Today’s philanthropists have an array of options for their giving, but many simply do not know where to start, and increasingly are turning to their trusted advisors.
Across Europe, 63% of advisors receive more requests for philanthropy advice now than two years ago1; and most ultra high-net worth Europeans want advice, not just information, to help with their charitable giving2. In the US, a significant minority of donors is already seeking advice on giving from accountants (26.6%), wealth advisors (6.6%), lawyers (16.4%) and banks or trust companies (8.7%). In fact, clients initiate conversations with advisors about charitable giving as much as, or more than, their advisors3. Some common areas in which advisors help clients are setting up a charitable trust, advising on tax benefits, involving the family, and introducing clients to other philanthropist clients and to charities they might support4. Yet too few wealth management advisors are fulfilling their clients’ philanthropic needs.
1 The role of wealth advisors in offering philanthropy services to high-net-worth clients, Scorpio Partnership, October 2008
2 Philanthropy amongst Ultra High Net Worth Individuals and Family Offices in Europe: The United Kingdom, Switzerland And Germany, Scorpio Partnership, June 2007
3 Doing Well by Doing Good In California – Improving Client Service, Increasing Philanthropic Capital: The California Legal and Financial Advisor’s Role, The Philanthropic Initiative, 2003
4 Wealth and Philanthropy: the views of those who advise the rich, Philanthropy UK, September 2007