Citicorp is preparing a wrap product that will break with the traditional practice of paying sales commissions to brokers.

The New York banking company's wrap accounts will provide sales representatives with a share of ongoing fees that investors will pay to Citicorp's in-house money managers.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.