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Bloomberg, September 19 2007, By Warren Giles in New York
Rich Europeans Lack Philanthropic Advice From Banks, Study Says
Wealthy people in the U.K., Germany and Switzerland aren't being provided with the banking services they need to make charitable donations and philanthropic gifts, according to consulting firm Scorpio Partnership.
A survey of 34 ``ultra high net worth individuals'' with net assets between $90 million and $2.5 billion in the three countries found they are willing to pay for advice on making donations, while lawyers and private bankers aren't able to identify and help select projects.
``The lack of suitable advice, particularly at the start of the philanthropic process, is acting as a serious barrier to many potential European donors,'' said Nigel Harris, head of London-based New Philanthropy Capital, an advisory firm that commissioned the report.
Philanthropists with at least $1 million in net financial assets donated more than 7 percent of their wealth on average in 2006 and the ``ultra'' rich, those with assets of more than $30 million, gave an average of 10 percent of their wealth, according to a report by Merrill Lynch and Cap Gemini in June. That means such gifts totaled an estimated $285 billion worldwide.
Private banks for the wealthy are already missing out on about one-third of the assets available for management, according to a separate study released by Scorpio last week. Rich individuals have $24.4 trillion in assets globally, that report said, and private wealth managers currently manage about $16 trillion, according to the study.
``Wealthy donors know what they want to achieve'' but ``professional advisers tend not to be the first point of call for advice on how to give,'' said Catherine Tillotson, a partner at London-based Scorpio. Philanthropy ``is as strategic to some of them as their equity portfolio, and a lot of private banks are starting to be interested, but the question is how can they commercialize it?''
The Scorpio study was commissioned by New Philanthropy Capital, Geneva-based Wise, and Guetersloh, Germany-based Bertelsmann Stiftung.
| Source: | Bloomberg.com |
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