BMO Harris Private Banking is offering a one day financial fluency programme targeting the offspring of wealthy Canadian families after a pilot was held last year in Toronto.

The course is aimed at those between 18 and 30 years, and is now being rolled out across Canada. It  is offered free to children of BMO Harris Private Banking customers.

Parents are banned from the sessions which cater to around 25 students in each session. The initial session provides an overview of basic banking functions, but the course centres on building a balance sheet and covers the main types of investments: cash, bonds, equities and alternative investments such as hedge funds, real estate, private equities, art and collectibles.

So far 75 children have passed through the  programme. Their  main concerns  were found to be where they fit in the family business and what education, training and experience is required to take a leadership or ownership role in it. They were also concerned about  how they can make their own mark in the world through vocational, educational or philanthropic pursuits.