Enterprising Orange County wealth management shop IFF Advisors teamed up with the University of California to create a wealth management summer camp for the offspring of the uber-wealthy. Young heirs and heiresses now have an education option just for them.

From the article:

The aim of the camp, officially called the Financial Skills Retreat, was to teach the children of today’s richest families how to manage the money they were about to inherit.

They learned, for instance, the mechanics of how to buy and sell stocks, as well as how to save taxes on municipal bonds, how to invest in emerging markets and how to pay their own credit card bills (a first, for many). They also learned “life skills,” like how to persuade prospective spouses to sign a prenup. (The main lesson: Call it a “marital agreement” and blame it on your parents.) They learned how to draw money from their trust. And how to interview for a job (also a first for many).

What a great idea.

Granted, the kids weren’t there by choice. As one of the real estate heiresses said to me, “I should so be in St. Tropez right now.” Yet for the kids’ parents, the retreat held out hope (against history) that the millions of dollars they were about to give their kids wouldn’t be squandered. (The two blond sisters, for instance, had already blown the first installment of their inheritance even before beginning the class.)

The parents wanted their kids to learn to become “good stewards of wealth,” which is wealth-management speak for “not spoiled brats.” When I asked one parent why she sent her daughter to the retreat, she said, “two words: Paris Hilton.”

The article goes on to talk about disturbing trends in the trust fund crowd, including reality shows like Rich Girls that embrace lives of excess. Another similar show I’ve seen myself is My Super Sweet 16. The show is about spoiled daughters of successful fathers who throw themselves multi-million dollar birthday parties. My wife thinks it’s hilarious but I can’t watch more than five minutes because it’s filled with such horrible people.

I should so be in St. Tropez right now.