Citi in Singapore is offering clients a fee-based platform for buying investments including structured products.
Citigold Select clients with between $1m and $10m (S$14.4m) under management will no longer pay an upfront sales charge or commission for transactions on investments, including the fees usually embedded in structured products.
Clients opting for the service will be billed a quarterly fee based on the daily value of assets such as structured notes, bonds and unit trusts.
The bank aims to align adviser's interests with those of the client rather than the providers of the investments they distribute.
Managing director of wealth management Salman Haider said banks have to change the way they do business in this 'era of re-regulation'.
For the first $500,000 maintained in wrap portfolio, a one-time fee of 1.5% is charged, which could go as low as 0.75% depending on the portfolio size.
Citi is the first bank in Singapore to introduce a fee-based wrap model, usually only available to ultra high-net worth private banking clients.