Australian Executor Trustees (AET), a division of IOOF, has launched a number of philanthropy solutions that will allow advisers access to structures that will benefit their clients.
The firm has also assisted Queensland University of Technology (QUT) Business School to research the issue and is working with other partners to develop a specialised education program to help advisers integrate philanthropy into their practices.
The enhancement of the philanthropic services follows a recent QUT study that compared Australian giving habits to other Western nations and indicated Australia is well behind the US, UK and New Zealand.
"Too few advisers are aware that because philanthropy often involves family giving it can actually lead to an increase in funds under management, as well as increased client satisfaction," IOOF general manager trustee services Gary Riordan said.
"Building the knowledge of financial advisers, lawyers and accountants, who are the gate-keepers to many Australians who have the capacity to make significant gifts, is critical to growing awareness and adoption of philanthropy," Riordan said.
AET's head of philanthropy Ben Clark said: "Less than 1% of Australian high net worth individuals had established philanthropy structures to share their wealth.
"This segment of wealthy Australians could benefit significantly from generous tax incentives that were available through philanthropy to the less fortunate," he added.
"Because philanthropy often engages relatives and friends of a client it can lead to the adviser building relationships - especially with the next generation," he said.
AET currently manages more than 110 charitable trusts and distributes millions of dollars to a range of charities each year. Its role is to act as a steward and assist donors to be more effective in their philanthropy.
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