"Money Rich But Time Poor: Tailoring Philanthropic Giving for Millennial Inheritors" will be explored by Katherine Fox, CFP®, CAP®at the AiP Conference on Philanthropy 2024 - Nov 14-15, 2024 in San Jose.
Register now - https://lnkd.in/esHXfT7m
The Great Wealth Transfer symbolizes more than just money changing hands. It also means a tremendous generational shift in how that money is spent. As wealth changes hands, many inheritors experience an instantaneous shift in their net worth “one that they may have known was coming, but often have not discussed with their families. Millennials and GenZ are well known for the day-to-day financial strain they are under. Many inheritors may not have participated in philanthropic giving at scale prior to their inheritance. Due to the lack of financial security among their peers, the idea may not be socialized for them prior to their inheritance. Millennials inheriting wealth are also often in the throes of climbing their career ladders and/or parenting, which consumes their time and mental energy regardless of their financial status “and can mean that a charitable giving strategy falls to the bottom of the priority list. In this workshop, Katherine Fox, CERTIFIED FINANCIAL PLANNER, Chartered Advisor in Philanthropy, and Founder of Sunnybranch Wealth, a wealth management firm for Millennial and Gen Z inheritors, will provide insight into how Millennial and GenZ inheritors are viewing philanthropy and how their strategies for giving are diverging from those of their parents. The session will arm advisors and nonprofit professionals to better understand and tailor their outreach to the next generation of donors by creating clear and effective communication that allows potential donors to quickly understand whether the organization is a match for their values. Notably, aside from working with young inheritor clients, Katherine is a Millennial herself and the fourth-generation member of a philanthropic family that successfully passed wealth and values down across generations. Her superpower is translating complex wealth management concepts for a client base of inheritors that in many cases have not addressed the weight of their inheritance before receiving it. Katherine will cover: Her 5/5/90 rule for inheritors, designed to provide a starting point to include charitable giving as part of their inheritance planning. How millennials are viewing philanthropy amid the broader landscape of giving, including impact investing, positive/regenerative investing, mutual aid, and political giving. The challenges inheritors have aligning their values with their wealth, and how nonprofit organizations can help close the gap. What inheritors need from the philanthropic sector to make decisions in an often time-constrained life.
