The third article in a series of private wealth related commentary ABL is providing to the AFR highlights “the quiet evolution” in how Australia’s wealthiest approach philanthropy.
Authored by partner Rebecca Zwier, the article describes the shift the firm is seeing, not just in how people give, but in how they think about giving.
“The old-school “chequebook charity” approach – where a patriarch or matriarch makes a heartfelt one-off donation – is becoming far less common,” Rebecca observes. “Today’s ultra-wealthy donors are applying the same rigour to their philanthropy that they bring to their commercial ventures. They set objectives, interrogate outcomes, and think in decades, not financial years.”
Private ancillary funds are a popular vehicle for this approach. “In our experience, legal and tax structures are rarely the sole drivers of meaningful philanthropic conversations. The most sophisticated families use philanthropy to bring generations together, to embed values, connect wealth with purpose, and shape a shared story that will outlast any one individual
“These conversations are rarely simple. They involve personalities, power dynamics and competing priorities, and they require a strategic hand to keep the long-term vision intact.”
The article was prepared with assistance from senior associate Jessica Wills.
