Feb 12, 2016 • 17M

#362: Wealth Managers, Start Paying Attention To Social Impact

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Some of the world's great changemakers join host Devin Thorpe to share leadership lessons you can use to increase your impact.
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Read the full Forbes article and watch the interview here: http://onforb.es/20Pk225. Subscribe to this podcast on iTunes by clicking here: http://bit.ly/ymotwitunes or on Stitcher by clicking here: http://bit.ly/ymotwstitcher. Each year, Capgemini, in partnership with RBC Wealth Management, conducts a formal survey of high net-worth individuals (HNWIs) and shares the data publicly. One of the striking features of the report in recent years, is the increasing interest among wealthy individuals regarding social impact. David Wilson, head of the strategic analysis group for Capgemini’s financial services strategic business unit gave me three highlights for consideration. If you are a wealth manager, pay attention! Be Aware: Social impact (defined as “an investment of time, money and/or expertise with the goal of generating positive social impact, which may or may not have a financial benefit”) is highly important to High Net Worth Individuals (HNWIs). However despite their interest in driving social impact, HNWIs do not have a single preferred source to help them navigate the complexities involved. Currently they are getting advice from two distinct groups: their family and friends, and their wealth managers, and many are receiving no advice at all. Acknowledge the Opportunity: HNWIs are seeking more advice on social impact overall, and wealth managers are the most sought after professional source of advice. HNWIs are looking to their wealth managers for support in setting clear social impact goals, determining which investments are the most appropriate in their area of interest, structuring their investments, and measuring the impact of their social impact efforts. Prepare: Embedding social impact discussions into the overall wealth management approach and making tactical investments to build out their social impact offering will help firms to better meet the opportunity. Several challenges will need to be overcome, such as a lack of clarity on social impact definition and goals, inconsistent or unqualified sources of advice with inadequate levels of expertise, lack of specialized products and solutions, and lack of standard metrics. Read the full Forbes article and watch the interview here: http://onforb.es/20Pk225. Please consider whether a friend or colleague might benefit from this piece and, if so, share it.