Citigroup to Provide Babysitting Services for Children of Millionaires

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This could be avoided. Photo: Photo by Charley Gallay/Getty Images

Citigroup has made a minority investment in Tile, a website created to help the children of high-net-worth individuals sensibly manage their inheritance. In addition to helping them manage and build their portfolios, Bloomberg reports, the program sends parents a warning if their kids are blowing through the family fortune too quickly. Considering that roughly $1 trillion to "hundreds of billions of dollars” in inherited wealth is going to trickle down to the next generation, according to Tile founder and former Bear Stearns analyst Amy Butte, this seems like a pretty good idea. It could have social value, too, particularly if the company elaborates on the aforementioned warning systems — for instance, if the software picks up that your kid has overspent on pink items, tiny dogs, and clenbuterol, it would set off an alarm that would note that he or she has reached Paris Hilton levels, and a a team of agents would descend and spirit them off to military school before things get any worse. Think of the atrocities that could be prevented!

Citigroup Millionaires' Heirs Get Website for Allowances, One-Click Gifts [Bloomberg]