A report into UK family office philanthropy
advice has found that ultra high net worth (UHNW) clients may not
be fully aware of philanthropic advice and would benefit from
increased promotion from advisers.
Clients interviewed for the study cited the
‘torturous administration’ involved when giving to charity,
alongside the fear of being put under ‘public scrutiny’ and being
‘actively pursued by charities’.
Go deeper with GlobalData
The research by New Philanthropy Capital (NPC)
and Global Partnership Family Offices surveyed UHNW clients in 44
single and multi-family offices in the UK.
It found that a quarter of ultra high net
worth (UHNW) families give away 5-10% of their total assets to
charity.
Two thirds of the private clients surveyed
have liquid assets in excess of £50m ($78m) and 20% have over
£1bn.
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By GlobalDataHNW want philanthropic activity
to work as hard as investments
Global Partnership Family Offices director
Jonathan Lidster said that families are no longer prepared to give
for the sake of giving.
“UHNWs want their philanthropic activity to
work just as hard and to be as effective as their portfolios are
within their investments,” he said.
It found that 90% of families plan either all
or some of their giving through structured single or multi-family
offices, stating ‘giving back to the community’ as a principal
motivator for their philanthropic interest.
More than half of respondents would welcome
philanthropy advice primarily for monitoring charities’ performance
and educating the next wealth generation about philanthropy
services, the report said.
Despite this, many of them do not currently
seek or receive philanthropy advice but 30% would be willing to pay
for it.
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up
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released
