U.S. Trust has developed Web-based educational resources foryoung adults through an expanded Financial Empowerment Program. Theonline, educational resources, interactive learning modules andself-assessment and planning tools are designed for tech-savvyGeneration X and Y adults who inherit wealth and don’t have thefinancial skills to manage it.

|

Educational materials address investing basics and leveragingcredit wisely. They also address the financial considerations ofmajor milestones, such as marriage, buying a home, having a baby,and changing jobs, the heightened risk of identity theft andreputation risk that families of wealth often face.

|

The materials also cover the practical aspects of sophisticatedestate planning and wealth management tools, such as insurance,trusts and gifting, as well as the complex, multi-dimensionalconsiderations of charitable giving and legacy planning.

|

The 2011 U.S. Trust Insights on Wealth and Worth study foundthat high net worth parents are concerned about raising children ofwealth. Only 34 percent of high net worth parents surveyed stronglyagreed that their children will be able to handle the inheritancethey plan to leave them. Two-thirds (67 percent) of parents agreedthat their children would benefit from discussions with a financialprofessional.

|

“With the Financial Empowerment Program, we’re able to provideclients with a powerful tool to pass along the values that helpedthem acquire and preserve their wealth,” said Chris Heilmann, U.S.Trust’s chief fiduciary executive.

|

Clients and their children and grandchildren can get started inthe Financial Empowerment Program through their U.S. Trustspecialist who will work with them to identify values and goals anddiagnose gaps in financial knowledge. Participants then receive acustomized program that can be delivered online, in one-on-onesessions or in groups for the entire family.

|

Conducted in January and February 2011, U.S. Trust Insights onWealth and Worth is based on a nationwide survey of approximately450 wealthy Americans, with $3 million or more of investableassets, excluding primary residence but including retirementassets.

|

Bank of America is one of the world's largest financialinstitutions, serving individual consumers, small- andmiddle-market businesses and large corporations with a full rangeof banking, investing, asset management and other financial andrisk management products and services.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.