The number of people interested in donating their hard earned money is increasing but most of them are not aware regarding how to go about it. As a result there has been an increase in the number of philanthropy advisor to guide you towards the social cause. Normally the role of philanthropy advisor is played by accountants, family offices, law firms and private banks. Due to increasing demand of clients we are witnessing development of offerings from specialist philanthropy advisors. In a survey carried out by Scorpio Partnership it was found that around ninety percent of high net worth individuals are looking for philanthropy support from advisors.
There are generally three approaches followed by philanthropy advisors:
Direct Manner
In this case the philanthropy advisors offer direct help to the donors giving due respect to the legal and practical aspects.
Third Party Expert Reference
In this case your philanthropy advisor will refer you to third party experts such as Geneva Global or NPC who can help with various issues involved such as setting up of objectives, identification of cause to be supported and finally evaluation of impact of funding.
External Expert Reference
In this case your advisor will refer you to an external expert and continue working alongside.
A number of firms are now making efforts for developing their own in-house expertise in philanthropy. All thanks to philanthropy advisors, today we have a bunch of informed, committed and enthusiastic donors willing to contribute to noble causes around the world.
I learned something today so thanks for the share! I didn´t know that there were philanthropy advisors! Neither that the number of people donating were increasing. Regarding the current conjucture I would even had bet on the contrary.
I think it makes sense to seek for advice as we all want our money to be used the most efficient way. We all heard about scandals and don´t want to make bad guys richer, do we?
Interesting post, Gautam. High-net worth individuals may also be more tempted to give to charities’ revenue-generating programmes. At The Social Investment Consultancy (www.tsiconsultancy.com), we’re releasing ground-breaking results in March into new fundraising approaches for charities and social enterprises that will particularly appeal to high net worth individuals.