One current development of the philanthropic sector is that Perpetual plans to work more closely with advisers and other industry professionals to help them enlighten their clients to opportunities.
During a recent visit to Australia from two leading academics and philanthropy thought leaders from the Stanford Center on Philanthropy and Civil Society (Stanford PACS), Perpetual has highlighted philanthropy as an opportunity for Australians to shape various industries and causes.
According to Perpetual managing partner for community, social and ESG investment, Caitriona Fay, advisers play a key role in helping clear the misconceptions around philanthropy by engaging in value-based conversation with their clients.
“There’s no doubt people want to give, whether that be financially, or through volunteering their time or their own expertise, but there’s still a common misconception that philanthropic giving is something that only the wealthy can participate in,” Ms Fay said.
“While we may read, see and hear about the philanthropic endeavours of the ultra-wealthy, strategic and effective philanthropy is something that many more Australian’s could consider if it was a conversation that was better understood and led by industry professionals including financial advisers, accountants and legal experts,” she explained.
In 2021, Americans gave approximately US$484 billion — a 4 per cent increase on 2020 — with close to 67 per cent coming from individuals. Conversely, in the 2020 financial year, 4.35 million Australians gave approximately $3.85 billion, down 2.11 per cent on previous years.
Ms Fay believes that ensuring advisers and other industry professionals are equipped with the right tools, resources, and basic knowledge about philanthropy, will lead to more meaningful conversations with their clients.
This, she said, “would ultimately help the philanthropy industry significantly here in Australia”.
“Philanthropy is not new in Australia — we just need to be more proactive and better equipped to give people the opportunity to explore it in more detail,” Ms Fay said.
