U.S. Trust has developed Web-based educational resources for young adults through an expanded Financial Empowerment Program. The online, educational resources, interactive learning modules and self-assessment and planning tools are designed for tech-savvy Generation X and Y adults who inherit wealth and don’t have the financial skills to manage it.
Educational materials address investing basics and leveraging credit wisely. They also address the financial considerations of major milestones, such as marriage, buying a home, having a baby, and changing jobs, the heightened risk of identity theft and reputation risk that families of wealth often face.
The materials also cover the practical aspects of sophisticated estate planning and wealth management tools, such as insurance, trusts and gifting, as well as the complex, multi-dimensional considerations of charitable giving and legacy planning.
The 2011 U.S. Trust Insights on Wealth and Worth study found that high net worth parents are concerned about raising children of wealth. Only 34 percent of high net worth parents surveyed strongly agreed that their children will be able to handle the inheritance they plan to leave them. Two-thirds (67 percent) of parents agreed that their children would benefit from discussions with a financial professional.
“With the Financial Empowerment Program, we’re able to provide clients with a powerful tool to pass along the values that helped them acquire and preserve their wealth,” said Chris Heilmann, U.S. Trust’s chief fiduciary executive.
Clients and their children and grandchildren can get started in the Financial Empowerment Program through their U.S. Trust specialist who will work with them to identify values and goals and diagnose gaps in financial knowledge. Participants then receive a customized program that can be delivered online, in one-on-one sessions or in groups for the entire family.
Conducted in January and February 2011, U.S. Trust Insights on Wealth and Worth is based on a nationwide survey of approximately 450 wealthy Americans, with $3 million or more of investable assets, excluding primary residence but including retirement assets.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
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