Posted on 22nd October 2008
Advising on philanthropy will become a core part of business for wealth advisors, according to new research by Scorpio Partnership.
Over 60% of advisors interviewed believe that philanthropy will be a core element of private client services within five years. The report says that offering philanthropy services provides a range of benefits to advisors. These include adding value to client relationships, producing additional revenue streams and increasing the likelihood of client referrals.
The report, The role of wealth advisors in offering philanthropy services to high-net-worth clients, was commissioned by New Philanthropy Capital (NPC), wise Partnership and the Bertelsmann Stiftung. It found that many potential donors are unaware of philanthropy services that are offered to them by their wealth advisors. It also said that the majority of wealth advisors do not feel adequately trained to discuss philanthropy with their clients.
The findings are based on interviews with 100 private client advisors across Europe between June and September 2008.
NPC’s Plum Lomax says, “This report provides a clear view from across the market that the importance of philanthropy in the wealth advisory process will continue to grow throughout Europe. But the industry is still not meeting clients’ needs and many wealth advisors are missing out on significant benefits as a result.”
The report is available for free download from the NPC website.
