Citizens Securities: AUM & Ownership

Clients

Citizens Securities serves 60,545 clients, 60,118 of them other individuals. The average client has about $213,000 with the firm, and high-net-worth clients hold 3% of its $12.9 billion in assets.

Regulatory assets by client type

Individuals60,118 clients95%
High-net-worth individuals44 clients3%
Corporations and other businesses383 clients2%

Show client breakdown

Client type	Clients	Regulatory AUM	Share	Avg. per client
Individuals (other than HNW)	60,118	$12,206,715,719	94.9%	$203K
High-net-worth individuals	44	$359,386,766	2.8%	$8.17M
Corporations and other businesses	383	$302,617,490	2.4%	$790K
Total	60,545	$12,868,719,975	100%	$213K

Individuals (other than HNW)

Clients: 60,118
Regulatory AUM: $12,206,715,719
Share: 94.9%
Avg. per client: $203K

High-net-worth individuals

Clients: 44
Regulatory AUM: $359,386,766
Share: 2.8%
Avg. per client: $8.17M

Corporations and other businesses

Clients: 383
Regulatory AUM: $302,617,490
Share: 2.4%
Avg. per client: $790K

Total

Clients: 60,545
Regulatory AUM: $12,868,719,975
Share: 100%
Avg. per client: $213K

What it does

Citizens Securities provides financial planning, portfolio management for individuals and small businesses, selecting other managers and other activities. It is paid through a percentage of assets.

Citizens Securities provided financial planning to 18,500 clients last fiscal year and advises no private funds.

0.0% of assets ($0 across 0 accounts) are managed with discretion; $12.87B across 60,545 accounts are not. 0% of clients are outside the U.S., and 60,545 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end

Funds100%

Custodians

Citizens Securities does not have custody of client assets.

Managed account assets by custodian

All other custodians$12.87B100%

Ownership and leadership

Citizens Bank, N.A. owns 75% or more of Citizens Securities.

Who owns the firm

Citizens Securities, Inc.· the adviser

Citizens Bank, N.A.
Control person · since June 2015
Owns 75% or more of Citizens Securities, Inc.
- Citizens Financial Group, Inc.
  Control person · since May 2005
  Owns 75% or more of Citizens Bank, N.A.

Leadership

Chad Arnold
COO Wealth, Executive Vice President
Michael Cherny
President
Kevin Carvalho
Chief Financial Officer
David Shore
Chief Compliance Officer

Staff

471 employees
454 in advisory functions
454 state-registered reps
456 broker-dealer reps
452 insurance agents

Fees

Citizens Securities is paid through a percentage of assets under management.

Citizens Securities’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Citizens Securities has 993 offices, with 26 listed addresses across 9 states.

Listed office addresses by state

Rhode Island · 1 listed address

One Citizens Bank Way, JCB135, JohnstonHQ

Other business names

Citizens Securities has reported 2 other business names to the SEC.

Citizens Private Wealth
Citizens Wealth Management

Registration details

Legal name: Citizens Securities, Inc.
Headquarters: One Citizens Bank Way, JCB135, Johnston, RI 02919
Phone: 18009428300
Website: Not reported
SEC file: 801-61902
Structure: Rhode Island corporation
Fiscal year end: December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Citizens Securities have?

Citizens Securities has 60,545 clients and manages $12.9 billion for them, as of September 2026. They include 60,118 other individuals, 383 corporations and other businesses and 44 high-net-worth individuals.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 3 September 2026

What services does Citizens Securities offer?

Citizens Securities provides financial planning, portfolio management for individuals and small businesses, selecting other managers and other activities.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does Citizens Securities have?

Citizens Securities has 454 investment adviser representatives registered with state securities authorities, out of 471 employees, and 454 perform investment advisory functions. 456 are registered representatives of a broker-dealer and 452 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Citizens Securities invest in?

At the end of its last fiscal year, Citizens Securities’ separately managed accounts held 100% pooled vehicles (private funds and similar). It advises no private funds of its own.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Citizens Securities?

Citizens Securities is owned through a holding company by Citizens Financial Group, Inc. Its direct owner is Citizens Bank, N.A. (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 3 September 2026

How does Citizens Securities get paid?

Citizens Securities is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file