Objective: Citi’s sale of the Smith Barney brokerage to Morgan Stanley Wealth Management left Citi Personal Wealth Management (CPWM) with limited product management resources. The small business retirement product platform was left to languish. Many advisors avoided offering the plans to clients, and the business which remained on the books was in need of compliance and other updates.

I was brought on to revitalize the program. My assessment revealed several areas in need of overhaul: corporate governance policy and procedures, looming compliance deadlines for new regulations, a new and properly vetted suite of products, improve systems integrations, and staff training.

Execution:

• Developed policies, procedures, and governance controls for retirement sales practices, retirement compliance, and fiduciary positions.

• Established and managed a due diligence process to select institutional partners and their products. Negotiated selling agreements. Established and managed institutional retirement relationships.

• Led a technology team to develop automated controls to govern compliance with sales practices.

• Led a team of business analysts and technologists in the diagnosis and repair of a failed mission-critical retirement platform conversion. Regained control of $8.3 billion portfolio of retirement accounts.

• Created and led a team of legal, compliance, analysts, and operations to bring the Citi into compliance with disclosure and reporting requirements of 5500 Schedule C and regulation 408(b)(2).

Results:

• Within 18 months the platform was: fully operational with a carefully curated suite of retirement plan products, fully compliant, systems and reporting operational, and sales staff had been trained. Generated 11.2% YOY retirement profitability growth.