On March 28, A&M hosted a roundtable breakfast to discuss the intersection between wealth advisory and philanthropy, with a focus on how the industry is responding to the rising influence of women in giving.

The event, moderated by A&M’s Senior Director in the Wealth Management practice Nneka Orji, brought together over 25 senior leaders in private banking, wealth management, family offices and philanthropic organisations across the U.K.

The discussion covered some of the findings of our recent paper “Women in Wealth: Inclusion Through Philanthropy” on the changing face of philanthropy globally.

Panellists and attendees debated the attitudes and approaches of the next generation of donors (which includes an increasing number of women), the role of wealth advisors in making philanthropy more inclusive and impactful, as well as the challenges faced by charities and grassroots organisations on the ground and how the wealth ecosystem can better support them.

Here are some of the key takeaways from the morning:

• The new generation of U/HNW investors have an increasing desire for genuine impact and show a deeper engagement in the process of giving. As one panellist highlighted, “they want to be responsible stewards of their wealth” and this requires doing things differently.
• The traditional view that investing in impact-driven initiatives comes at the cost of investment returns is being challenged; while there are risks (as is the case with all investing), a long-term view is required to deliver sustainable impact on key societal issues.
• Across women philanthropists, one innovative approach has been to collaborate with peers for bigger and more impactful results, or to partner directly with charities. Advisers can tap into this desire for collaboration by identifying opportunities to co-fund and work together with non-profit organisations.
• Philanthropy is a deeply personal endeavour; at the end of the day, only the investor can answer the questions about their philanthropic objectives. Advisors’ first role is to help them take a step back to understand their values, motivations and the changes they want to see. Other “external” levers can then be pulled, for example advice around legal structures and tax relief.
• Embedding philanthropy as part of investment discussions is an opportunity for wealth managers particularly as they seek to attract and retain the “next generation” of clients – many of whom expect their financial advisers to engage with them on societal issues and the role they can play with their financial resources.
• Philanthropy can sometimes be seen as limited to an elite group, however we can all play an active role in philanthropy through charitable giving and as part of our personal investment objectives and decisions.