Looking for the value-add: Private advice needs of high-net-worth Australians

This rare study of Australians with a net worth of $5 million plus opens a window onto their relationships with professional advisers, and the kinds of services they want to receive from them. Philanthropy features in this study because as the wealth of such individuals grows, interest in charitable giving is also likely to grow. Australian and overseas research shows that those on higher incomes are more likely to make sizeable gifts than those on lesser incomes and, once wealthy individuals start on the philanthropic journey, they want to do it well. They want to get their approach right for themselves and their families, and to make a difference with the dollars and time they invest. Where do they turn for suitable advice? Financial advisers and related wealth management professionals are uniquely positioned to guide their wealthy clients with philanthropic decisions that impact upon them financially but also personally. Yet in many respects, such individuals' interests and needs around philanthropy are ignored by advisers. Australian research highlights the gap in adviser services for High-Net-Worth (HNW) clients: while interest by advisers in assisting clients with philanthropy is growing, only some believe they have the expertise to do so. For this reason, the views of High-Net-Worth Individuals (HNWIs) to philanthropy are spotlighted in this study. Philanthropy is not the only area of potential demand by the wealthy and other new types of services that might be offered by advisory firms dealing with this segment are also considered. In the US and Europe, the Family Office model has traditionally provided a wide range of services, including assistance with philanthropy, to clients with great family fortunes. This report asks clients about the appeal of such services for those with wealth but not the ultra-wealthy