The move clearly helps Citigroup to grow its client base and add to revenues through deposits, the banking group said.

Citigroup has launched a program to target the needs of independent financial advisors, which the US bank describes as a “premium banking and lending service.”

Citi Alliance works with a client’s existing external advisor relationship, offering a range of services including a dedicated Citi Alliance relationship manager, and waived fees on foreign currency deliveries, among others.

“We see this as a significant opportunity to acquire banking and lending clients in the rapidly growing independent advisor market in the US,” David Poole, head of Citi US consumer wealth management, said. “Citi Alliance will offer clients of independent investment advisors a seamless, high-touch banking relationship featuring the holistic financial support they need.”
 
“By launching Citi Alliance, we are seeking to grow our client base while creating an incremental source of revenue through deposits,” Jim O’Donnell, head of global wealth management, said. “I’m confident this solution will be another way to deepen our client relationships and create new ones.”

Established in January 2021, Global Wealth Management is Citigroup’s business for serving clients across the wealth continuum, from affluent to ultra-high net worth individuals.