At the Philanthropy Australia 2024 conference , a young philanthropist Sally* spoke about her experience inheriting wealth. Her message to accountants, tax advisors, and wealth managers was clear—discuss values and philanthropy as part of intergenerational wealth planning, not just financial returns.
Navigating Wealth Without Experience
Sally’s journey started by an unexpected wealth inheritance with no prior experience managing high net worth, investments, or philanthropy. As per the story she shared at the conference, the first professionals she met with were an accountant, a tax adviser, a wealth manager, and a lawyer—who all focused on maximising tax outcomes, investment returns, and risk minimisation. While essential, this advice lacked alignment with her values and the philanthropic goals she wanted to pursue.
A Growing Need for Philanthropic Conversations
Sally is just one of thousands set to inherit wealth as part of the ongoing intergenerational transfer—estimated at $5.4 trillion in Australia over the next 20 years. Wealth advisors have a critical opportunity to guide these conversations early, ensuring values and philanthropy are integrated into wealth planning, rather than only being considered when writing a will.
Integrating Philanthropy Early
Philanthropy shouldn’t just be a conversation triggered by inheritance or a business sale. At BlueRock, we ensure we integrate philanthropy into discussions about life goals and family engagement, making it a core part of wealth management rather than an afterthought.
According to the latest Bequest Report: Reshaping Australia by passing on more than assets , its author John Mcleod states: “choosing how to pass on your lifetime’s accumulation of assets, memories, and values is one of the single most important decisions most of us make.”
Shifting the Narrative to Legacy and Purpose
Talking about wealth transfer isn’t just about assets—it’s about legacy. John McLeod’s report highlights how important it is to normalise conversations about what kind of impact we want to leave behind.
“The reality is that most of us probably sit down three times in our life for an hour with a solicitor to write our wills. Families have built up more than properties and superannuation. They’ve made connections with communities, they have values, and they want their children to have purpose. What better way to discuss that early on with the people you care about most? Wealth transfer is not just about assets.” – John McLeod
Philanthropy as a Personal Journey
Philanthropy is about reflecting on what matters most and identifying the global challenges you want to help solve. Having the right advisors on your team makes all the difference.
At BlueRock, our advisers take a values-driven, holistic approach to wealth management. Our in-house Philanthropy Managers work alongside accountants, financial advisers and lawyers to ensure that your wealth creates the impact you envision.
