Goldman Sachs has introduced a specialized two-week program for the scions of ultra-wealthy families, designed to prepare them for managing substantial fortunes. The "NextGS Investment Intensive," held in New York City, attracted approximately 50 participants aged 18 to 23, many of whom are children of clients served by Goldman Sachs Private Wealth Management.
This intensive program caters to families with an average account size exceeding $90 million, with individual fortunes ranging from $10 million to over $1 billion. The curriculum blends traditional financial education with modules on alternative assets and lifestyle management.
Participants received instruction on fundamental financial concepts such as credit scores and budgeting. They also learned to analyze financial news, with a dedicated session focused on interpreting articles from publications like The Wall Street Journal to identify market-moving information. Exposure to Goldman Sachs' trading floors provided insights into equity trading, hedge funds, and portfolio construction.
The program's scope extended beyond conventional investments. Sessions were dedicated to understanding the economics of owning sports teams, as well as evaluating luxury goods such as watches, jewelry, and handbags. Specialists from Christie's led discussions on these high-value items. Additionally, attendees explored private markets, cryptocurrency, and the growing influence of artificial intelligence across various sectors, with AI being a recurring theme throughout the program.
Beyond financial and asset management, the intensive also addressed personal development. An eight-hour segment focused on communication, executive presence, and leadership skills, featuring role-playing exercises for scenarios like job interviews and group projects. This element was led by Bill Hoogterp, CEO of the coaching company LifeHikes.
While Goldman Sachs has not disclosed specific details regarding the program's application process, fees, or acceptance rates, the initiative aligns with the bank's existing services for wealthy families. These include expertise in alternative investments, family stewardship, and specialized family-office advisory. The program potentially establishes early relationships with future stewards of significant family wealth.