20 September 2017
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Citizens Bank launches robo-advisor

06 September 2017  |  2558 views  |  0 Source: Citizens Bank

Citizens Bank today announced the launch of its digital investment and advisory platform, SpeciFi from Citizens Investment Services. With the introduction of SpeciFi℠, Citizens can now offer customers a unified view of their banking and investment accounts from their online banking homepage.

The fully digital investment advisor service, offered by Citizens Investment Services and its sub-advisor, SigFig Wealth Management, LLC, provides customized investment guidance and portfolio management. Citizens is the first large regional bank to offer a fully integrated digital banking and wealth advisory offering.

“We think SpeciFi is a game-changing service that will make investing more accessible to a larger set of customers, while providing an entirely personalized and integrated banking and investing experience,” said John Bahnken, president of Citizens Bank Wealth Management. “This represents another example of our promise to provide customers with tailored solutions that help them reach their potential.”

Key features of SpeciFi, which was introduced in select markets and will be available to nearly all of Citizens’ customers by the end of September, include:

  • Integrated banking and investing. SpeciFi is integrated with Citizens Bank Online to enable customers to monitor and manage their bank and investment accounts, and view investments held at other institutions that they choose to link– through a single platform.
  • Personalized service with recurring contributions and regular rebalancing. The intelligent, simple-to-use platform offers functionality that allows customers to set up automated recurring contributions to their SpeciFi investment account from their Citizens Bank deposit accounts. The personalized portfolio is continually monitored and regularly rebalanced to ensure it’s in sync with a customer’s goals and risk tolerance.
  • All-digital experience. Including a fully digital account opening and transfers from other broker/dealers.
  • Help from experienced financial advisors. Experienced financial advisors are available for one-on-one consultations, and a dedicated support team is available by phone, chat or email.
  • Low initial investment and fees. The minimum initial investment is $5,000 and the low annual asset-management fee is roughly half the typical cost of a traditionally managed account.

SpeciFi offers a free* investment guidance tool that compares existing investment accounts with a customized SpeciFi portfolio and suggests potential improvements that customers can make.

*Wireless carrier, text and/or data charges may apply.

It also offers a paid investment portfolio management service through which SpeciFi actively manages the customer’s investment portfolio, optimizing assets upon account opening and regularly rebalancing in accordance with the customer’s stated objectives and risk tolerance.

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