Michael Averett Email & Phone Number

Miami, Florida, United States

Miami/Fort Lauderdale Area

Responsible for managing all aspects of IPB’s Brokerage, Advisory, Deposits & Lending platform, which custodies client assets in excess of $20B USD. In this role, I direct a team of 40+ total headcount that partners closely with sales to ensure that our product offering and client research is robust, competitive, fully deployed, and presented effectively to our client base.

Miami/Fort Lauderdale Area

Responsible for all sales, administrative and control aspects of Citi Latin America’s US-based offshore Affluent & High Net Worth business. The business is comprised of 120 Financial Advisors, plus support staff, located in New York, Miami, San Francisco, Houston & Tampa who manage client AUMs of $12B USD and generate annual revenues of $125MM USD.

Miami/Fort Lauderdale Area

Business leader responsible for all sales, administrative and control aspects of Citi’s flagship offshore Affluent & High Net Worth Financial Complex in Miami, and a satellite branch in Houston. The Complex is comprised of 60 Financial Advisors, plus support staff, who manage client AUMs of $5.8B USD and generate annual revenues of $60MM USD. Delivered 2014 financial result 2.7% better than plan and 8.5% better than 2013, while passing all internal and regulatory audits. Additionally, grew Financial Complex AUMs by $390MM (net of market movement).Identified, recruited and successfully onboarded 10 new Financial Advisors into the business during calendar year 2014.Led analysis, design and rollout of revamped variable compensation plans for Financial Advisor and Service Officer populations.

Miami/Fort Lauderdale Area

Responsible for developing and overseeing implementation of overall business strategy for $21B Affluent and High Net Worth business that generated $300MM in revenues and $110MM in Net Income. Role included direct management of Decision Management team responsible for all business MIS reporting, as well as Variable Compensation Plan development and calculation.Created and managed five year aspirational growth plan that aimed to achieve a 13% YOY CAGR through 2017. This included identifying critical growth opportunities, dimensioning related initiatives, and creating a management discipline throughout the business to ensure that initiatives were implemented effectively.Managed an ongoing analytical framework that allowed the business to assess how investment dollars were best spent in support of an aggressive growth strategy.Spearheaded business-wide project, “High Net Worth Path Forward”, which delivered a differentiated value proposition, client experience and branding for all HNW clientele ($1MM+).

Miami/Fort Lauderdale Area

Senior Manager responsible for team that oversees delivery of Investment products offering, totaling $10B in AUMs managed by 300+ FAs. Investments team includes Investment Counselors, Investment Lab, Managed Products, and Intellectual Capital team.Lead implementation of key business initiatives for Citi International Financial Services, specifically re-launching online trading, expanding Mutual Fund offering, and developing process for solicitation of Equities.Oversee business-wide design & launch of AHS intellectual capital platform. This capability will ensure that clients receive targeted, segment appropriate research, events and investment tools. It also includes introduction of an Investment Themes capability.Managed migration of 1,000 client relationships, comprising $1.2B in AUM, from bank custody platform to Pershing brokerage platform as part of establishing a new High Net Worth segment called CitiGold Private Client.

Miami/Fort Lauderdale Area

Supported Managing Director of Investments with timely analysis, issue identification, presentations to senior management, and communications to staff as part of the day to day management of the Investments team.Constantly monitor and identify areas of opportunity for the Investments team to deepen client relationships, better align product offerings with market opportunities or risks, and allocate resources to areas that represent revenue opportunities.Ensured coordination among 80+ members of the Investments team, focusing on the design, implementation and ongoing tracking of key initiatives critical for the efficient delivery of offshore investment products and advice.

General Manager of the Andean Region Affluent Client banking and investments business. Responsible for day to day management of a business with more than 200 employees, 26,000 client relationships and $4.7B USD under management.Oversaw sequential annual revenue growth of 14% and 3% respectively, topping $100MM in revenues in 2010. EBIT improved 29% and 9% respectively over the same period, closing 2010 at $80MM. AUM growth totaled $900MM from EOP 2008 to EOP 2010.Spearheaded Citigold segment repositioning in Colombia, refocusing the business from basic banking to wealth management. This effort included hiring new talent, redesigning compensation plans, certifying all client-facing staff, launching an aggressive marketing campaign and opening/remodeling Citigold centers throughout the country.Led broad-based business and personnel management efforts that resulted in improvement of the overall employee satisfaction metric from 67% to 84%. Led implementation of the first FINRA-registered Citi International Financial Services branches in Colombia, Venezuela and Peru. At the completion of the project, nine branches were open in 7 cities across the region.

Managed an eight person team charged with producing all sales MIS and ad hoc data analysis requests for offshore banking and investment business across the LATAM region. Provided direct support to the IPB Business Head with decisions related to strategic direction and growth opportunities.Led all New-to-Bank Acquisition efforts and client retention programs. In 2007, partnered with the Sales to deliver year on year improvements of 5.5% in Acquisitions and 4.4% in Retention. Responsible for developing and administering all sales force Variable Compensation Plans, ensuring alignment of pay structures with roles and business objectives. Designed and implemented a holistic client contact program using CRM tools to publish contact lists based on relationship behavior. Achieved a measurable contact rate of 65% in program's first year.Member of the Board of Directors of Citi International Financial Services (CIFS), a FINRA registered broker-dealer.

Co-managed implementation of IPB Mexico, an offshore banking and investment product offering for affluent Mexicans which resulted in $314MM in AUM growth and year two revenues of $4.2MM.Led all aspects of IPB Credit Card launch including product features definition, pricing, budgeting, internal approval, product program drafting and training.

Managed team responsible for conducting client satisfaction surveys, managing Vital Few Quality indicators, administering written procedures, and implementing process improvement initiatives.Led re-engineering of Customer Complaint Unit. The project won the 2004 Citigroup Latin America Outstanding Quality Project Award and resulted in a 12% improvement in unit's satisfaction rating.Led establishment of the IPB Retention Unit, a 6-person team focused on retention of client banking and investment balances. In year one, the unit retained $180MM of attriting balances.

Implemented Senior Management monthly expense review process for the Latin America region and coordinated the strategic planning exercises for 2003 Plan and Mid-Year Forecast budgeting cycles.Led region-wide plastics life cycle conversion which resulted in $2.8MM of expense saves.

Developed a model used by three global FRCs to track actual versus forecasted cost savings for re-engineering initiatives and contract renegotiations.

Designed full marketing campaign for Business Mexico, a monthly business journal focusing on the Mexican market, targeted at 400 US-based multinationals.

Master, International Management

Executive Education Program, Building & Leading Effective Teams

Bachelor Of Arts, Business Administration And Spanish

International Business