Standard Bank Private Clients launched their ‘Future Leaders Academy’ last week, which focused on empowering the youth with the vital financial skills needed to develop and manage wealth in the future. ‘We need to empower the youth with the skills to grow assets, manage their investments and understand the critical aspects when it comes to all round financial planning from an early age’ said Margaret Nienaber Chief Executive of Standard Bank’s Private Clients business.
The next three decades will see the biggest transfer of wealth to the next generation that the world has ever seen. However, statistics show that 70% of high net worth families will lose that wealth by the following generation and 90% will lose it all by the third generation, highlighting the growing need to pass down wealth management skills to the next generation.
‘In order to cater for this emerging client base, we reviewed our strategy and implemented both internal and external initiatives to service both the needs of our current and future client bases. We have introduced new digital communication and innovation channels and appropriate relationship management models to remain relevant and service the next generation. This includes grooming the next generation of leadership within the business, something that was put in place through our Under 35 Manco committee’ says Mrs Nienaber.
Currently the Future Leaders Academy is targeted at the 18 – 24 year age group but based on the feedback we’ve received from clients; we will be looking at launching an Academy for the younger age group shortly, and also launching it in London to cater to the needs of our global client base, including clients from Kenya and Nigeria.
Initiatives like the ‘Future Leaders Academy’ are vital today more than ever, as seen in the June 2012 Pershing report which found that Generation Y investors will inherit more than $41trillion in assets by 2052 and that 29% of wealth investors today are under the age of 50 and control 37% of all investable assets.
In addition to our own Standard Bank Private Clients experts presenting at the Academy, industry pioneers such as Jacko Maree, Mark Shuttleworth and Holly Branson shared their personal stories and the responsibilities that come with wealth.
‘We called it the Future Leaders Academy and not the Wealth Academy because we understand that success is not purely defined by Wealth. For us it’s critical that we provide these Future Leaders with the necessary financial skills to carve their own path and create their own destinies, also recognising responsibilities and opportunities around philanthropy.’ concluded Mrs Nienaber.
Source: Standard Bank