The Philanthropy Ecosystem:

Private Client Advisors.

Most philanthropists will have other advisors in place before they seek help with their philanthropy. These private client advisors may include wealth managers, accountants, lawyers, financial planners, and tax advisors. The degree to which they cover philanthropy will vary as it is not the primary focus of their work. Yet they are well placed to raise the topic of giving and to help with certain aspects, such as advising on giving vehicles, as well as referring their clients to philanthropy advisors and others in the philanthropy support ecosystem.

George King is a leading wealth manager who embeds philanthropy into his work. In his role as Senior Wealth Manager at MASECO Private Wealth, he provides investment management, financial planning and financial advice to high-net-worth individuals. Alongside this, George is on a mission to see philanthropy advice included in the wealth management proposition. As a Trustee at Philanthropy Impact, he seeks to promote philanthropy and trains wealth managers and other private client advisors.

Tell us more about the work you do

George: My day job is directly supporting clients, most of whom have a transatlantic connection. My conversations include questions and explorations around aligning their values with their capital. This includes philanthropy alongside ESG and sustainable investing. I came to this work when setting up the Royal Bank of Canada’s wealth management offer in the UK. I wanted to infuse values and philanthropy advice in our work both as a differentiator in the market and because I believe you are not a competent or complete wealth manager if you’re not able to have these conversations. You don’t talk with clients about leaving an inheritance to their children without raising the issue of taxes. Similarly, when you talk to your clients about what money is for and what they care about, this has to include philanthropy.

Alongside my core work, I am involved in initiatives that promote the values-aligned allocation of capital. I view my role as a positive catalyst. However, I don’t consider myself as a philanthropy advisor. I am involved with ascertaining values, exploring what my clients want to accomplish through their philanthropy, helping them think through the options such as giving in their lifetime or after death, supporting local causes or systemic change. I don’t help with the last mile of the decision process – finding the specific entity to give to – so for this part I connect them with specialist philanthropy advisors.

How does your work help philanthropists?

George: It is hard to quantify the value of this work but for people where it really matters, it matters a lot. For example, I have one client who did not set out to be rich, they just ended up in a job that meant they earned millions. They now have more money than they can ever need in their lifetime and their kids are embarrassed by this wealth. I am helping them think through what money means to them and what it is for. The value in this relationship is not in the discussion about the investment transactions (though that is fine too), it is in the discussion about their relationship with their wealth. The client sees that someone hears them, understands what they care about, and can help them advance their values. For others, they are not in a position to think about moving from a traditional approach to investing right now. However, they value knowing that when they are ready there is someone there who can help them.

What should philanthropists expect from their advisors?

George: It will vary for different types of advisors as it depends on the nature of the relationship. For example, lawyers rarely have ongoing contact with their clients; their work is usually more transactional. Wealth managers have much more of an opportunity to talk about philanthropy as we have the frequency of contact over several years that means relationships evolve and deepen. It is easier for us to talk about what matters to our clients and what they are passionately interested in. And we have lots of time to do so because we do not bill for our time. However, any private client advisor should know enough about the philanthropy ecosystem to help their client. They should be able to raise the issue of philanthropy in a helpful and thoughtful way and, where there is a need or an interest, plug their client into the relevant resources. These conversations should be initiated by the advisors – you don’t wait for a client to ask if there is a tax consequence or if they are taking enough or too much risk. So it is the job of the advisor to put philanthropy on the table in a non-judgmental way. For example, is this something you are thinking about? Is this something you’ve done before? Is this something you want to learn more about now or in the future? Wealth owners should expect – and are increasingly looking for – advisors with knowledge and competence in values-related issues including philanthropy.

 

George King
Senior Wealth Manager
MASECO Private Wealth

 

Next time: Infrastructure and networks

 

Emma Beeston is an independent Philanthropy Advisor supporting individuals and families with their giving. She is a 21/64 Certified Advisor, facilitating multi-generational engagement in philanthropy. She teaches on philanthropy master’s programmes at the University of Kent and Bayes Business School. She is the co-founder of a giving circle, Bath Women’s Fund. Her book on Advising Philanthropists (Co-authored with Beth Breeze) is now available for pre-order.

Emma Beeston
Philanthropy Advisor
07810 543737
emma@emmabeeston.co.uk
www.emmabeeston.co.uk