A week can be a long time in a fast-moving world. Every morning this week we have woken up to yet more tragic news emerging from Ukraine. Heavy shelling, air raid sirens and mass displacement of individuals are mainstays in the news now. However, stories of unity and individuals doing incredible things are also emerging.

This offers us all some hope during these bleak times.

Last week I expressed my disappointment at how some in the industry were reacting to Russia’s invasion of Ukraine. Some firms were using the conflict as an opportunity to pedal their products and shout about certain investment opportunities.

This week, a lot has changed. My LinkedIn feed is now filled with messages of solidarity and pleas for donations.

Firms’ communications, on the whole, are far more sensitive and acknowledge any financial impact pales in comparison to the human cost of the conflict.

With that in mind, many firms are making significant donations to the relief effort, and some, like Schroders Personal Wealth, are offering to match donations from employees and clients up to a certain amount.

For example, Tilney Smith & Williamson is making a six figure donation to the British Red Cross Ukraine Crisis Appeal. While the Quilter Foundation has donated £100,000 Disasters Emergency Committee (DEC) Ukraine humanitarian appeal.

Meanwhile, BDB Pitmans has been advising the Babyn Yar Memorial Center, which was sadly bombed earlier this week, on expanding its global footprint. As a result, the law firm has decided not only the work of the Memorial Center, but also the DEC Ukrainian Humanitarian Appeal.

The crisis has also demonstrated how quickly and effectively very wealthy individuals can act in a crisis. For example, the somewhat controversial Elon Musk responded to Ukraine’s internet potentially being cut off by sending his Starlink internet satellites to the country.

Meanwhile, firms with offices or colleagues in Ukraine have been banding together to support these individuals in any way they can.

BDO Ukraine, for example, has been supported by its German, Slovakian, and Polish counterparts, with colleagues arranging evacuations where possible and finding places for the displaced to stay.  Some companies have even turned offices into temporary shelters while more permanent accommodation can be sorted.

I am a firm believer that there is far more good than bad in the world. As clients often have so much disposable capital available, the private wealth industry has a unique opportunity to make a real difference to those who need it most.