The future of philanthropy is female, so reports Darlene White this week. The industry has known for quite some time that the great wealth transfer will soon put trillions of dollars into the hands of women who need to put that money into action. The trend is already happening today, with female family members leading the charge within their family foundations and female wealth advisers stepping up to guide them along the journey.
The wealth management powerhouse Rockefeller Global Family Office is expanding its presence in the West. The firm brought on the Pollock Salah Wealth Partners team in the Bay Area to expand its client services in the region.
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HANDPICKED: The future of philanthropy is female
By DARLENE A. WHITE
A new era in philanthropy and impact investing is emerging, led by influential women who are redefining traditional views on giving by emphasizing the importance of generosity in financial strategies.
Melissa Dincher is a leading figure in this change, bringing fresh insights. Her efforts underline the crucial contribution of women in evolving philanthropy and investments aimed at bettering society.
Research from the Lilly Family School of Philanthropy at Indiana University has shown that women-led households donate more to charity than men with similar incomes, regardless of their overall household income. This difference is especially noticeable among baby boomer women, who are among the top 25% wealthiest in the country.
Dincher, at 43, deepened her philanthropic work after joining UBS Wealth Management as a financial adviser who promotes gender equity through impact investment strategies, showing how diverse teams excel in performance. Dincher tailors investments to align with client’s values, showcasing the impact of female leadership in philanthropy and impact investing on social and environmental change.
Dincher has served in her advisory role for three years, engaging in various boards, multicultural conferences and groups that have been pivotal to her experience. An event during the late summer of 2023 on Martha’s Vineyard left a lasting impression on her, profoundly molding her stance on philanthropy and impact investing.
“This gathering aimed at building an inclusive society with equity-focused strategies [marked] a significant milestone in my philanthropic journey,” she said. “It was during a three-day event dedicated to leaders across several sectors that are committed to social impact. And the conversations were focused on advancing an inclusive world, systems change and equity-centered approaches to philanthropy. And really, that was a catalyst.”
Highlighting the evolving role of women in these sectors, Dincher points to a McKinsey report that predicts a significant wealth transfer to women in the coming decade.
"We're at the precipice of a great wealth transfer, where over $68 trillion is said to be passed down, and women are expected to inherit most of that," she said. “This shift is not just about wealth accumulation but signals a change in how philanthropy and impact investing are approached, with women leading the charge in deploying capital toward creating a positive impact on society and the environment.”
Over the past five years, Foundation Source, the leading provider of management services for foundations, has witnessed notable transformations in its private foundation, including a significant 32% rise in the number of women holding key leadership roles, such as president, executive director or board member. Moreover, the number of female grantors has increased 26%, accompanied by a 76% boost in the yearly contributions made by these women.
Betsy Erickson, who leads family and individual services at Arabella Advisors, said women tend to adopt a more comprehensive approach in their methods.
“We see more women pushing their advisers to break down traditional service silos so they can execute and then track impact across grant-making, impact investing and personal,” Erickson said. “They are often looking to deploy social, intellectual, political and financial capital to advance change. Divorcees in particular often find philanthropy as a mechanism to define a new self or release themselves from an old role, often the 'wife of X' role.”
Dincher also stresses climate and sustainability as critical concerns in global philanthropy. She advocates for initiatives that enable women to advocate for environmental protection. Through mentorship and networking programs like the UBS Community Impact Project Entrepreneur Program and the Black Innovation Alliance, she plays a key role in backing women of color and Black entrepreneurs. This effort showcases her dedication to fostering a world that is both more inclusive and equitable.
Said Sarah Silverio, an adviser at Summit Trail Advisors: “Philanthropy has created opportunities for my women clients to lead within their families and communities. Whether it's starting their own nonprofits or funding charities directly, women are moving significant amounts of capital and taking an active role in how their family's philanthropy is expressed.”
Summit Trail is a $16 billion independent investment firm crafted specifically for ultra-high-net-worth clients seeking beyond what traditional wealth managers offer.
Dincher and Silverio understand the importance of balancing financial returns with social impact, advocating for a diversified portfolio that includes impact investments.
"Women in particular make up 80 to 85% of purchasing decisions, [so] knowing which companies are sustainable and impactful is really important," said Dincher, highlighting the influential role of women in driving sustainable investment and purchasing decisions.
For young women aspiring to lead in these fields, Dincher's advice is clear: "It's never too early to start investing, saving, and giving back," she said, adding that it’s important for the younger generation driving diversity and inclusion and using their voices to call for change.
Rockefeller Global Family Office expands Western unit with new partners
By MARCUS BARAM
The wealth management giant Rockefeller Global Family Office has announced that it is expanding its Western presence by adding Pollock Salah Wealth Partners, based in the Bay Area.
The six-person group — led by Gary Pollock, Craig Pollock and Anis Salah — previously worked at J.P. Morgan Wealth Management. Other members of the team are financial analyst Annette Smith, senior client associate Maryann Jensen and client associate Ethan Huang.
“We are pleased to welcome Gary, Craig, Anis and their team to Rockefeller’s Western Division,” Riley said.
“Their dedication to client service and tailoring strategies around the dynamic needs that unfold over every stage of wealth will enhance our ability to deliver the Rockefeller experience to investors, entrepreneurs and families across the Bay Area and beyond.”
LOOSE CHANGE
Survey: Private credit most attractive asset class for family offices: The next most popular classes for family offices are private equity (35%) and real estate (25%), followed way down the list by equities (9%) and cash (2%).
Sotheby’s to auction off works by Tamara: The exhibition is concurrent with the debut of the Broadway musical “Lempicka,” which focuses on the artist and her enduring influence.
Singapore sets deadline for family offices seeking tax breaks: At the end of last year, 1,400 single-family offices qualified for the incentives, a 27% increase from the end of 2022, according to official figures.
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