A new report from State Street Global Advisors entitled ‘The Heart of Wealth Management’, finds that advisers who aren’t incorporating philanthropy into their business could be overlooking an important differentiator.
The report says that clients with advisers who guide them on philanthropic planning are 40 per cent more likely to be very satisfied with their advisers and 44 per cent of investors want more guidance on philanthropic planning from their advisor.
In addition, 42 per cent of Millennial heirs are more likely to stay with their benefactor’s advisor if they were helping with family philanthropy.
The report writes that using financial capital for good has become a core aspect of the value system.
“We can see it in the growing desire that individuals have to reconnect their efforts with deeper meaning and purpose. To make a difference. This desire to give back is not a shift for investors, but it may be a new perspective for advisors. The goal of creating and preserving wealth is not only compatible with giving, it is a direct function of it. Wealth management empowers investors to follow personal passions. And it connects the investment experience with what really matters to each one of us.”
