PBI looks at the year ahead and asks, what will be the biggest changes to private banks and their clients? The second in our Private Banking Predictions 2019 looks at opinions on philanthropy in 2019. You can read the first in this series, on markets and investments, here.
Joanna Walker, head of private clients at CAF Philanthropy
HNWIs now are looking at different ways to doing things
“Philanthropists are looking at driving impact from their investments. So there is a growing trend of increasing the impact from traditional investments and philanthropy and blending those two things.
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“The millennial generation think about their money in a very different way. Their values need to be embedded in every part of their lives and they want to be more actively engaged.
“People who make their own wealth think about it very differently… they think about it in an entrepreneurial way… People spend their money in the same way they make it. They’ll want to see that return in their lifetime using their time and knowledge to make a difference happen. They’ll leverage their networks
“HNWIs now are looking at different ways to doing things, and one of the ways is to give through Donor Advised Vehicles (DAVs), an alternative to setting up your own foundation. It’s a simple and much more cost effective way [of giving].”
Dave Hillyard, philanthropy and partnerships director at Oxfam
Donors want to give more than just their money
“Evidence shows that people’s attitudes are changing – the days of ‘chequebook giving’ are over. We work closely with engaged and committed individuals, trusts and foundations who generously donate to Oxfam, and it’s clear that donors want to give more than just their money. They are also keen to invest time and provide their own expertise to help Oxfam’s causes.
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By GlobalData“In 2019, we expect to see a growing demand for forums which allow people to discuss their experiences of giving and help them to think more strategically about where and how to donate to generate the biggest impact. Donors are increasingly keen to be involved with Oxfam’s work from design to delivery.
“Oxfam is committed to listening to and learning from our donors, as well as sharing our findings with the charity sector. In response to feedback, we now offer workshops and training around key issues such as monitoring, evaluation and learning which are proving popular with philanthropists.”
Udit Garg, head of wealth management at Sun Global Investments
Growing interest in green investments and sustainable finance
“There is a growing interest amongst conscious investors to seek green investments and sustainable finance, and the sector continues to be a large field of ideas worth exploring. Philanthropy is also picking up amongst UHNW families, and they are enlisting wealth managers to handle their philanthropic plans.“
Coutts
‘Spend down’ foundations gaining in popularity
“Philanthropists are increasingly debating the relative merits of charitable foundations that exist in perpetuity and those that exist for a limited lifespan (often referred to as ‘spend down’ foundations).
“Social investing is nothing new…But there is no question that social investing has grown significantly in scale and prominence over the past 10 years, with organisations such as Big Society Capital playing a key role in connecting charities and social enterprises in the UK with social investment.
“A number of Coutts clients have, in their own right, been driving the development of this market. Investment from high net worth individuals in social businesses or social investment funds is also becoming more commonplace.
“The outcome of the European Union (EU) referendum has exposed potential challenges for UK funders and charities alike.
“It raises many questions about how EU funding for the charitable sector will be replaced. Some foundations are also collectively reviewing the potential impact of possible changes in policies or laws, which to date have underpinned the work of the organisations they support (relating to issues such as climate change, conservation, human rights, employment rights or welfare).
“The full impact on philanthropy and charitable organisations in the UK is yet to be seen.”
