Citigroup is deepening its wealth-management bench with the addition of Adam Clark, a veteran of JPMorgan and Goldman Sachs, who will take on the role of head of wealth planning. The appointment, disclosed in an internal memo seen by InvestmentNews, underscores Citi's continued push to expand its ultra-high-net-worth advisory services.
Clark, who has spent nearly 30 years in the financial services industry, will report directly to Keith Glenfield, global head of investments at Citi Wealth. He is slated to join the firm in November, following the completion of his garden leave, and will be based in New York. The memo praised Clark's "deep expertise across tax, estate, trust, and wealth planning," calling his background "a tremendous asset" as Citi works to elevate its service and advisory capabilities for UHNW clients globally.
At JPMorgan, Clark served as global head of trusts and estates since 2016, where he oversaw the firm's trust and estate planning operations across multiple jurisdictions. Before that, he was a strategic wealth advisor and president of Goldman Sachs Trust Company, giving him a broad perspective on the complexities of high-net-worth wealth management.
The hire is the latest in a series of personnel moves at Citi Wealth. Last month, the firm brought on Matt Newnham to its asset manager relationship team. Newnham, based in London, joined on July 6 as managing director responsible for leading asset manager partnerships across Europe, the Middle East, Africa, and the U.K. These additions reflect a broader strategy to strengthen Citi's wealth platform, which has been a key focus for CEO Jane Fraser as the bank seeks to grow its fee-based businesses.
Industry observers note that Citi's wealth division has been actively recruiting from rivals, a trend seen across the sector as firms compete for top talent. The move also comes amid a wave of advisor transitions, with recent examples including Merrill's $13 billion team hire and Cresset's $600 million advisor addition.
Clark's appointment is expected to bolster Citi's wealth planning capabilities, particularly in the areas of tax and estate planning, which are critical for UHNW clients. His experience at both JPMorgan and Goldman Sachs gives him a unique vantage point on the needs of wealthy families and individuals.
The move also highlights the ongoing competition for experienced wealth management professionals. As firms like Cetera Financial Group and Edelman Financial Engines make strategic hires, the talent war in wealth management shows no signs of abating.
For Citi, the addition of Clark is part of a broader effort to enhance its advisory offerings and compete more effectively with rivals like Morgan Stanley and Bank of America. The firm has been investing heavily in its wealth management division, which has seen steady growth in client assets and revenue over the past year.
Clark's start date in November will allow for a smooth transition from his previous role. His leadership will be closely watched as Citi continues to build out its global wealth platform.
