Goldman Sachs Courts the Heirs Who Could Fire Its Advisers

NEW YORK — Goldman Sachs Group Inc. is preparing for the largest intergenerational wealth transfer in history with a targeted educational strategy aimed at securing the loyalty of the next generation of the world’s ultra-rich.

In July, the Wall Street powerhouse hosted its third annual “NextGS Investment Intensive Program” in New York City. The exclusive, two-week bootcamp brought together approximately 50 Generation Z heirs, aged 18 to 23, from families with multi-million and multi-billion-dollar fortunes.

The participants spent an entire eight-hour day with Bill Hoogterp, CEO of professional coaching company LifeHikes, developing executive presence through paired role-play exercises. The scenarios included job interviews, collaborative group projects, and public speaking engagements.

Goldman Sachs’ Private Wealth Management (PWM) division typically serves clients with fortunes ranging from $10 million to more than $1 billion. Its average client account size exceeds $90 million.

Rob Kaplan, vice chairman of Goldman Sachs, led a seminar on career ownership, individual ambition, and long-term leadership potential. “They’re thinking about their first jobs. They’re thinking about how their careers are going to start, and so I actually think these concepts of leadership and communication and presence are super important for them,” Boals Moeller said. “They’re not always what you learn in school.”

The program’s timing reflects the stakes for financial institutions. Research by wealth management analytics firm Cerulli Associates projects that $84.4 trillion in assets will change hands in the United States over the next two decades, with roughly $72.6 trillion passing directly to heirs.

Industry studies consistently find that between 70% and 80% of heirs promptly fire their parents’ financial advisers after receiving their inheritance. By forming relationships with heirs before they take control of family estates, private wealth managers hope to retain them through the generational transition.

“A fundamental reason we created this program was to allow the young adult children of our families the opportunity to become more confident,” said Brittany Boals Moeller, region head of Goldman Sachs’ San Francisco PWM division. “Many of the participants are not finance majors. They have vastly different academic backgrounds and career ambitions.”

Morning sessions emphasized financial literacy. One workshop focused on dissecting and analyzing articles from *The Wall Street Journal* so participants could become more confident interpreting market news. The curriculum also covered macroeconomic cycles, credit health, fixed-income markets, budgeting, and the structural dynamics of hedge funds and diversified portfolios.

In the afternoons, the cohort received hands-on exposure to Goldman’s core operations. Managing directors led crash courses on the mechanics of equity trading, while participants toured active trading floors to observe high-value deals and market liquidity firsthand.

The curriculum also moved beyond traditional equities and bonds toward alternative assets and emerging technologies. According to Boals Moeller, artificial intelligence was a constant theme throughout the intensive, appearing in nearly every session as participants examined the sector’s geopolitical landscape, investment potential, and societal impact.

The college-aged cohort, raised in a highly digitized era, showed a strong appetite for private markets, cryptocurrency, and alternative assets. The program examined sectors that frequently circulate on social media platforms such as TikTok.

One area was sports franchise investment. High-profile investments by Amazon founder Jeff Bezos, former Microsoft CEO Steve Ballmer, French luxury tycoon Bernard Arnault, and actor Ryan Reynolds have helped redefine sports teams as highly sought-after alternative assets. Goldman’s sessions examined the economics, revenue models, and distinctive ownership dynamics of global sports franchises, an area in which Goldman Sachs has historically provided specialized investment banking and advisory services.

The program also partnered with historic auction house Christie’s for a deep dive into tangible assets. Attendees received guidance on valuation and acquisition strategies for high-end luxury collectibles, including rare watches, jewelry, and handbags.

Real estate and infrastructure formed another part of the alternative-assets curriculum. Participants analyzed the evolution of global property markets and examined how physical infrastructure projects can serve as structural hedges within a broader investment portfolio.

Beyond wealth preservation, Goldman Sachs sought to address corporate challenges associated with Generation Z. The cohort has occasionally faced criticism from employers over workplace readiness and communication skills shaped during the remote-work era.

“They’re thinking about their first jobs. They’re thinking about how their careers are going to start, and so I actually think these concepts of leadership and communication and presence are super important for them,” Boals Moeller said. “They’re not always what you learn in school.”