Philanthropy and the Assistance of Wealth Management
Individuals in positions of financial abundance often do their part by contributing to philanthropic efforts and/or charities that focus on areas they feel passionately about. Philanthropy in general is now seen as a highly beneficial form of wealth management today given that most people want to more than just write a check.
Donating has become much more strategic among wealthier contributors. Rather than just donating a lump sum of money, a growing number of individuals are offering their time, professional insight, and expertise to both organizations and people. That is not to say that cash donations are falling, however. In fact, quite the contrary. Money is simply being donated through different means and platforms.
Mark Zuckerberg, founder of Facebook, along with his wife, Priscilla Chan, created their own philanthropic group called the Chan Zuckerberg Initiative. Through this, they pledged to donate 99% of their Facebook shares, showing that more people want to do good as opposed to just improving their public image.
According to a 2016 study conducted by Scorpio Insights Database, a prominent reason why some wealthier individuals in the United Kingdom specifically are failing to donate effectively is because of a lack of philanthropic knowledge and advice. While many want to donate and want to truly make an impact, the little knowledge they have to do so often limits them, and only a small number of services exist that are intended to educate people on this matter.
Whether you operate is a lone business professional or a larger company, offering philanthropic advice to those less experienced is an act of philanthropy in itself. Of course, monetary donations are strongly encouraged, but revenue should not be the sole source of motivation. We see a “trickle down” effect when offering professional, charitable advices to other firms or individuals. This can, and often does, lead to improved public relations, an increase in client referrals, and a solidification of your business as a forward-thinking company.
Wealth management professionals and private backs all over the country are developing philanthropic and/or charitable initiatives to assist their clients and make donating that much easier. Working alongside a wealth manager or banker to develop your philanthropic plan is perhaps the best route. The many benefits that come with this option, i.e. improved client connections, emotional intelligence, etc., provide businesses and philanthropic individuals with all the tools they need to establish themselves as professional, charitable entities.
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