Highlighting one of the hottest trends in wealth management, US Trust, Bank of America’s private wealth management division, has launched a new education program for young adults in high net worth families, this publication can exclusively report.

The move underscores the increasing prominence of - and demand for - “Next Generation” education programs among wealthy families.

US Trust’s “financial empowerment program,” geared for adults in their 20s and 30s, is designed to “fill a need for education around inherited wealth,” said Gilliam Howell, national private philanthropy executive at Bank of America Merrill Lynch. “It’s a growing area of concern for families.”

The program will be a “financial boot camp,” Ms Howell said, covering such topics as personal financial basics; “life events,” including housing and jobs; estate planning, insurance; philanthropy; trusts and how to manage a new or family business.

The program will be offered to individuals on a one-on-one basis, or, according to US Trust’s promotional material, in “a small workshop format with children of other wealthy families.”

The US Trust program is tapping into “a huge need and genuine demand for this type of education,” said Tim Welsh, a prominent wealth management consultant and president of Larkspur, Calif.-based Nexus Strategy.

 “Next Gen” programs are also popular with wealth managers as a way to “establish as many links as possible into families to introduce their capabilities and brand to the next generation that will inherit current assets that are on the books,” Mr Welsh noted.

“One of the main drivers of ‘money in motion’ is death and transfer of wealth,” he added, “so wealth managers want to develop a connection to younger family members in whatever they can.”

But the demand for educating younger family members is also very real, said Cary Grace, national philanthropic management executive for Bank of America Merrill Lynch.

“We want to make sure we are responding to the needs of our clients,” Ms Grace said. “They want to transmit their values, and we want to help their children be responsible about carrying on the family’s legacy.”