The offspring of 26 of Morgan Stanley PWM’s clients are taking part in the programme, which is aimed at those aged between 18 and 25, the bank said in a statement.

As part of the programme the participants will be meeting with senior bankers from across the firm’s business lines, including investment banking, capital markets, sales and trading, asset management and commodities, and they will also have the opportunity to shadow wealth advisors to see how investment strategies are implemented. They will also get to play “Portfolio in Peril”, an investment game designed by the bank, and take part in visits such as a guided tour of the Bloomberg offices and studio.

A number of wealth management firms offer similar programmes to their clients’ children, one example being the UK private bank Coutts. Such programmes take various forms, but a number of banks have reported increased take-up rates since the financial crisis as the cataclysmic events – and widespread losses – seen over the last few years have highlighted the need for clients, and their children, to better understand financial instruments.

The benefits to firms putting on educational programmes for clients’ children are two-fold, firstly it arguably makes participants more likely to use the services of their parents’ bank when they inherit their wealth, and secondly these next generation clients will then be better versed in issues such as risk tolerance and asset allocation and so be much easier to “on board.”