As wealth managers wrestle with the challenge of how to retain clients’ children as customers of the future, Standard Chartered Private Bank has been holding its education and business programmes in Singapore, due to complete on 19 August. The programme started on 4 July and is the second such course to be held after last year’s inaugural event.

A number of children of Standard Chartered Private Bank’s clients are spending their summer learning from senior bank executives and working on real-life projects, developing and honing their skills in the areas of business strategy development and personal wealth management.

This annual programme comprises a "summer business school" and a "Tools to Build Your Financial Future" workshop.

A number of banks, such as Coutts & Co in the UK, have run summer education programmes for young people in the hope of making clients’ children more aware of their future financial responsibilities.

“The majority of our clients are business owners. We recognise that one of their biggest concerns is the education of their children, many of whom will end up inheriting their parents’ businesses,” said Shayne Nelson, group head of the private bank.

“This is also a very good opportunity for us to deepen relationships with our clients and learn about the next generation’s needs and characteristics, which can be different from their parents’ on some fronts.”

The summer business school involves 20 participants while the “Tools To Build Your Financial Future” event, starting on 15 August, involves 40 young adults. The first course involves participants tackling real-life business strategy projects, desktop research, hypothesis development, data collection and analysis, and interviews. The second course covers investment (asset allocation, investment products), non-investment (philanthropy, community involvement), and self-development (motivation, personal branding).