World Wealth Report 2010

June 2010
World Wealth Report

Author Merrill Lynch-Capgemini Published by World Wealth Report 2010 Date 2010

More of the world's rich are opting for ‘giving while living’ strategies, according to the just published World Wealth Report 2010 from Merrill Lynch-Capgemini. It says philanthropists are incorporating their giving strategies into their ongoing wealth accumulation and capital-preservation plans.

And the trend puts increasing pressure on wealth management firms and advisors to understand a wide array of issues related to philanthropy in order to provide relevant solutions, says the report, as charitable giving considerations are pushed “farther into the purview of wealth managers and potentially away from estate planners that typically manage bequests.”

Several wealth management firms are already beginning to build expertise in-house or leverage third-party ventures more extensively, and offer these capabilities to their clients to aid in their continuing philanthropic efforts and many are featured in Philanthropy UK's guide to philanthropy advisors.

"Our financial advisors are seeing more and more a willingness and an understanding on the part of their clients that their philanthropic intentions need to be part of their broader wealth management plan," Chris Dupuy, head of institutional investments and philanthropic solutions for Bank of America Merrill Lynch is reported as saying.

In the UK, Dame Stephanie Shirley, philanthropist and the first ever government appointed ambassador for philanthropy, heads up a newly-convened philanthropy advice steering group working to develop and encourage the take-up of philanthropy advice services for wealthy individuals. It comprises representatives from over 30 private client advisory and specialist philanthropy advisory organisations.

This report is tagged under:

  • Philanthropy stats & trends
  • Understanding philanthropy