Citizens Bank weening off tamp-based investments

FWR Staff

8 June 2007

Middle-market trust bank wants more flexible approaches to open architecture. Citizens Republic Bancorp subsidiary Citizens Bank Wealth Management has selected Capital Market Consultants to provide separately managed account and mutual fund research.

Flexibility

"After years of using packaged turnkey platform solutions we reached the point where we wanted to develop and maintain a proprietary open-architecture wealth-management platform that reflected our philosophy and delivered the client experience we felt our clients deserve," says Citizens senior v.p. Mark Bucciere. "We also felt a strong need to differentiate our services against our bank and non-bank competitors."

The term "open architecture" usually describes an investment platform that combines proprietary and non-proprietary investment products. Others call that "enhanced" or "hybrid" architecture, and reserve "open" appellation for platforms with no proprietary offerings at all.

The problem with the kind of turnkey programs that Citizens had been relying on "is just that: they're programs," says Bucciere. "They're designed to appeal to a broad-based audience. There's nothing wrong with that, but it doesn't provide the flexibility we need."

Confidence

Milwaukee-based CMC's "analytical resources and experienced research personnel" compliments Citizens' "internal skills and resources," adds Bucciere. "As a result, we now have a high level of confidence that our combined effort is delivering the investment and client experience we want to deliver to our clients."

CMC managing partner Barry Mendelson says that Citizens' "total commitment" to open architecture" and their insistence on having access to "superior investment manager research" sets it apart from its competitors.

" a broad range of non-proprietary investment management solutions selected to meet the specific needs and long-term goals of their clients and their entire wealth management team is firmly committed to the philosophy of delivering unbiased, objective advice," says Mendelson. "Their clients know the investment vehicles their advisor recommends are well researched and in their best interest."

Flint, Mich.-based Citizens Bank Wealth Management manages more than $3 billion in trust and investment assets. -FWR