The Conversation We Aren’t Having About Wealth
And why I'm so excited about the work of Generous You
Yesterday, I found myself sitting next to a lovely couple on a flight.
As often happens when you’re sharing a row at 30,000 feet, we started talking.
They told me they had built and sold a successful regional agricultural business about ten years ago. Their children were doing well. They were travelling the world. They spoke proudly about their community, their family and their love of Australia.
The more we talked, the more I found myself thinking: these are exactly the kind of people philanthropy should be engaging.
Not because they were extraordinarily wealthy.
Not because they were seeking recognition.
But because they cared.
They cared about their community. They cared about regional Australia. They cared about creating opportunities for future generations. They cared about leaving things better than they found them.
Eventually, I asked whether they had ever explored philanthropy as part of their financial planning.
Had anyone ever spoken to them about structured giving?
Had their accountant raised it?
Had their lawyer discussed it during succession planning?
Had their financial adviser talked about charitable giving as part of their long-term wealth strategy?
The answer was no.
Not once.
Here was a family who had built a successful business, created significant wealth and clearly possessed a strong sense of civic responsibility. Yet nobody had ever explained that there were structures available that could help them give strategically and create a lasting legacy.
Nobody had mentioned a Private Ancillary Fund.
Nobody had discussed creating a family giving vehicle.
Nobody had explained that philanthropy could sit alongside tax planning, estate planning and wealth management.
Nobody had asked a simple question:
“What impact would you like your wealth to have?”
I left that conversation thinking about opportunity.
Not a missed opportunity for one family.
A missed opportunity for Australia.
The Biggest Wealth Transfer in Australian History
Over the next two decades, Australia will experience the largest intergenerational transfer of wealth in its history.
An estimated $5.4 trillion in assets is expected to change hands by 2044, with annual inheritances projected to increase from around $150 billion today to almost $500 billion per year. This wealth will flow through businesses, farms, property, superannuation and investment portfolios.
At the same time, Australia has set itself an ambitious goal: to double philanthropic giving by 2030.
The Productivity Commission’s landmark report Future Foundations for Giving provided a roadmap for achieving that vision. More recently, the Unlocking Generosity report, produced by Minderoo Foundation and The Edward Alexander Foundation, identified a significant opportunity hiding in plain sight.
Many Australians are never asked.
They are never asked what role they want their wealth to play in society.
They are never asked what legacy they want to leave.
They are never asked whether philanthropy could become part of their family’s story.
The challenge facing Australia is not a shortage of generous people.
It is a shortage of conversations about generosity.
How Many Families Never Get the Chance?
Recently, I ran an event with F&P where we interviewed Michael Graf about his intergenerational philanthropic pursuits. You can read Michael Graf’s thoughtful reflections on the Intergenerational Wealth Transfer here: https://fandp.com.au/next-gen-philanthropy-engagement-406669/
Michael’s family is a wonderful example of what happens when philanthropy becomes embedded within a family’s culture. Through their Private Ancillary Fund, they have intentionally involved the next generation in decision-making, helping younger family members learn about due diligence, community need, governance and strategic giving.
It is philanthropy at its best.
Reading Michael’s article made me wonder:
How many Australian families never get to that point?
How many successful business owners sell their companies, work with accountants, lawyers and financial advisers, and never once hear about philanthropy?
How many families would love to give back if someone simply explained what was possible?
We often talk about the $5.4 trillion wealth transfer as though the challenge is what happens when wealth moves from one generation to the next.
I increasingly think the bigger challenge is whether generosity moves with it.
The Most Powerful People in Philanthropy You’ve Never Thought About
When most people think about philanthropy, they think about charities, foundations or wealthy donors.
I think about advisers.
As a lawyer, I have spent much of my career working alongside philanthropists, nonprofit leaders, foundation trustees, accountants and wealth advisers.
What I’ve observed is that lawyers, accountants and financial advisers occupy a unique position of trust.
They sit beside families during some of the most significant moments of their lives.
The sale of a business.
The transition of a family farm.
The creation of a succession plan.
The drafting of a Will.
The management of an inheritance.
The transfer of wealth to the next generation.
These are not simply financial transactions.
They are moments of reflection.
Moments when people naturally begin asking deeper questions about purpose, values and legacy.
The advisers who sit around those tables are not simply helping families transfer wealth.
They are helping families transfer values.
A lawyer drafting an estate plan is not simply documenting assets.
An accountant advising on a business sale is not simply managing tax outcomes.
A financial adviser is not simply growing a portfolio.
Each of them has the opportunity to help a client think about legacy.
And legacy is where philanthropy belongs.
Why I Joined the Board of Generous You
This is one of the reasons I was so excited to join the Board of Generous You.
Generous You exists to equip lawyers, accountants, financial advisers and wealth professionals with the confidence, skills and tools to facilitate meaningful conversations about giving.
Its mission is simple but powerful.
To ensure that when Australians make decisions about wealth, they also have the opportunity to think about impact.
Not because anyone is telling them what they should do.
But because they deserve to know what is possible.
Imagine if every adviser helping a client sell a business explored whether they wanted to establish a family foundation or PAF.
Imagine if every estate planning conversation included a discussion about charitable legacy.
Imagine if every family wealth meeting included a conversation about values, community and giving.
Imagine if every next-generation inheritor was introduced to philanthropy before they inherited wealth rather than decades afterwards.
The impact would be extraordinary.
Not only for charities.
Not only for communities.
But for families themselves.
Because philanthropy is often one of the most powerful vehicles available for bringing generations together around a shared sense of purpose.
A Conversation Worth Having
The couple I met on the plane may still become philanthropists.
In fact, I suspect they will.
They have all the ingredients.
A strong sense of community.
A desire to contribute.
A commitment to family.
A belief in Australia and its future.
What struck me was not their lack of generosity.
It was that nobody had ever invited them into the conversation.
As Australia prepares for the largest transfer of wealth in its history, we have a choice.
We can continue treating philanthropy as something people discover by accident.
Or we can build a culture where generosity becomes a natural part of conversations about wealth, success and legacy.
Australia’s goal of doubling philanthropy by 2030 will not be achieved by government alone.
It will be achieved one conversation at a time.
Around boardroom tables.
Around kitchen tables.
In lawyers’ offices.
In accountants’ meetings.
In financial planning reviews.
And perhaps, occasionally, in seat 12A on a flight somewhere over Australia.
Because the future of philanthropy doesn’t begin when a donation is made.
It begins when someone asks the question:
“What difference would you like your wealth to make?”
That is why I am so excited to join the Board of Generous You.
Over the coming months, Generous You will launch a new suite of education, training and resources designed specifically for lawyers, accountants, financial advisers and other trusted professionals who want to confidently facilitate conversations about philanthropy, giving and legacy.
If we are serious about unlocking Australia’s generosity, we need to equip the people who are already sitting around the table when life’s biggest decisions are being made.
If that mission resonates with you, I encourage you to sign up to the Generous You. You can join our launch list here:
https://www.generousyou.com.au/
You’ll receive updates on our official launch, insights on philanthropy and legacy giving, and early access to upcoming training programs for lawyers, accountants, financial advisers and wealth professionals.
Because generosity should not be left to chance.
And the conversation starts now.