Has their been a shift away from professional advisers encouraging philanthropy?
That is the question The Australian Centre for Philanthropy and Nonprofit Studies at QUT has been trying to answer since 2002.
QUT has been surveying professional advisers to affluent Australians to seek their views and experiences around client and personal philanthropy.
“This is an important study as a good NFP needs a range of funding sources, especially as it is harder to receive government funding,” said ACPNS Director Dr Wendy Scaife.
Scaife said the survey and study is necessary because professional advisers on finance, wealth management, law, accounting, taxation, estate management and beyond are an important link with people who have the capacity to channel significant funding into community needs.
The study suggests there has been a slight shift away from advising affluent clients on philanthropic matters. Findings show that most advisers reported discussing philanthropy with less than 10 per cent of their high-net-worth clients, with some advisers expressing concern that discussing philanthropy with affluent clients could weaken their relationship.
“I do believe once people are awakened with what satisfaction and outcomes they can receive from sharing some of their income that they don’t need for their daily life, people realise they have the capacity to do so much more than they are doing right now,” said Scaife.
The report also highlights a lack of organisational and professional association support. There was also a feeling among many advisers that they do not have the expertise yet to advise in this area.
The report states that NFPs have an ever increasing demand for services among an environment of tighter government budgets and their need for support has never been greater.
“We are in a changing funding environment, NFPs have to learn skills of individual funding and marketing. The NDIS is a good example of this,” said Scaife.
It is also reported that trends such as more visible giving by young affluent individuals and more focus on tailored giving to particular areas suggest that high-net-worth individuals want to give more to charitable causes and would benefit from professional advice to do so.
See the study here: http://eprints.qut.edu.au/93192/1/Final%20report.pdf