Immersive wealth mentorship program helps guide the next generation

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Earlier this year, SVB Private held a six-week Mentorship and Preparedness Program (MAPP) in partnership with the University of Chicago Booth School of Business. This educational experience was developed for those interested in providing the next generation with the interest and aptitude to be financially independent and prepared to inherit wealth.

The 40+ participants attended courses in:

  • Developing a financial roadmap
  • Understanding taxes
  • Philanthropic giving fundamentals
  • Impact and ESG investing
  • Staying safe and secure when using social media

"Preparing the next generation to responsibly manage their wealth and, in some cases, the wealth and legacy of their family is a common concern for our clients. Our Mentorship and Preparedness Program provides these young adults with practical knowledge taught by experts in an intimate setting, ensuring they leave the program with the interest and aptitude to be stewards of their family's wealth and family values."

We spoke with Hannah corderman of Needham, Massachusetts, about her experience in the program.

What were your expectations going into the SVB Private Mentorship and Preparedness Program?

Going into the program, I hoped to slightly improve my very baseline knowledge of finance and wealth management. However, in getting to learn from world-renowned professors in tandem with SVB Private advisors, my expectations were completely surpassed. In addition to significantly strengthening my financial understanding, I also had the opportunity to network with others in the program, developing lasting, meaningful connections.

On a scale of 1-10 how financially proficient did you feel at the start of the program vs. when it was completed?

At the start of the program, I felt m financial proficiency floated around a 2-3. By the end of the program that score jumped quite a bit and now I consider my financial proficiency around 6 (with 7+ scores reserved for those who pursue careers in finance). Not only do I feel ore confident in my financial literacy, I also acquired critical tools to manage my current and future wealth that gives me a valuable sense of security and independence.

What session did you find the most interesting and why?

A session that focused on advanced investing topics included a discussion on impact investing, which I found particularly interesting. I serve as a board member for the nonprofit, Usher Syndrome Society, raising awareness and funds for a rare disease that causes combined deaf blindness. I'm extremely passionate about philanthropy and am constantly looking for ways to give back. To carry that passion into my investments was an approach I hadn't considered. I thoroughly enjoyed learning about strategies to generate financial returns as well as measurable social impacts.

Has your interest or actions around managing your finances changed since MAPP?

I've become much more interested in actively managing my finances, contrary to my previous behavior that was mostly passive and admittedly avoidant. I often refer back to the materials that we were provided in the program as I continue to develop short- and long-term strategies. I'm also extremely grateful to still have access to ongoing mentorship and guidance from SVB Private.

The views expressed in the article are those of the author and/or person interviewed and do not necessarily reflect the views of Silicon Valley Bank, a division of First-Citizens Bank and First Citizens BancShares, Inc. The materials on this website are for informational purposes only, are subject to change and do not take into account your particular investment objective, financial situation or need. Since each client’s situation is unique, you should consult your financial advisor and/or tax planning professional before acting on any information provided herein.