March 2006: A Study of Australian Advisers to High Net Worth Individuals
Is The Tide Turning: Professional Advisers’ willingness to advise about philanthropy
Current Issues Information Sheet: (PDF, 38kB)
CPNS Working Paper No 30 - via QUT ePrints (PDF 456 kb)
May 2008: Is Philanthropy Relevant? Survey of Professional Advisers in Australia
With the trend for professional advisers to develop services offered to their high-net-worth clients in order to win a larger ‘share’ of their business, CPNS is tracking Australian adviser thinking about providing philanthropic planning.
Qualified advisers across the advisory spectrum - including financial advisers and planners, private bankers, accountants and trust and estate lawyers - are invited to contribute their thoughts to the 2008 national survey:
Is Philanthropy Relevant: Survey of Professional Advisers in Australia
By participating, they will contribute to an accurate read of the advisers’ perspective about this type of service. This year’s findings will track changes in Australia since 2002 and how we compare with the UK, the US and Canada.
Findings will also guide firms (as well as the nonprofit sector) in providing the best possible support for professionals interested in doing more in this service area.
The survey is also raising the awareness of high-net-worth individuals of the type of assistance they might find in professional firms in Australia, says CPNS’ Dr Kym Madden who is leading the research effort. ‘While overseas firms have offered specialised philanthropic advice in recent years, innovation in this service area has been slower in Australia. Often, people do not realise this is something with which their adviser might assist,’ she says.
Yet once gained, high quality independent advice about philanthropy is extremely attractive to clients.
Our separate research stream, which is with high-net-worth individuals, indicates that they are increasingly seeing philanthropy as a way to build family values, financial literacy and bonding across generations. It is also proving a perfect arena for enjoying themselves as they taper off from fulltime work or seek to balance their work lives.
‘It’s a value-add,’ says Dr Madden. With savvy input by professionals about structuring and timing their philanthropic endeavours, as well as assistance in type of support and expectations about what can be achieved, the wealthy report getting a ‘bigger bang from their philanthropy buck’ as well as realising improved outcomes.
However, our previous studies spotlight some realities in providing such advice. Not every adviser wishes to personally develop expertise in this area, and even those who would like to extend their assistance in this way had hurdles in their way. This survey really exists to place the adviser’s perspective centre stage. Please have your say:
Is Philanthropy Relevant: Survey of Professional Advisers in Australia
Please direct enquiries to Dr Kym Madden, Chief Investigator at k.madden@qut.edu.au
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