On Monday, Marc Turansky joined Citi Wealth as head of investment advisory, a newly created role.
Reporting directly to Keith Glenfield, head of investment solutions, Turansky will "be responsible for defining and implementing the strategy for growing our fiduciary investment programs and platforms within Citi Wealth," Hugh Cunningham, senior vice president of wealth communications, enterprise services and public affairs, told Financial Planning.
"His addition supports our focus on providing our clients and colleagues access to an industry-leading set of investment advisory capabilities across regions to enable the delivery of holistic investment advice," said Glenfield in a statement.
READ MORE: Citi has long way to fulfill Sieg's big dreams
After taking on the role of head of wealth at Citi in 2023, Andy Sieg made it known that his long-term goal was to make Citi the largest global wealth manager. However, Citi Wealth has a long way to go before it can hope to catch up to competitors like Morgan Stanley and Merrill Lynch, each of which has several times more client assets under management (AUM).
"One of Citi Wealth's key focuses is broadening and growing our investment relationships with clients," said Glenfield in an email to Financial Planning. "As part of that growth, clients will always have choice and access to a broad spectrum of high-quality investment solutions aligned with their financial needs. Clients want 'advice-based' capabilities that make it easier to access a broad range of investments more transparently and simply. Marc joining the team reinforces the importance of growing our investment advisory capabilities and responding to client needs."
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Turansky joins Citi Wealth from J.P. Morgan Wealth Management, where he spent 12 years as head of advisory programs. There, he was responsible for the strategic direction and development of all advisory programs and the execution of the overall business model. Before that, Turansky served in leadership positions across multiple advisory functions with Merrill Lynch for over a decade.
"Marc brings over 25 years of skills and experience to our institution and knows what it takes to design and implement a robust set of investment advisory capabilities," Glenfield told Financial Planning. "He has extensive experience partnering with financial advisors to help ensure the offerings make it easier to service clients most effectively every day. Also, a key part of his role will be evaluating opportunities to enhance our existing capabilities and further expand the reach of the programs globally. This leadership role is additive to the commitments we're already making in delivering Citi Wealth investment capabilities."
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In his free time, Turansky is a member of the Jewish Federation in the Heart of New Jersey which, according to its website, "brings together the Jewish community across Monmouth and Greater Middlesex counties." In 2010, he became the inaugural winner of its annual Marion and Norman Tanzman Leadership Award. He serves as chair of Rabbi Pesach Raymon Yeshiva's Dream It Capital and Expansion Project.
