Citi today announced the launch of OpenWealthsm, the first Unified Managed Household (UMH) servicing platform providing automated household portfolio and tax optimization for investors serviced through distributors and sponsors of wealth management.
TIAA-CREF, the nation's leading provider of retirement services for the academic, medical, research and cultural fields, has selected and launched Citi's offering as the operating platform for its fee-based wealth management solution.
OpenWealth aims to help sponsors grow and manage client assets by providing an all-in-one environment that supports multiple products. It will no longer be necessary for sponsors to run multiple platforms to support different types of investment products in order to provide a total solution for clients. OpenWealth delivers a streamlined and efficient approach to serving a complex variety of sponsor needs.
"Our selection of Citi's OpenWealth platform allows us to meet the needs of our clients with industry-leading customized, goal-oriented portfolio management that is responsive to individual client objectives and investment preferences," said Dennis McDonald, Head of Product Development for TIAA-CREF's Individual Products group. "OpenWealth reduces the number of systems and parties with which we need to interface to deliver a highly flexible managed account platform capable of handling a broad array of investment products."
"We are very pleased that TIAA-CREF, one of the most respected names in wealth management and a leading provider of retirement services in the academic, medical, cultural and research fields, has chosen Citi's OpenWealth platform," said Neeraj Sahai, Global Head of Securities and Fund Services, Citi. "Developing innovative and cost-effective solutions for banks, trusts, insurers or registered investment advisors to grow their assets is a key priority for us at Citi" Sahai added.
With OpenWealth, Citi is delivering servicing of Unified Managed Households in a scalable platform, which provides:
- Investment and tax optimization through goal oriented portfolios across an investor's household
- Automated overlay management and rebalancing with preset or adjustable strategies and allocations
- Support for multiple investment products and programs (WRAP Funds, Exchange Traded Funds, Separately Managed Accounts, Unified Managed Accounts, Rep-as-Portfolio Manager) using an all-in-one platform
- An end-to-end system for the financial advisor's desktop with functionality beginning with automated proposal generation through to the retail custodian system
- A web based platform that can be branded and customized by sponsors
- Investment, operating and compliance officer access to robust risk controls, compliance monitoring, violations alerts, and entitlements.
With the launch of OpenWealth, Citi adds an important service to its suite of industry leading solutions supporting the wealth management industry, combining best-in-class technology with superior customer service.