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- Big banks have begun courting millennials from wealthy families in an effort to woo them as future clients, Bloomberg reports.
- At a recent summer camp sponsored by Swiss banking conglomerate UBS Group, a group of wealthy millennials enjoyed entrepreneurial workshops, luxurious food and drink, and niche networking opportunities.
At a three-day event sponsored by Swiss banking conglomerate UBS Group, a number of wealthy millennials reportedly lugged a 40-pound keg of water for a mile-long journey. The trip’s goal? To get a better understanding of the grueling excursions many women in impoverished communities regularly make to get water.
Afterwards, Bloomberg reports, the group was rewarded with cocktails at a swanky townhouse, where it was later announced that UBS would donate $12,000 to build a well for a community in the name of its moneyed guests.
These “workshops,” reports Bloomberg, have become a trend among big banks, which have begun to offer luxurious, multi-day experiences to affluent young people in an effort to woo them as future clients.
At this particular UBS summer retreat, which was hosted at The Four Seasons in New York, the barrier to entry was high: Invitees all had a reported minimum of $10 million in their families’ bank accounts.
Familiarizing their affluent guests with UBS was, seemingly, just one part of the bank’s mission: At UBS’s summer camp, guests enjoyed a number of entrepreneurial-themed lessons including demonstrations on “impact philanthropy,” like the water-lugging example above. Other camp perks reportedly included niche networking opportunities and wine tastings led by Jon Bon Jovi’s son.