The new service stands out for the holistic approach it adopts towards the investment advisory process that also takes into account the risks that these individuals face in the businesses they own or run. CEO Conversations, unique in the private wealth management arena in Singapore, is the latest enhancement to Citibank’s Citigold Private Client segment catering to clients with liquid assets of S$1 million and above.
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Mr. Han Kwee Juan, Chief Executive Officer for Citibank Singapore Limited, said: "Entrepreneurship is an important source of wealth for affluent clients who want more sophisticated and effective solutions to grow their assets. The need for such a differentiated service emerged as part of the learnings that we draw from regular engagement with our clients in the Citigold Private Client segment. Specifically, conversations with clients who are business owners or senior executives with equity in their companies revealed that there may be a tendency for them to also invest their personal wealth in similar industries or sectors. While they have intimate knowledge of the industry, such investment behavior has the potential to result in an uneven distribution of exposures to particular asset classes, sectors, industries or geographies."
CEO Conversations addresses this by harnessing risk management tools that provide clients with insight into how their businesses trend against a range of industries and asset classes. With such an understanding, clients are better equipped to make an informed decision on the assets or sectors they place their personal investments into in order to mitigate any downside risks they face in their businesses.
The launch of CEO Conversations at this juncture is a timely one, given the rising contribution of business ownership as a source of wealth for the affluent in Singapore. According to a 2012 Asia Pacific Wealth Report by Capgemini, entrepreneurship and commerce are significant drivers of wealth amongst HNW individuals with a net worth of US$1 million and above. In particular, the report noted that 57 percent of HNW wealth in Asia is derived from business ownership. In Singapore, it is estimated that almost 40 percent of the country’s onshore HNW client base accumulated their wealth through business ownership – either a business that they set up or one that they have come to manage through their family.1
Mr. Han added, "This new service reflects Citigold Private Client’s holistic approach to wealth management, as we are going beyond just managing our clients’ personal wealth, to recognizing that their business portfolios account for a significant portion of their wealth and should be considered in their asset allocation strategy."
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By GlobalDataClients can request for the service through a Citigold Private Client Relationship Manager who will first seek to understand the nature of the client’s business, the risks it faces and how it trends in relation to various sectors and asset classes. Recommendations are then made according to the client’s personal risk profile.
In addition to the enhanced advisory process, CEO Conversations also provides clients with a suite of privileges that is aimed at helping them build and grow their businesses. These include:
Access to Business Banking solutions
Citi provides customized cost effective solutions and unrivalled flexibility for business owners and C-level executives who are constantly looking for new ways to innovate and grow their business.
Best Practice Sharing & Networking Opportunities
Facilitating exchange between business owners and C-level executives, the CEO for CEOs Forum is a quarterly forum hosted by Citibank Singapore Limited’s CEO Mr. Han Kwee Juan. The forum provides clients with the opportunity to glean useful insights from other market leaders who will share on personal and corporate matters.
"Many entrepreneurs and C-level executives tell us they are too busy running their business to think about personal investments, so most of their wealth is invested back into their business. As their business is an asset class in itself, it is prudent for them to have a personal investment portfolio that recognizes the exposures they face in their businesses, helping to diversify their risk and to provide for personal needs such as retirement and their children’s’ education," said Mr. Han. "By looking at both their personal and business assets, we can help to ensure their personal wealth grows in tandem with their business success."
CEO Conversations fits in with the Citigold Private Client proposition to offer a holistic wealth management service, with the sophistication of solutions growing in tandem with the affluence of clients.
Citigold Private Client
Citigold Private Client ("CPC") serves customers with investible assets of between S$1 million to US$10 million, with a unique proposition that offers the sophistication of private wealth solutions with the convenience of retail banking facilities.
Citibank Singapore Limited first recognized the need for a dedicated wealth management service for this segment in 2008, when Citigold Select was launched to provide high net worth clients with highly personalized and holistic portfolio management. In April 2010, Citigold Select was re-launched as Citigold Private Client.
Citigold Private Client is unique as an all-encompassing wealth management proposition that meets the full spectrum of clients’ financial needs. The ability to provide clients with products and services that cut across typically discrete banking solutions is Citi’s unique strength and speaks to the scale, depth and diversity of its range of businesses. With Citigold Private Client, clients will benefit from having a disciplined portfolio-based wealth management strategy personalized for them in accordance with their risk appetites and wealth management goals.
The high-net-worth segment and their wealth have grown in the past few years. The 2012 Asia Pacific Wealth Report by Capgemini estimated that there are currently some 91,000 people in Singapore with investible assets of US$1 million and above. Furthermore, Singapore has the most number of U.S. dollar millionaires per capita – almost one in six – of any country in Asia Pacific, the report noted. The liquid assets of this segment are also anticipated to grow approximately 40 percent in the next three years. 2 Our Citigold Private Client customer base and the assets under management ("AUM") have grown in tandem with the market and seen strong growth in the past three years. Since its launch in 2010, we have seen an increase of about 40 percent in the number of new Citigold Private Client customers as well as in AUM for the segment.
Service and Delivery Model
Team based approach: Clients are served by a dedicated Citigold Private Client Relationship Manager and Service Manager, together with a team of financial experts including Treasury, Equity and Investment Specialists, Portfolio Counselors and Business Bankers.
Personalized service: Senior bankers have been handpicked to serve clients who will enjoy a high degree of customer contact and customization in advice and solutions provided.
Clients can make use of these services at our two Citigold Private Client Centers located at Paragon Shopping Centre and Capital Square.
Products and Services
Citigold Private Clients have access to an expansive range of products and services that are offered by businesses across Citi. These products and services are carefully assessed and evaluated to determine their suitability for individual clients.
These include:
Investment Solutions
Institutional and High-Net-Worth Fund Platform that offers clients access to institutional and high net worth share class of funds at a minimum investment amount of S$100,000 per transaction, which is significantly lower than a typical subscription size for such share classes.
Hedge Forum allows clients to access hedge funds at a relatively low minimum investment amount of US$250,000.
Real Estate Wealth Solutions, a service that provides clients with property market updates and real estate investment opportunities in Singapore and abroad.
Citibank Brokerage Advisory Service gives clients the opportunity to speak to the bank’s Equity Specialists over the phone for advice and Citi’s global research on single stocks in the U.S., Hong Kong and Singapore market.
Portfolio Finance solutions
Access to a select range of alternative investments such as hedge funds, private equity funds and structures.
Extensive Suite of Wealth Preservation and Transference Services
Variable Universal Life Plan where instead of a cash premium, clients can use their existing investments, such as mutual funds, bonds and structured products, to make up the underlying assets for its Variable Universal Life Plan. Citibank’s Variable Universal Life Plan also offers the widest range of currency options and is available at a minimum investment amount of S$500,000 – half of the typical entry level for such plans.
Income protection and wealth accumulation plans
Citi Trust Wealth Structuring Referral services
A full range of everyday banking products and services including global banking capabilities.
Transaction, call and term deposits in all major currencies, including premium deposits.
Exclusive Benefits
All Citigold Private Client clients will be accorded the signature VIP treatment they deserve. From credit cards with specially designed features and no annual fees, to exclusive interest and foreign exchange rates, they can be assured of an unrivalled set of privileges, including:
Privileged interest and foreign exchange rates
Access to special Citigold Private Client events and a full range of lifestyle privileges spanning gastronomic, hospitality and travel experiences
Access to Citigold Private Client Centers
Complimentary airport limousine service
The Future Leaders’ Forum – Citigold Private Client’s exclusive personal and professional development program for the children of clients aged 18 to 24.
Launch of Citibank’s new luxury Retail Concept Branch at Paragon Shopping Centre
Opened officially on April 8, 2013, the 2,928 square feet branch is part of Citibank Singapore’s new luxury retail concept to attract, engage and connect with Citigold and Citigold Private Clients in a location synonymous with luxury and prestige.
Located at Level 1, Paragon Shopping Centre.
Open seven days per week (excluding public holidays) from 10:30 a.m. to 7 p.m.
Branch features include:
Cash services (available from 10:30 a.m. to 5 p.m. daily)
A "Gold Bar" where clients can perform quick and instant Internet transactions on iPads.
Citigold clients can discuss their portfolios with their Citigold Relationship Manager at any one of the four meeting rooms available.
A Citigold Lounge where clients can relax and enjoy a selection of refreshments while waiting for their banking transactions to be completed. After hours, a quick reconfiguration of the Citigold Centre allows for the space to be used for seminars and workshops.
A Citigold Private Client Lounge and meeting room exclusively for Citigold Private Clients.
Attractive retail displays and showcases in partnership with top luxury brands that speak to the Citigold and Citigold Private Client lifestyle privileges.
