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Investing back into society is growing in importance among the young and wealthy. This generation is eager to make an impact in the world from the moment they come into wealth, rather than once they are established.
As such, a philanthropic boom may be on the horizon.
Data from our HNW Customer Demographics shows that the highest proportion of younger HNW individuals are in the Canadian, Australian, and US markets.
Yet the level of provision for philanthropy in these markets is mixed – and in some cases is clearly not a priority, as our HNW Product and Services Demand tool shows.
For example, in Canada 17% of HNW individuals are aged 40 and under; however, philanthropic provision is only offered by a quarter of wealth managers.
On the flipside, the story in Australia is more positive with over two thirds of wealth managers offering philanthropy services.
Wealth managers opportunity
Even so, it is evident that some wealth managers are missing a trick. Certainly those wealth managers not in the philanthropy space need to seriously consider if and how they should play in this space – or else risk losing clients to other providers.
“Millennials are now in a position to influence their inheritance,” David Stubbs of JP Morgan expressed at the recent PBI London conference.