Different outlooks
Many advisors will need to expand their knowledge of certain causes, if they are to successfully advise the growing numbers of female donors. Prominent HNW female philanthropists, such as Melinda Gates and the Women Moving Millions organisation, have ploughed tens of millions of pounds into projects improving the lives of women and girls. Many other women are following suit, so advisors need to become well versed in gender issues, ranging from maternal health to domestic-violence charities. Causes such as child development, family wellbeing and health also tend to be important to women.
Advisors must be mindful that increasing numbers of younger women, particularly, are keen that charities are representative of the people they are helping. Closely involving local communities in infrastructure projects, for instance, or having suitably ethnically diverse leadership teams.
Many wealth managers are turning their attention towards impact investments, such as renewable-energy projects, where sustainability or social benefits are as important as financial returns. This is another area that appeals to many women and is likely to grow substantially.
With thanks to Andrea Solana, Head of Advanced Planning at MASECO Private Wealth, for her support with this article.