For centuries, philanthropy has played a significant role in how individuals and families give back to the societies in which they live and to causes they feel are important.
As the world has become more globalised, 24-hour news media and the proliferation of technology means that clients who want to use their wealth to make a difference are now exposed to a remarkable range of opportunities
But philanthropy can also play a deeper role within a family.
As well as allowing clients to address some of the world’s greatest problems, philanthropy can be an excellent way of maintaining inter-generational cohesion by tackling contemporary issues that affect all family members
What’s more, depending on the way a philanthropic endeavour is structured, it can create a lasting legacy that can be carried forward by future generations.
At Vistra, we have helped support the philanthropy of many of our clients for decades. If you are already involved in charitable projects or are just looking to start out, here are some of the ways in which we can help you.
- Help conduct research and source appropriate projects depending on your philanthropic priorities
- Carry out any necessary due diligence on projects you want to support – including visits before any investments are made
- Advise and assist in the choice and establishment of the most effective structure – be that a trust or foundation
- Work closely with your advisers or with other third parties, such as lawyers, tax experts and investment managers, where required
- Sit on a charitable board alongside family members or assume sole discretion if preferred
- Act as a trustee with all associated responsibilities
- Monitor project performance to ensure financial effectiveness and that objectives are met
- Oversee any necessary administration such as financial reporting and compliance with regulatory requirements
The future of philanthropy: fast decision-making, more control and tangible outcomes
In a unique global report, Vistra surveyed 225 HNWI and UHNWI from around the world and found that Covid-19 had an immediate and dramatic impact on philanthropic giving – with a significant number increasing their philanthropy, whilst others decreased theirs. To read more about this and why over 50% plan to become more hands on with their Philanthropy in 2021, download the full report here.