EWM Group, a Queensland-based multi-family office, has set up a new philanthropic division to serve the ever-growing giving needs of Australian high net worth clients.
The new division will be led by Genevieve Fraser, who has 20 years of experience in public affairs and community investment in the UK and Australia.
In her role, Fraser aims to provide philanthropic services that enable all generations of the family to be involved in giving in a meaningful way.
EWM Group said that it was planning for the transfer of approximately A$70 billion wealth into the hands of the X and Y generations.
EWM managing director Brad Scott said families are taking leverage of tax incentives that boosted philanthropic giving during their lifetime due to the increase in the amounts of inherited wealth.
Brad Scott said: "We are on the cusp of a tsunami of wealth with a record amount of family assets moving into the hands of the X and Y generations in the next decade.
"Research indicates the children of high net worth givers have inherited this ‘giving gene’ even if their interests and style of involvement varies from their parents," he added.
Fraser said: "Philanthropy is rapidly growing in Australia and we are responding to more and more clients wanting to ensure they effectively navigate this space.
"The most interesting development is the increase in what is called ‘New Gen givers’ – people between 20-40 years of age giving significant resources to the causes they care deeply about," she added.