Elston Philanthropy Research Report 2024

The demand for philanthropic advice has never been greater, and yet many advisers are reluctant to introduce the topic of structured giving.

What are the opportunities they’re missing? Why are some advisers more comfortable steering clear of these key discussions? And what do they feel they need to know before they’re qualified to ditch the L Plates and start driving the conversation around philanthropy?

To get the answers to these questions, Elston recently undertook national research with advisers and givers. Our research report provides an overview of the results. It highlights the main factors that are inhibiting some advisers from discussing philanthropy with their clients. It also reveals clients’ motivations for giving – and how they can differ from their adviser’s sense of what’s most important.

Millions of conversations on the horizon

The intergenerational transfer of wealth is nothing new. But it’s never been seen on this scale before. Over the next two decades, it has been estimated that around 3.5 trillion dollars will pass from one generation to the next.1 This mass movement of assets is unprecedented.

This is certainly going to trigger many conversations with clients who want to make sure children and grandchildren are ready to take on the responsibility of extra wealth. They could also be looking to create a lasting legacy, and perhaps even establish an ongoing charitable structure that the next generation can manage.

Our research objectives were simple

We know that legal and financial advisers who discuss philanthropy with their clients often build closer, more holistic, relationships with their clients. But research from overseas has indicated that some advisers are reluctant to start the conversation.

• Our first objective was to find out if the same was true in Australia. We also wanted to understand why advisers felt this way.
• Our second objective was to see why people gave. What were their motivations, and how much did the tax benefits of philanthropy play a part?
• Thirdly, we wanted to see how we might be able to assist advisers. What kinds of tools and training might be most useful to them?

If you'd like to know more, please click the link below to read the full research

Driving the conversation around philanthropy - Elston Financial Solutions