{"id":59227,"date":"2023-05-30T14:18:08","date_gmt":"2023-05-30T18:18:08","guid":{"rendered":"https:\/\/www.psi.org\/?post_type=news&p=59227"},"modified":"2023-05-30T14:18:11","modified_gmt":"2023-05-30T18:18:11","slug":"advisors-connect-rising-women-philanthropists-to-their-tribes","status":"publish","type":"news","link":"https:\/\/www.psi.org\/pt\/news\/advisors-connect-rising-women-philanthropists-to-their-tribes\/","title":{"rendered":"Advisors connect rising women philanthropists to their tribes"},"content":{"rendered":"\n

This piece originally ran on InvestmentNews.com<\/em><\/a><\/p>\n\n\n\n

As Gen X and baby boomer women realize they qualify as philanthropists, new platforms and groups are emerging to equip them with community and context.<\/h5>\n\n\n\n

As wealth arrives, women build communities and a context for giving.<\/p>\n\n\n\n

\u201cWe were in the position of having more than we needed,\u201d said Amanda Millerberg.<\/p>\n\n\n\n

It\u2019s a dilemma that most people dream about. Her husband, Spen<\/a>cer Millerberg,<\/a> founded, grew and then in 2016 sold<\/a> a data analytics company. Suddenly, the possibilities of philanthropy landed on their doorstep. The family of seven had long been involved with the Church of Latter-day Saints, but soon realized that they could fund high-impact projects outside tithing and church ministries.<\/p>\n\n\n\n

But \u2026 how?<\/p>\n\n\n\n

Winging it didn\u2019t work out. \u201cI started doing local grants and it quickly became overwhelming,\u201d Millerberg said. \u201cI knew I wanted to work globally but I didn\u2019t know how.\u201d<\/p>\n\n\n\n

She needed structure, training and a cohort of similarly situated women so she could give strategically. Through Fidelity, where the Millerbergs set up their donor-advised fund, she found the Maverick Collective.<\/a> Now, Millerberg said, she\u2019s working with a small group of like-minded women to ensure that her family\u2019s priorities are being realized. She and two other members of the collective fund a pilot program in Guatemala and have visited to understand how they can work alongside program directors there to fulfill their mutual goals for health and reproductive rights.<\/p>\n\n\n\n

As the great wealth transfer<\/a> starts to unfold, and Gen X and baby boomer women realize that they qualify as philanthropists on their own merits,<\/a> middle-aged women are seeking new ways to give. New platforms and groups are emerging to equip them with community and context \u2014 two dynamics that echo preferences<\/a> women have for career growth.<\/p>\n\n\n\n

\u201cGen X and [older] millennial women feel more empowered in what they\u2019ll give to,\u201d said Katie Collins<\/a>, vice president and investment officer with Fiduciary Trust. She\u2019s on the advisory board for the firm\u2019s independent donor-advised fund operation. \u201cThe philanthropic conversation is rooted in their values. It\u2019s a unique place for advisors to hear about the impact that clients want to have on the world. Even if they don\u2019t have funds to open a foundation or a DAF, it\u2019s an interesting way to get to know clients. And if it\u2019s a couple, engage them both.\u201d<\/p>\n\n\n\n

She\u2019s seeing cases, Collins added, in which couples with sharply diverging charitable priorities \u201cdivide out the funds and each approach it in their own way.\u201d In the past, some advisors say, married women have tended to capitulate to their husbands\u2019 charitable priorities, asserting their own after the spouse dies.<\/p>\n\n\n\n

The first edition of a new annual research project conducted by Nuveen reinforces Collins\u2019 perspective. The Nuveen Wealth Inheritor Research Study <\/a>found that 64% of inheritors who were introduced to their parents\u2019 financial advisors as young teens continued that relationship after inheriting. But wealth recipients likely want a different array of services from their advisors than their parents did: Half want to \u201cfund a financial legacy\u201d or give to charity. And wealth recipients are likely to continue gathering information about investing and giving from a variety of sources, instead of relying only on their advisor for guidance, reinforcing the role of advisor as connector.<\/p>\n\n\n\n

The Maverick Collective,<\/a> founded in part by Melinda French Gates in 2013, has three points of entry for new women donors, scaled to the amount they can give (from $50,000 to $1 million and up); the type of cause and donor community they might join; and the timeline of the project. Its mission is to equip members to work alongside communities and better understand their own values and potential effect in the process. Millerberg said that for her, the greatest advantage has been \u201cthe global access, to have a better understanding and vantage point, and to not feel that I was alone\u201d.<\/p>\n\n\n\n

The Maverick Collective itself operates under the umbrella of Population Services International, a global health advocacy organization, said Rena\u00a0Greifinger, managing director of the collective and direction of individual philanthropy at PSI.<\/p>\n\n\n\n

\u201cWomen told us, philanthropy is confusing, and it\u2019s lonely,\u201d Greifinger said. The communities built through Maverick\u2019s \u201cexperiential philanthropy\u201d have sparked collaborations among participants to invest in new companies run by women as well, putting venture capital on the spectrum of social transformation change. Through giving and funding, she said, collective members are \u201cusing their social and intellectual capital to figure out how to be agents of change.\u201d<\/p>\n","protected":false},"template":"","related_countries":[],"related_projects":[2001],"news_category":[1405],"health-area":[],"capabilities-and-cross-cutting":[],"class_list":["post-59227","news","type-news","status-publish","hentry","related_projects-maverick-collective","news_category-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t