All the informal mingling has led participants to become best friends, marry, vacation together and invest alongside each other, the banks say. Bongiovi hooks up regularly with five guys he met in the program, and UBS’s Mathews said one set of alums dubbed themselves the “Group of 13” and convene every year to talk about family issues.
The banks often set up LinkedIn groups or Facebook pages and host events during the year, such as UBS gatherings at Art Basel in Miami Beach.
Sparking communication between the heirs and their parents may yield the biggest dividends for wealth managers, however.
“I went home and asked my parents a million and one questions about how things are set up,” Bongiovi said. He met the family’s adviser, and they’ve gotten together a number of times since then. Bongiovi said he is now a lot more familiar and involved with his family’s situation and their next steps.
And, of course, he’s more familiar with UBS. Mission accomplished.
This article was provided by Bloomberg News.