I was reading that Citigold, part of Citi, has launched a new service in which relationship managers will be assigned to clients with investible assets of between $200,000 and $1 million. Presumably the job of these RMs is to flog financial products and are paid largely via the commissions they generate.
If you are approached by someone from Citigold, you might want to ask them about Citi’s side of the following tale.
The actor who played JR in the very popular 80s tv series Dallas (yikes shows my age) recently won US$11.1m++ from Citi. The arbitrator held that Citi’s broking arm had breached its fiduciary duty to him. This sum includes US$10m in puntitive damages.