handle more complex cases than their advisors can since they have 300-500 clients each.