U.S. Trust, Bank of America's private wealth management division, has extended its Financial Empowerment Program to reach young adults. The program now includes online educational programs to help beneficiaries of wealth learn how to manage their financial futures.
U.S. Trust specialists will work with clients and their future heirs to deliver a customized program based on their needs. The online resources address topics such as investing, leveraging credit, charitable giving, estate planning and identity theft. The program offers wealth management and planning tools in addition to interactive learning models and educational resources.
U.S. Trust decided to expand its Financial Empowerment Program based on feedback from a 2011 study of about 450 wealthy Americans, called the U.S. Trust Insights on Wealth and Worth. The study revealed that 34 percent of parents with a high net worth think that their children will be able to handle their inheritance, and 67 percent of them believed their children would benefit from discussions with a financial professional.
"With the Financial Empowerment Program, we're able to provide clients with a powerful tool to pass along the values that helped them acquire and preserve their wealth," said Chris Heilmann, U.S. Trust's chief fiduciary executive, in a statement.