Chris Cuffe is known to many as a veteran of the wealth management industry, chairman of $55 billion super fund UniSuper, and more recently as non-executive director of Argo Investments. However, not so many know that he is also leading the charge to encourage wealthy Australians to get involved in philanthropy.
With more than 25 years’ experience in building successful wealth management practices, Chris has never been someone who is afraid to take on a challenge. He was instrumental in taking Colonial First State from a start-up operation to become Australia’s largest investment manager during his fourteen-year tenure and he is now applying that same mindset to the charitable sector.
Chris is founder and chairman of Australian Philanthropic Services (APS), a not-for-profit he set up four years ago to inspire and support people to get involved in giving. In a relatively short time, APS has grown to become the largest provider of private ancillary fund (PAF) services in Australia and now sets up more than 30 per cent of all such structures each year.
“I set up APS out of frustration that people were unaware of the philanthropic options and structures available to them, and no-one was doing it well,” Cuffe said.
“I realised there was a problem that needed fixing, and that’s what I set out to do.”
Up until 15 years ago, Australia didn’t have tax efficient philanthropic structures comparable with those in the USA and UK. The introduction of private ancillary funds (originally called Prescribed Private Funds, or PPFs) in 2001 provided people with the ability to tax effectively donate to a trust of their own, and then disburse funds to a range of eligible charities.
In 2009, Chris undertook a research project to look at why more wealthy Australians weren’t engaged in structured philanthropy. He found the experience with his family’s PAF, the Christopher Cuffe Foundation, very rewarding, but was frustrated by the low awareness, lack of expertise and poor quality of service that was available at the time. The research showed that there were many barriers preventing people participating in structured philanthropy.
“There was a clear demand for a service that was low cost, not-for-profit and independent,” he said.
“It was important to me from the outset that APS had to be a charitable organisation itself, with a genuine commitment to reducing obstacles.
“I wanted to make philanthropy simpler, easier and more mainstream – and that’s exactly what APS is doing.”
APS, whose board includes David Gonski, Michael Traill, Belinda Hutchinson and Tim Fairfax, launched in 2012. It now works with over 200 individuals and families to support them with their giving. APS sets up and administers private and public ancillary funds and provides guidance and support about how to give money away effectively. It is also on a mission to promote awareness of philanthropy and the options available, delivering regular training sessions to wealth advisers.
“My dream is that one day PAFs will be as well-known as self-managed superannuation funds (SMSFs), and giving strategies will form a standard part of all financial planning conversations,” he said.
“But the real buzz at the end of the day is the impact our clients are having on the community.
“Last year APS clients collectively gave away over $30 million in charitable grants to the community – a pretty amazing outcome.
“I love seeing firsthand the difference that philanthropy can make – and it’s only going to keep growing over time.”
Antonia Ruffell is the chief executive of Australian Philanthropic Services – a not-for-profit organisation that inspires and supports effective philanthropy and provides education for individuals and advisers. She is passionate about encouraging philanthropy and enabling people to make the most of their charitable giving.
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