Australian Executor Trustees (AET), the trustee arm of IOOF, has launched new philanthropy services, which will allow advisors to benefit their clients and grow their businesses.
The philanthropy services consists of enhanced private ancillary fund (PAF) services, which provide clients personalised giving programs, a donor-advised AET Foundation and a customised, transparent and efficient reporting solution for charities and not-for-profit organisation.
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AET has also supported Queensland University of Technology (QUT) Business School to research the issue and is collaborating with other partners to develop a specialised education program to help advisers integrate philanthropy into their practices.
IOOF general manager trustee services Gary Riordan said: "Despite an encouraging trend in the growth of structured philanthropy, a recent QUT study that compared Australian giving habits against other Western nations indicated we are well behind our US, UK and even NZ peers."
AET head of philanthropy Ben Clark said that less than 1% of Australian HNWIs had established philanthropy structures to share their wealth.
"This segment of wealthy Australians could benefit significantly from generous tax incentives that were available through philanthropy to the less fortunate.
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By GlobalData"We focus on providing world-class fiduciary services and trust administration – rather than investment management. And because philanthropy often engages relatives and friends of a client it can lead to the adviser building relationships – especially with the next generation.
"By using IOOF’s network of more than 1,100 independent financial advisers and by reaching out to additional practitioners, we are well positioned to grow philanthropy in Australia through the financial advice sector," Clark added.
AET now manages over 110 charitable trusts and distributes millions of dollars to a range of charities annually.
