Citi Wealth has formed a strategic partnership with Palantir Technologies to provide eligible Palantir employees with customized wealth management guidance and workplace financial services.
The offering, called Citi Wealth Ascend, will connect eligible employees with a dedicated team of wealth advisors, financial education resources and financial solutions covering investing, planning, banking and lending.
Citi designed the program to help Palantir employees manage the financial considerations associated with complex compensation structures and make informed decisions about their long-term wealth.
Employees at rapidly growing technology companies may need to coordinate workplace compensation with taxes, investment diversification, liquidity needs, major purchases and broader financial goals. Citi Wealth Ascend is intended to bring those considerations together through a personalized advisory relationship rather than treating each financial product separately.
Eligible Palantir employees will have access to wealth and financial planning services that can help them evaluate their current financial position, identify personal objectives and develop strategies for reaching those goals.
The platform will also provide investing services designed to help employees build and manage portfolios based on their objectives, time horizons and risk preferences.
Citi’s lending and banking capabilities will form another part of the offering. Access to integrated banking and credit services could help employees manage cash, plan for large expenses and coordinate borrowing decisions with their broader financial strategies.
Financial education will be included to help employees better understand the choices available to them and the potential consequences of different decisions. Citi said the program combines education with direct access to advisors who can provide personalized guidance.
The partnership reflects Citi Wealth’s effort to expand workplace-based wealth services for employees at companies with sophisticated compensation programs and financially complex workforces.
Citi developed the Palantir offering with input from the company’s management team and employees. According to Citi, the resulting framework was tailored around the financial experiences and needs identified through that collaboration.
Rather than offering Palantir employees a standardized workplace financial wellness package, Citi said it created an integrated ecosystem spanning banking, lending, investing and financial planning.
The companies did not disclose how many Palantir employees will be eligible for the program or the financial terms of the partnership.
Palantir develops artificial intelligence and data software used by commercial and government organizations. Its partnership with Citi positions financial wellness as part of the company’s broader employee experience.
Employers have increasingly treated financial wellness as an important workforce benefit because financial uncertainty can affect employee focus, retention and overall well-being. Programs that combine education with personalized advice can help employees make decisions involving compensation, investments, savings and debt.
For Citi, the partnership provides an opportunity to establish long-term relationships with employees at different stages of their financial lives. Some participants may initially require education and basic planning, while others may need more advanced wealth management, investment or lending services.
Citi Wealth Ascend is designed to support clients as their circumstances become more complex and their financial needs evolve.
The program is being delivered through Citi Global Wealth at Work, the part of Citi Wealth focused on providing financial services through workplace relationships.
Citi said the Palantir partnership represents an initial step in a longer collaboration between the two companies. The firms may continue refining the offering based on employee needs, feedback and use of the program.
KEY QUOTES:
“We’re proud of the strong relationship we’ve built with Palantir. As Palantir continues to attract some of the world’s most innovative talent, it’s our privilege to help these employees confidently navigate the complexities of their financial lives.”
“Citi Wealth Ascend combines personalized guidance, education and wealth management solutions to help Palantir employees make informed financial decisions and make the most of the opportunities they’ve worked hard to create.”
Andy Sieg, Head of Citi Wealth
“We wanted to build something customized and fundamentally different for Palantir, a framework tailored entirely to the unique financial complexities they navigate.”
“By fusing Citi’s global scale with a deep understanding of the Palantir experience, we have created an ecosystem across banking, lending, investing and wealth and financial planning built for them based on their direct insights and feedback and partnership with the Palantir management team.”
“We are incredibly proud of what our teams have designed together, and this is just the first step in our shared journey.”
Kris Bitterly, Head of Citi Global Wealth at Work at Citi Wealth
