Wall Street’s spin on summer school is currying favor with their wealthiest clients’ kids. Every summer, Morgan Stanley holds a conference for the Millennial-aged children of Private Wealth Management clients (who have invested at least $20 million). The Millennial generation controls 10% of the world’s wealth (16% by 2020), but only holds 6% of assets managed by private banks. With classes like “Time for a Prenup?” and “Show me the Money! Investing 101,” Morgan Stanley is hoping to “plant the seeds” for new business. (Reuters)
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