Citi Launches Unified Managed Household Servicing Platform

Citi announced the launch of OpenWealth, a unified managed household (UMH) servicing platform.

TIAA-CREF has selected and launched Citi’s offering as the operating platform for its fee-based wealth management solution. Citi said in a news release the platform provides automated household portfolio and tax optimization for investors serviced through distributors and sponsors of wealth management.

OpenWealth aims to help wealth management providers grow and manage client assets by providing an all-in-one environment that supports multiple products.

“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,” said Dennis McDonald, head of Product Development for TIAA-CREF’s Individual Products group.

According to the release, OpenWealth 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 adviser’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.