US Trust has expanded its “Financial Empowerment Program,” a web-based tool for “tech savvy Generation X and Y” young adults who are beneficiaries of wealth, the firm said.

The program offers educational materials for young adults addressing the basics of investing and leveraging credit; financial considerations of life milestones such as marriage, changing jobs and buying a home; issues facing wealthy people such as theft and reputation risk, and the practical aspects of sophisticated estate planning such as insurance, trusts and gifting.

US Trust said the updated program had been based on client feedback and the preference for online access and communication cited by younger clients and next-generation heirs.

“The 2011 US Trust Insights on Wealth and Worth study found that high net worth parents are concerned about raising children of wealth. Only 34 per cent of high net worth parents surveyed strongly agreed that their children will be able to handle the inheritance they plan to leave them. Two-thirds (67 per cent) of parents agreed that their children would benefit from discussions with a financial professional,” according to US Trust.

To access the program, clients of the firm can work with their children and grandchildren as well as a US Trust advisor to identify values and goals and identify gaps in their financial knowledge. From this initial stage, clients then receive a customised program delivered online either in one-on-one or family group sessions.