Teaching the Rich Money Management

In recent news we have seen the Bank of Montreal (BMO) launch a program at the requests of high net worth clients to teach the basics of money management to help keep the family fortune intact to their children or spouse. This program is an evolved version of a program launched last year to educate rich youth, aged 18 – 25.

Now this is a great program they are investing in, however it is by invitation only, and as I mentioned previously it is only for high net worth clients with investable assets of at least $500,000.

Now BMO is not the only bank that is currently offering such a program, we saw RBC Private Banking launching a financial literacy kit for clients’ children, in addition to individual education sessions.

The Bank of Nova Scotia’s Private Client Group held a one day money management pilot program for clients’ adult kids aged 22 – 27 in November. It is expected that at least two more seminars will be held this year, and one will be in Toronto.

These banks are taking the necessary steps to help their wealthy clients preserve their wealth for future generations to come.

It is good to see that the initiative has been made to educate the wealthy from spending their money frivolously.

In the future, hopefully we see these sort of programs made by banks to normal clients to teach them on attaining wealth or what they might have to do in the case they find themselves in wealth, whether it is a lottery win, inheritance or marrying into money.