Women, Wealth and Philanthropy - The Re-gendering of money in North America
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This presentation focuses on how women's control of North American wealth is changing the way that money is flowing into the financial and philanthropic sectors.
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Women, Wealth and Philanthropy - The Re-gendering of money in North America
- 1. CAGP Manitoba Women, Wealth & Philanthropy 05-30-2019 1
- 2. Women & Philanthropy Agenda 8:00am – Breakfast and Networking 8:30am – Welcome & Introductions What we will cover today: • Women, Wealth & Philanthropy: Market research • Money Messaging: What does money mean to me? The different perspectives of inherited wealth and created wealth • Your Philanthropic Journey • Legacy Planning: What does legacy mean to me? An activity around creating a living • Planning cycle for female philanthropists: What does the charity "sales cycle" look like and why 9:50am – Wrap-up and Thank You’s 2
- 3. Women & Philanthropy About Karma & Cents Driven by Values, Not Valuables Impact First Crafting their Philanthropic Identities About Karma & Cents: What is a Philanthropic Advisor? 3
- 4. Women & Philanthropy About Us Karma & Cents Team • Gena Rotstein, FEA, Philanthropic Advisor • Richard Ouellette, Managing Director • Hallie Caplan, Lead Researcher • Ria Parsbey, Place2Give Foundation Manager Who we Work With • Family Businesses & Entrepreneurs • Philanthropists • Next Generation Inheritors Current Client Roster $200M charitable assets under advisement 4
- 5. Women & Philanthropy Multi-Disciplinary Team 5
- 6. Women & Philanthropy Family Legacy 6 • Transitioned from third generation to 4th generation • Went from an operating company to a holding company • Combination of private family foundations and donor advised funds • Family that is around the world with different political and social interests 6
- 7. Women & Philanthropy Activity: Lay it on the Line Photo by: rawpixel.com 7
- 8. Women & Philanthropy Trends & Stats Driven by Values, Not Valuables Impact First Women, Wealth & Philanthropy 8 Women’s philanthropic involvement does not mean to exclude men, but rather include women.
- 9. Women & Philanthropy Stats • $900B will be transferred to women by 2028 (North America) • Re-gendering of wealth • Inherited wealth and self-created wealth • 2026 – 48% of wealth in NA will be controlled by women • 2050 – 70% of wealth in NA will be controlled by women • Household breadwinners • 1996 – 30% of NA women were the primary breadwinners (Fortune Magazine) • 2011 - $3Trillion annual economic impact of women-owned business in US (Centre for Women’s Business Research) • 2011 – 40% of American women are primary bread winners • Sound investors • Women put a bit more emphasis on defensive investing than men (Capital Group 2017) • Women invest in a more age-appropriate way More prudent than men of their same age • Women look at positive social and economic impact in addition to personal gain (Capital Group 2017) 9
- 10. Women & Philanthropy Stats 1. Women are responsible for 86% of household’s consumer purchasing decisions 2. 43% percent of the US’s top wealth holders are women. 3. Women control 51%, or $14 trillion, of personal wealth in the U.S. and are expected to control $22 trillion by 2020. 4. Women are the primary breadwinners in 40% of households and hold almost 52% of all management and professional level jobs. 5. The number of women with six-figure incomes is rising at three times the rate of men. 6. Women are increasingly higher educated and now earn more bachelor’s degrees and attend graduate school more often than men. In 2012, 57% of bachelor’s degrees were awarded to women and 63% of master’s degrees. 7. As women’s incomes rise, they are more likely to give to charity than men. 8. Married men and women are more likely to make larger gifts than single men. 9. Single women are more likely to give than single men and more likely to give higher dollar amounts. 10. In 61% of U.S. households, the couple makes their gifting decisions jointly. 11. Women want to establish a relationship with organizations they give to, it means more to them than just a business transaction. Make sure you take the time to foster that donor relationship. 12. Women prioritize their giving to those organizations where they volunteer or are on a board 10 https://www.donorsearch.net/womens-philanthropy-insight/
- 11. Women & Philanthropy The Female Brain 11 1. Neurological need to connect 2. Greater verbal access to emotions 3. Wired to “see the whole” 4. Get personal through stories 5. Success = Being “indispensable” 6. Nod to show listening NOT agreement This Photo by Unknown Author is licensed under CC BY-SA-NC
- 12. Women & Philanthropy The 9 C’s of Women’s Philanthropy 12 1. Create 2. Collaborate 3. Change 4. Commit 5. Connect 6. Celebrate 7. Control 8. Confidence 9. Courage “Women & Philanthropy” by Sondra Shaw-Hardy & Martha A. Taylor, 2010
- 13. Level 1 – Needs Based Giving Level 2 – Empowering Individuals Level 3 – Capacity Building Level 4 – Networked Philanthropy 13 Women & Philanthropy How Money Flows
- 14. Women & Philanthropy About Karma & Cents Driven by Values, Not Valuables Impact First Crafting their Philanthropic Identities Money Messaging 14 It’s not about what money does, it is about how money makes women feel
- 15. Women & Philanthropy Activity - Your Money Statement On a piece of paper write the answers to these questions. In pairs share your answer. 1. What does having money do for me? [Answer #1] 2. What does [Answer 1] do for me? [Answer #2] 3. What do I feel when I have [Answer #2]? [Answer #3] 4. And what else do I feel when I have [Answer #3]? [Answer #4] Note to partner: This is active listening and questions should be to clarify or validate what you heard. 15
- 16. Women & Philanthropy Trends & Stats Driven by Values, Not Valuables Impact First 16 “I agree that in the near future many women will earn or inherit more money than their male partners, a fact that will force us all to reshape our ideas about female and male roles in marriage or other committed relationships.” ~ Joanie Bronfman, Reflections of Fiscal Unequals
- 17. Women & Philanthropy Perceptions of Women and Wealth • What’s mine is mine… or is it? • Women with inherited wealth have not been raised to see the money as theirs, but rather as their bank’s, their father’s, or their family’s • Lack of financial identity makes it difficult for women to give money away • Older generation of women have not been raised to take charge of their money • Women tend to feel that they are not financially secure, even if they are 17
- 18. Women & Philanthropy Perceptions of Women and Wealth • Role of the Trusted Advisor • 2/3 of HNW women don’t trust their financial advisors (State Farm Survey 2008) • 70% of women fire the couple’s financial advisor within one-year of death of their spouse. (Advisor Perspectives, 2011) • 80% of women control household buying decisions including who to hire for financial and legal advice 18
- 19. Women & Philanthropy Creating a Giving Plan Driven by Values, Not Valuables Impact First Crafting their Philanthropic Identities Your Philanthropic Journey 19 Money Messages and Your Legacy
- 20. Women & Philanthropy Values and Social Vision Statement Values help you identify and articulate a path forward. They put language around where you are going and how you make decisions. 1. What motivates you? What are you passionate about? 2. Do you have a sense of “being called” to the activities you give your time and energy to? 3. Are these activities worth doing? 4. How do you communicate your motivations and passions to others? 20
- 21. 21 Women & Philanthropy Activity – Picture your Legacy This Photo by Unknown Author is licensed under CC BY-SA-NC
- 22. Women & Philanthropy How Money Flows 22 What we do to show our support How we show our support Why we support charities • Front-line Charity • Annual Giving • Special Events • Private Foundation • Public Foundation • Charitable Trust •Volunteering Time •Donating In-Kind •Chequebook Charity •Engaged Philanthropy •Strategic Philanthropy •Leaving a Legacy • Personal/Family Social Vision • Donor Advised Fund • Giving Circle • Crowdfunding • Micro-Loans • “Groans” • Social Impact Investing Simon Sinek, Start with Why, The Golden Circle
- 23. Women & Philanthropy Personal Mission Statement 1. What is my life about, and what matters most to me? 2. What values/virtues do I stand for and live by? 3. What actions am I taking and will I take to live what my life is about and what I stand for? 23
- 24. Women & Philanthropy Driven by Values, Not Valuables Impact First Crafting their Philanthropic Identities Summary 24
- 25. Women & Philanthropy Summary • Listen to her story • Build trust slowly • 3 years to make a major donation ($10K+) • Starter donation & volunteer first • All about relationships with the recipient organization • Balance her needs/interests with her spouses/family’s needs • Foster financial and philanthropic confidence • Help her raise financially literate kids • Help her raise socially aware kids • Don’t stereotype her • Collaborate with her other advisors 25
- 26. Women & Philanthropy Contact Us Gena Rotstein – grotstein@karmaandcents.com Richard Ouellette – rouellette@karmaandcents.com 1-866-936-GIVE (4483) 26
Editor's Notes
- What is a philanthropy advisor? A philanthropic advisor is someone who works alongside the individual or family and their other technical advisors supporting them in a number of ways from setting up the impact strategies of the giving, conducting research, providing governance support, interviewing family members for legacy documents and writing the business plan of a foundation. This type of advisor does not represent the interests of any one charity and holds the trust and relationship of the family and the donor as sacrosanct. This advisor also manages the granting, onboarding of charities & disbursements to organizations. They will also do follow-up reporting and evaluations.
- - Drs. Rachel & Reuben Gur
- Level one – Needs based giving Front-line charities Band-aide solutions Level two – Empowering Individuals Funds are a one-to-one or a one-to-many experience Seeing your money put to work in the life of an individual Level three – Capacity Building Supporting organizations that help other organizations Investing in an agency’s operational effectiveness Level four – Networked Philanthropy Leveraging your network to further the issue
- What do you hear when I say transfer of wealth as opposed to gifting wealth? What I heard is a desire for the recipient to distinguish herself from what she had been given to what she had been succeeded to. A gift comes with no strings attached, whereas a transition of wealth has the feeling that there is an obligation to manage, grow, support, or do something as a result of the transfer. The language we use around money, and especially around legacy planning is laden with inference. As recipients of inheritance we question what we might be inheriting, how that defines who we are and what we are going to do about it. This next section is the framework for your philanthropic plan. Do you see your philanthropy differently from how your parents or other role models conducted their charitable giving?
- What is the legacy that I want to leave? What is the impact I want to achieve? Who is the funder that I aspire to be? Put another way – What do I want people to remember me as? What do I want society to look like in the next generation? What type of philanthropist or community builder do I want to be?
- Start with WHY The highlighted areas are where women tend to gravitate with their own philanthropy. This does not mean that they don’t do other things. In our experience we find that our matriarchs and daughters tend to volunteer first, make a test donation of under $5,000 and see what their friends think before they will make a longer-term commitment, a larger donation or leverage their network. The other thing we have noticed is that women, once they have engaged with a charity, are more likely than men, to have a longer-term commitment, make larger gifts over time and include them in their legacy.
- R – do introduction