Citigroup Inc. plans to hire more than 100 financial advisers over the next three years for its personal wealth management group, according to a person familiar with the situation.
Citi, which has 290 advisers who work within its Citibank branches, also has a goal of reaching 60 teams of brokers in the same period.
Citi is gradually phasing out commission-based financial advice to clients. It expects to double the number of its investment consultants — or professionals who interact with both Citi's advisers and external registered investment advisers — to 160 by the end of June, the person familiar with the matter said.
Seven months ago Citi announced a shift in its wealth management strategy for the 600 advisers who were left behind when the bank formed a joint venture with its legacy retail brokerage Smith Barney and Morgan Stanley. The hires would replenish a third of the advisers who left its personal wealth management group after the change.