Wealth Management Advisors

Randy Bean

AI is reshaping the global wealth management industry. From client advice to advisor productivity, AI is augmenting the role of financial advisors across the industry.

I recently discussed how AI is transforming wealth management with Andy Sieg, Citi’s Head of Wealth, and Joe Bonanno, Head of Wealth Intelligence, at Citi (Citigroup, NYSE: C), one of the big four U.S. banking institutions. Sieg brings a long history in wealth management to his role, having led the wealth management function at Merrill Lynch for over a decade. Bonanno previously spent over a decade at Morgan Stanley, where he led wealth management analytics and data.

Citi has a long and illustrious history. Founded in 1812 as City Bank of New York, Citi has been at the forefront of the U.S. and global financial services industry for over 200 years. Today, Citi operates with five core businesses – with Wealth being one. Citi Wealth brings together the entire continuum of wealth clients through three core offerings, Citi Private Bank, U.S. Retail Banking & Citigold, and Wealth at Work.

AI is integrated across Citi’s entire Wealth business, for the benefit of all employees and clients. Sieg explains, “The mandate of Wealth Intelligence, which comprises data, AI, and experience, is to push the business forward – responsibly, decisively, and at a pace we like to call the new ’CitiSpeed.’ In fact, our CEO Jane Fraser is the number one advocate for AI innovation across the firm.” Adds Bonanno, “Leadership engagement shows up in how we operate, not just what we say. We measure value through outcomes, not activity. Are insights being used? Are they improving advisor productivity? Are they strengthening relationships, enhancing the client experience, and delivering overall better performance?”

Using Data and AI to Enhance Wealth Intelligence at Citi

Citi Wealth is focused on rapidly transforming advanced ideas into business tools, using high-quality data, strong governance, and AI built to perform at-scale. “Wealth Intelligence is about anticipating client needs, personalizing advice and enabling advisors to act with precision in real time,” explains Bonanno. “We’ve built a unified One Wealth data foundation that connects transactions, holdings, behaviors, and external signals into a single intelligence layer.”

“We view data, analytics, and AI as compounding strategic assets, not infrastructure.” Our advantage comes from connecting a deeply governed data ecosystem – spanning wealth, banking, and payments – into a single intelligence layer. This allows us to see signals others simply can’t, from portfolio activity to real-world behaviors.” Bonanno continues, “What makes this powerful is reuse. The same intelligence that informs an advisor conversation also drives client engagement, personalization, and product strategy. This is where scale meets precision – and where data becomes a true competitive advantage.”

Sieg elaborates: “In Citi Wealth, intelligence is embedded directly into our platforms, not bolted on, ensuring that innovation translates into action. For us, it’s all about a new layer of intelligence in wealth management that will serve clients and advisors alike.”

AI Transformation at Citi Wealth

AI transformation within Citi Wealth is manifesting itself through the introduction of a series of new, AI-driven, capabilities. “Our latest innovation – Citi Sky – is a great example; we believe it will change the model of wealth management,” says Sieg. “Developed in partnership with Google Cloud and Google DeepMind, Citi Sky adds a new ’channel’ to our business, providing U.S. clients with tailored information and insights in an interactive video format. They will be able to ’ask more’ of us.”

Bonanno elaborates: “Our data foundation powers tools like Advisor Insights, AskWealth, and Citi Sky -- moving us from static campaigns to continuous, real-time engagement.” He continues, “Citi Sky is a defining example of where we’re going. It brings frontier AI into wealth management at enterprise scale, combining Citi’s data and domain expertise with some of the most advanced AI capabilities in the world. It turns wealth management from a scheduled interaction into a continuous relationship – producing better decisions, deeper relationships, and stronger results for our clients. This isn’t experimental. It’s scaled, integrated, and already having impact.”

Building an AI-driven Business Culture at Citi Wealth

Success with AI depends on good data, and also on the development of an AI-driven business culture. “It starts with putting powerful AI tools directly into everyday workflows – tools advisors can actually use to improve speed and impact,” notes Sieg. “We think of AI as a high-performing engine that powers our business. That’s why we’re investing aggressively in both talent and execution to support it, and the firm is deploying additional tools as well.”

Bonanno elaborates, “Building on Andy’s point, culture doesn’t change just because you introduce AI – it changes when people see results. Our focus has been embedding AI directly into advisor workflows in ways that are intuitive and immediately valuable. We built this with our advisors, not for them. Their feedback shaped these platforms end-to-end, always with the goal of improving how we serve clients”

“And we’re not doing it alone,” notes Sieg. “By partnering with world‑class technology leaders like Google Cloud and Palantir, we’re widening and lengthening the runway and accelerating how quickly we bring new capabilities to market.”

Responsible AI as a Cornerstone for Citi Wealth

Citi Wealth leadership sees the next stage of AI being about scaling intelligence across every meaningful client moment. “We’re moving from interfaces to intelligence, and from transactions to outcomes,” says Bonanno. “This means embedding AI deeper into planning, engagement, and follow-through – so every interaction is informed by real-time context. At the same time, we’re standardizing our data and AI platforms so we can move faster with consistency and control,

Bonanno explains, “Responsible AI enables scale. Our ability to move quickly today is built on a deeply governed data foundation. We apply transparency and human oversight across every use case. Trust is what allows AI to scale in Wealth Management.”

Looking to an AI Future at Citi Wealth

Looking ahead to what’s next with AI at Citi Wealth, Sieg reflects, “Data, analytics, tech and AI aren’t support functions at Citi – they’re how we propel the business, fuel growth and win.” He adds, “Used responsibly and at-scale, they differentiate us, accelerate growth, and elevate the client experience. And we’re just getting started.”