by Thomas E. Moore, III, Exec. Director, American Friends of the Louvre and
Joshua Bell, Director of Development, American Friends of the Louvre
Known as the Great Wealth Transfer, Baby Boomers—and to a lesser extent, the Silent Generation—are currently passing down an unprecedented amount of wealth to younger generations, notably Generation X and Millennials (“next gen”). While this is not the first time there has been a major generational transfer of wealth, it is the largest in size, with some estimates as large as $84 trillion in assets being passed down. As younger donors rise into positions of philanthropic influence, they bring with them new values, expectations, and giving behaviors. In response, nonprofit leaders must not only continue stewarding long-time donors but also adapt to cultivate emerging prospects in a rapidly shifting environment. Meeting this moment successfully demands a strong, trusting, and dynamic relationship between an organization’s Executive Director (ED) and its Director of Development (DoD).