Wealthy kids to get lessons in finance

CHILD'S PLAY: Investment bank Merrill Lynch is teaching the children of their wealthiest clients about how to use their inheritance. (Getty Images)

Investment bank Merrill Lynch is to teach children of its wealthiest clients how to make the most of the money they inherit, with a special focus on how to effectively invest in charities.

Every year, children of the company’s richest clients are invited to a one week course where they are taught about topics such as different asset types, discretionary asset management and wealth structuring.

“A priority for our clients is equipping their sons and daughters with the skills and responsibility to manage the wealth they will inherit,” said Amir Sadr, Head of Middle East Wealth Management.

“In parallel with our clients' increased interest in philanthropy, we have added practical elements of this to the Merrill Lynch Global Investing Programme, an initiative that is more popular each year."

This year’s London programme will include a special day about effective charitable giving. The 45 students on each of the two courses will then be divided into teams of eight, each with a specific charitable issue to research at one of seven different charities.

After the visit, the teams will present a fund raising pitch on behalf of their charity to a panel of Merrill Lynch judges, who will award a financial prize the winning team’s charity.

The programme will also focus on life coaching, developing leadership skills and personal security, giving the participants, aged between 18 and 25 years old, practical advice about how to keep themselves safe when they travel or go online.

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