Abbot Downing, the Minneapolis-based private wealth arm of Wells Fargo & Co. for individuals and families with at least US$50 million in investable assets, is responding with a “social impact analysis” center within its revamped family governance practice, the Institute of Family Culture, according to Arne Boudewyn, head of the practice.

Generation X (ages 38-53) and millenials are expected to inherit nearly $60 trillion over the next 40 years, yet will give away nearly half of it to charity, the firm says, citing Generation Impact: How Next Gen Donors Are Revolutionizing Giving, a book by Sharna Goldseker and Michael Moody.

Abbot Downing’s institute is a 14-member group of experts in education, psychology, history, and business, an expanded iteration of its 13-year family governance and education services practice. The group’s work has touched about 300 families with an average of between $22 billion and $25 billion of total wealth a year. Overall, Abbot Downing oversees $43 billion in assets.

The reorganization is intended to better respond to “unprecedented” demand for advice, education, and “facilitation of family dialogue” related to social impact issues as well as family business transitions, another topic that’s becoming more relevant as the next generation takes over the family enterprise—or decides to sell it.

Read the full article on Abbot Downing and social impact by Abby Schultz at Barron's