YOU don't need to have earned your first million to be courted by private bankers. Nowadays, it is enough if you are the one set to inherit wealth later on.
In a bid to catch them young, Citibank yesterday launched a programme to prepare children of the wealthy to manage wealth and family businesses they stand to inherit.
Citibank Singapore chief executive Han Kwee Juan called this the first such programme that caters to the children of clients with between US$1 million and US$10 million (S$1.25 million and S$12.5 million) in investable assets, who fall under the bank's Citigold Private Client category.
He said at a briefing that the bank aimed to 'create opportunities for children to have an appreciation of the various aspects that are needed for them to manage the wealth that will come their way'.
'The current generation that is coming through today has a lot of options... they're given opportunities to be exposed to different areas, which may not be areas that ultimately equip them to deal with inter-generational wealth.'
The programme, mostly taught by experts from Citi, includes two three-day camps a year and other events meant to teach wealth management, business management, entrepreneurship and other skills such as business etiquette.
The first camp was held this week, and the second is likely to be at the end of this year.
Citibank's offering reflects how the battle for the wallets of the future wealthy has been shifting from the realm of the ultra-rich to that of your regular, ordinary millionaire-next-door.
Citi Private Bank, which caters to clients with at least US$10 million in investable assets, has been running a similar but not identical programme in Asia since 2003.
Mr Han said he believed the US$1 million to US$10 million bracket was 'definitely an important market... we believe that they are primarily high-net-worth individuals who are under-served by the mega-wealth private banks'.