The world of wealth management is different now. The language we use is no longer passive voice, future tense or preemptive. It’s here. The great transfer of wealth – that $30 Trillion we’ve been reading about for a decade – is in motion. Now.
And what do ultra-high net worth families care about most? What makes them choose a private bank partner?
Answer: If you’ve met one wealthy family, you’ve met one wealthy family. No one size fits all. But there is one commonality. Each family has a shared history and a way of viewing the world that shapes how they will invest, spend, and give their money.
Our job is to listen and learn what matters most to your family, meet you where you are, and solve the problems you can see - and some your family may not be able to see. We are not product pushers. We are problem solvers.
Several of the families we’ve recently established a relationship with have committed their philanthropic dollars first – either via their foundation or their donor advised fund. They know that the way they will evolve as a family is by deploying capital to solve the bigger questions at hand: poverty, hunger, education, healthcare, social and racial inequity. They also like the tangible tax benefits. They’re not leaving money on the table. Each of our families has a different focus because each has a different set of influences. They trust us to help them execute.
Creating and executing on your family’s purpose and impact goes far beyond the traditional philanthropic advice. That’s why we are focused on both Philanthropy and Impact.
The Why module. We begin by helping your family understand why philanthropy is meaningful to you in the broader sense. You may think you know, but in the context of our unique time and place, why are you philanthropic? To capture your family’s purpose in an over-arching impact statement is key. An impact statement is different from a mission statement. It guides your family’s overall philanthropy and is succinct. A mission statement guides the activities of each philanthropic vehicle specifically. Your family may have multiple philanthropic vehicles, each with its own mission that rolls up to support the overarching impact statement.
The What module. We answer the questions: what capital do you want to deploy, and for what specific mission(s)? Depending on your family, this may take one meeting or several. For families with philanthropic experience, the What module may take the form of reformatting existing frameworks to accommodate a new Impact Statement and a broader sense of import and longevity. For families new to philanthropy or new to the social impact spectrum, the What module may require several meetings to map out your framework for capital deployment across multiple layers of activity, from grants to impact investing to responsible investing to conscious spending. Depending on your family’s learning style and approach, we have multiple avenues to deliver this experience and to execute on their decisions.
Ultimately, the Philanthropy & Impact team delivers an Amplified Impact Report to your PNC Private Bank Hawthorn Wealth Strategist and Investment Advisor to ensure you have the right philanthropic vehicles both for your estate plan and capital deployment goals, plus that your investments are aligned with your values.
To get started finding your What and Why of philanthropy, contact your PNC Private Bank Hawthorn Advisor.
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