The professional body for trust and estate practitioners, STEP, has launched its Responsible Stewardship Toolkit to support the responsible stewardship of wealth.

The toolkit aims to help advisers better support wealth and business-owning families in strengthening the family enterprise by aligning their wealth planning decisions with their values and long-term strategy.

STEP Responsible Stewardship of Wealth Working Group chair and Dāna Stewardship Advisory wealth steward, Gina Pereira, led the development of the toolkit, drawing on collaboration and consultation with industry experts from across the wealth planning, wealth management, legal, fiduciary, and philanthropic sectors.

These insights informed the building of the toolkit, which is designed to evolve as high net worth families and practitioners engage with it and establish a new industry benchmark for responsible wealth stewardship.

“Our global Attitudes to Wealth research revealed that both practitioners and their clients are calling for a more values driven approach to wealth, but much-needed education and support is needed to help families plan more responsibly,” said STEP CEO, Mark Walley.

“The toolkit is a direct response to that – providing a practical way for advisers to help families plan more responsibly and with greater purpose and guide conversations with clients about the role of wealth in their lives, families and communities.”

STEP developed the toolkit in response to a growing advisory opportunity in the wealth planning sector, aiming to support practitioners to meet client demand for holistic, values-driven advice through implementation tools that address ‘gaps’ in the profession.

According to its Attitudes to Wealth research, clients increasingly expect their advisers to help them integrate values and sustainability considerations into their planning.

However, many practitioners felt they needed more support and practical tools to guide these conversations.

STEP noted that traditional wealth planning methods have not always provided frameworks for addressing responsible stewardship needs, and its toolkit would look to fill this gap by offering practical resources.

“Families today face numerous complex challenges, including economic instability, climate change and internal conflicts,” Pereira stated.

“The long-term wellbeing of families, society and the planet are deeply interconnected. Responsible stewardship calls for a holistic and integrative approach to wealth planning – one that considers both the quantitative and qualitative aspects of wealth, along with the influence of internal and external stakeholders.

“It involves understanding how today’s decisions create ripple effects that impact families, communities and the environment for generations to come.

“This toolkit bridges that gap by providing a clear framework for meaningful discussions and practical tools for advisers and families. It empowers families to build long-term resilience and aligns their wealth strategies with their values, ultimately enabling them to contribute positively to society and secure a lasting legacy.”

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