Citi Private Bank is developing a social networking site for the offspring of its clients.

"Your future clients are already there whether you're there or not," Peter Gaudry, vice president and business development officer, told wealth managers at a private banking conference held in Toronto last week, the Wall Street Journal reports.

A Citi Private Bank spokesman told Family Wealth Report that he could not elaborate.

The site, which does not yet have a domain name, will include social networking features similar to Facebook and Twitter, and will not just be about finance.

Inter-generational wealth transfer is a huge concern to wealth managers. Research has shown that the majority of heirs do not stick with their parent’s advisor.

The social networking site would be the latest effort by the private bank, whose clients have a minimum of $25 million in investable assets, to capture the next generation.

Last year Citi Private Bank launched “Spend Grow Give” a Web site aimed at educating the next generation of high net worth individuals on the responsibilities of wealth.

Citi partnered with Tile Financial for the site, which includes parent-financed accounts for spending, making investments and giving to charities. It focuses on young adults between the ages of 15 and 25.

Ninety per cent of clients leave their financial advisor when they inherit,” according to Tile.