Deals & People April 22, 2009

Citi Appoints McWhinney to Head Personal Wealth Management Group

Citi announced that Deborah Doyle McWhinney will head Citi Personal Wealth Management, comprising the existing U.S. network of Citibank branch-based financial advisers and other financial planning and wealth management services.

Reported by

Ellie Behling

In this new role, McWhinney will lead Citibank’s efforts to “expand its wealth management service and premium personal banking services to provide customers with high quality, comprehensive, and customized financial advice and guidance,’ the bank said in a news release.

Citi Personal Wealth Management will offer a full array of personal wealth management and banking services to Citibank customers, Citi said.

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After retiring as president of Charles Schwab Institutional in 2007, McWhinney served as CEO and president of the Dennis and Phyllis Washington Foundation. Prior to that, she served on Schwab’s Management Committee; the Board of the Charles Schwab Bank, N.A.; the Charles Schwab Foundation Board; and was chairperson of the Global Risk Committee. Before joining Schwab, McWhinney was executive vice president at Visa International and spent the preceding 17 years with Bank of America Corporation.

In 2002, President George W. Bush appointed McWhinney to the Board of Directors of the Securities Investor Protection Corporation (SIPC). McWhinney is a past chairperson of the University of Montana Foundation’s Board of Trustees. In 2007, she was elected to the California Institute of Technology Board of Trustees.

Data & Research April 22, 2009

If You Can Buy Happiness…

Financial advisers in the Midwest might have “happier″ clients.

Reported by

Ellie Behling

The Happiness Index, released by personal finance site Mainstreet.com, ranks economic satisfaction levels state-by-state. The Midwest was one of the most financially content parts of the country, with Nebraska grabbing the number one spot, followed by Iowa and Kansas, according to a release of the results. The full top 10 on the index were:

Nebraska
Iowa
Kansas
Hawaii
Louisiana
Oklahoma
Wyoming
South Dakota
West Virginia
Wisconsin.

The ratings were based on a cross-section of key financial factors: average non-mortgage debt relative to average annual income, foreclosure numbers, and unemployment rate.

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It might surprise you that the areas where people make more money did not necessary rank highly on the list. Mainstreet.com said several states that boast major cosmopolitan and cultural centers surprisingly ranked poorly in terms of financial happiness. New York, however, did make it in the top 15. Despite its 7.8% unemployment rate, its foreclosure and debt rates are average.

Oregon was declared the saddest state at number 51, with Florida (50), California (49), Nevada (48), and Rhode Island (47) trailing not far behind.

“Looking squarely at the numbers, it seems that there is a great deal more economic contentment in the small cities, towns, and corn fields of the Midwest,” said Harleen Kahlon, general manager of MainStreet.com, in the release.

The full list and analysis is available here.