The Bank of Montrealâ€™s (BMOâ€™s) private banking division will start offering cross Canada seminars next month that has been specifically designed for affluent adults, which includes those who marry into money.
This is an invitation only program which enabled high net worth clients to enrol a spouse or another adult relative into a financial boot camp which reaches the basics of money management and keeping the family fortune intact.
BMOâ€™s â€śFinancial Focusâ€ť part day seminars tackle a variety of day to day issues which includes budgeting, mortgages, banking, cash flow management, credit, investing and estate planning.
This program was launched due to the responses made by its BMOâ€™s well off clients. It seems that many believe a spouse of an adult family member lacks experience with personal finance.
What classifies a high net worth client is someone with investable assets of at least $500,000. The new spouse seminars are the latest evolution of a program BMO launched last year to educate the rich youth, from ages 18 to 25 pertaining to money management.
BMO received many requests on behalf of high net worth clients worried that their children would squander their inheritances, or there was an influence of a untrustworthy person involved.
Although this is only geared towards high net worth clients, it is good to see that BMO is taking an initiative to educate those in finance.
Hopefully this program will give birth to new initiatives geared towards normal clientele who in fact need the help in finance.