By Jane Barrett
GENEVA (Reuters) - As the world's wealth pumps into the pockets of a new generation of heirs and entrepreneurs, private banks are looking for new ways to attract a clientele worlds away from the stuffy image of wealth management.
"Younger clients are looking for something different from the cocktail parties and the opera," said Sebastian Dovey, a consultant at Scorpio Partners.
"Their interests are more in networking and education and banks haven't been educators," he said at the Reuters Wealth Management Summit in Geneva.
Banks like Julius Baer (BAER.VX: Quote, Profile, Research, Stock Buzz) and Citi (C.N: Quote, Profile, Research, Stock Buzz) have gathered future mega-heirs from around the world to talk about protecting their wealth as well as to network and have fun with millionaires their own age.
Baer's "Generation X" and Citi's "The Next Gen" programs have both have set up alumnus groups to keep the contacts going.
"Succession planning isn't just setting up trust funds but it's making sure the next generation is aware of the issues and knows how to look after the assets," said Samir Raslan at Citi Global Wealth Management.
"It's a critical part of focusing on our clients' needs."
Stephanie Jarrett, a partner at Baker & McKenzie law firm advising on wealth management tax issues, said banks were also holding seminars for families to discuss issues the new generation will face. Continued...
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