A recent study by SEI Private Wealth Management revealed insights into what would make U.S. Ultra High Net Worth Individuals (average wealth of $11 million in this case) give more. Before we get to that, letâ€™s first look at the potential upside:
The average increase across all segments is 63%! So how do we make that happen?
The first two items are out of our control, but the next two are right in philanthropyâ€™s wheelhouse â€“ passion and impact â€“ or at least they should be. One would think given their wealth these individuals are being approached by a number of organizations and their alma maters, so whatâ€™s missing?
With all of the need in the world (and all of the organizations saying they will meet those needs), hearing people say they are not able to find something to be passionate about and want to more clearly see the impact of their giving, is frankly depressing. We have the greatest product in the world, yet people are far more passionate about their iPad than making a difference in someoneâ€™s life.
This chart provides insight into what is wrong. As a personâ€™s ability to give increases, their relationship to giving changes from tactical to strategic. They no longer see their giving as charity, but rather as philanthropy. This is why creating a culture of philanthropy is so important to the future of our sector.
How many people in your database are yearning for a strategic relationship with your mission, but are instead languishing in the tactical reality of your direct response program?
P.S. The survey also asked for the top 5 interest areas. Notable that number 1 is related to social service, and number 3 is society. Sure hope all those social service groups are putting resources into major gifts.