Roundtable “Philanthropists and Professional Advisers: Working Together for Lasting Change”
On June 14th 2017 Philanthropy Impact organised an event in Amsterdam with the title: “Philanthropists and Professional Advisers: Working Together for Lasting Change”. Beter Geven helped with the organisation and the event was hosted by Lombard Odier.
Besides spreading knowledge and exchanging ideas, this Roundtable event is one of those opportunities to meet and network with professional advisors, philanthropists, trusts, foundations and charities. Four speakers gave a short presentation to the audience of more than 50 attendees after which an interesting panel discussion was chaired by Dr Maximilian Martin (Global Head of Philanthropy – Lombard Odier). The central topic of the discussion was how professional advisors can help philanthropists to translate their motivations into action, in order to achieve lasting impact.
Philanthropy Impact is an organisation of individual and corporate members, and has the mission to achieve greater knowledge and expertise by developing thought-leadership on philanthropy and social investment. Speakers at this event were: John Pepin (Chief Executive – Philanthropy Impact), Andrew Mackay (Manager Charity Service – Van Lanschot), Karl Auersperg-Breunner (Wealth Advisor – Lombard Odier) and Ana Morales (Philanthropist & Founding Member of the Maverick Collective)
Results of research on philanthropy
Some of the results of research that has been carried out by Philanthropy Impact in the UK were presented. The research shows that only one in five of the UK’s advisory firms offer philanthropy advice even though clients are increasingly interested in receiving more of this type of service. The research shows that philanthropists who take professional advice give 17 times more than those who do not. Some of the implications and opportunities for advisers, philanthropists and charities based on the results of the market research were discussed. For example, the research indicated that clients who had received professional advice rated that service with 5.9 out of 10. Therefore training for advisors in philanthropy is highly recommended!
Philanthropy advice adds value to the bank
Research among clients shows that 50% of the clients find it suits the bank to have philanthropy advice services. The same research indicates that 20% would actually ask for and use the advice. The process banks have to go through to deliver philanthropic services can be quite a challenge, for instance because new product approval (legal, compliance) is needed. But in the end it is worth it. As one of the speakers indicated, three achievements will be accomplished: it helps clients, it adds value to the bank, and it contributes to a better world.
Join and share information and best practises
The number of philanthropic advisors is growing, and the panel sees that as a good development. The more advisors that are active and involved the more money will be donated and invested. Unfortunately, best practises and relevant information is often not shared, whereas that information would be very useful for others. By joining meetings and conferences, one is able to go beyond the “data” and develop insights in the relevance and trends. Advisors get a better understanding of the topic and what is going on, so to be able to advice clients in a better way. An appeal was made to join forces and have professional wealth advisors collaborate with philanthropy advisors. First steps are made, such as with seminars like this one to bring advisors together and share knowledge.