Protecting Your Assets

It’s a parents job to protect their children but somethings need to be protected from them, like your bank account.

Wealth managers at a Montreal bank in Canada had been hearing the same thing from wealthy families. They were all scared that their children knew nothing about money and would squander the family fortune. Now the bank has a waiting list for a one day seminar aimed at teaching the children of their high net worth families all across Canada how to manage money.

Business has been booming due to the economic crisis with parents wanting their heirs to learn about setting goals, balancing a budget and avoiding bernie madoff-esque money managers. Participants typically range in age from eighteen to twenty five and come from families with an average net worth of one point five million U.S. dollars.

Jim Davies teaches the class and says the level of interest among the students varies and while many are forced to come by parents who control the purse strings everyone leaves financially competent. Next on the agenda? A class for people who marry into money and don’t understand the basics. Talk about preserving the family jewels.