In a first for Citi, the bank has launched a region-wide next generation wealth management program targeted at young adults from its Citigold Private Client business in Asia.
Private banks in Asia have regularly offered their ultra high net worth clients the opportunity to educate their offspring during the summer months. Teaching them business acumen and investing skills that will maintain their family's grip on its wealth. Naturally the banks want something in return, specifically to retain the relationships with the clients, including the next generation.
Over 80 young adults attended the inaugural programs held in Singapore and London during the last couple of months. The Asian attendees hailed from China, Hong Kong, India, Korea, Singapore, Indonesia and Taiwan, the bank said in a press release.
Succession Planning
Citigold Private Client is Citi’s consumer wealth management proposition for high net worth clients with $1 million to $10 million in investable assets. Citigold Private Client offers clients access to both Citi’s consumer and institutional businesses.
The aim is to help these individuals learn about wealth and financial management elements as they become increasingly involved in the handling of their family’s wealth and succession planning, said Gonzalo Luchetti, head of retail banking for Citi in Asia Pacific and EMEA.
Prevalence of Technology
Specially curated to provide insights relevant to this audience, the inaugural «Young Successor Program» was held in Singapore in mid-June and then in London in late-July.
Citi developed the program in partnership with The Wharton School at University of Pennsylvania to provide an understanding of financial decision-making, leadership and negotiation skills, innovation and entrepreneurship.
Keeping pace with the increasing prevalence of technology within and outside the banking industry, the program also included workshops on client-centric design and the importance of creating curated customer experiences led by Citi’s in-house pool of experts. Participants were made to design specific experiences and present their ideas to a panel comprising both Citi and Facebook executives.
