He wants to see philanthropy training made more widely available to financial advisers, including being added to industry qualifications and continued professional development.
Greer says: “Advisers are not required to undertake philanthropy training, but our research suggests that increasing their knowledge would have benefits for advisers and their clients, as well as helping unlock funds for charities.
“If the financial advice sector was more informed and confident on the topic of philanthropy, they could signpost clients to expert, tailored advice to make the most of their donations and achieve their desired impact - be it via a foundation, a Donor Advised Fund, cash or shares."
Greer adds: “Our research shows that this is something high-net-worth clients want from their financial advisers but are not currently getting.”
Wider positive legacy
Three years ago Attivo, a national financial planning firm, made philanthropic giving part of its proposition. Roy Coulson, head of proposition, says it goes “hand in hand” with financial planning.
“We very much believe it is something you shouldn't have to go elsewhere for, which is the case with some financial adviser practices,” he explains.
"It can go hand in hand for clients that want their investments to do the investment part, but also want to align themselves to something more philanthropic.
“It is about not just leaving a financial legacy but a wider positive legacy.”
Coulson says at Attivo, advisers assess whether philanthropy is something that a client would be interested in.
At the moment, donors tend to be focussed on larger donations, though Coulson is seeing a shift to more younger clients wanting to include charitable giving in their financial plan.
According to Coulson: “We see that the younger generation are going to be future donors. Most philanthropic donors at the moment tend to be small in numbers with large donations.
“We want to increase the scope of philanthropic giving and make it more available to all, to have a more proportionate approach for those that wish to give in this way."
Coulson also believes there could be better training for advisers on philanthropy – an area Attivo is looking to expand.
“Ultimately, our approach with investment is that our financial planners are experts at financial planning. They're not stock pickers. What we look to do is cover the financial planning and then use experts in the investment space.
“We would do the same in philanthropic advising. We're not looking to necessarily pick the charity that a client wants to donate to. We look at experts that allocate funds on behalf of clients.”
Tax benefits
Attivo uses the Global Returns Project and other partners as well as using donor advised funds. Coulson adds: “It is truly something that needs to be built on. It is a hugely growing space and we are happy to be at the forefront of it.”
