Dallas, TX -- (ReleaseWire) -- 02/06/2014 -- Service providers are looking to build long-term relationships with their clients by engaging with them on a deeper level through value added services.
The philanthropy market has been of much discussion between high net worth individuals (HNWI’s) and wealth advisers. With tax benefits being key reasons in the past for philanthropic giving, this has been found to seriously undermine the donor in a number of ways.
With a history of philanthropic involvement and a well established market, the US and Europe make up 60% of the HNWI’s around the globe. It should be noted, however, that emerging economies such as China and India also account for a considerable number of HNWI’s who are primarily focused on accumulating wealth, rather than charitable donation. Other notable regional patterns include those of Latin American and African nation whom are significantly reliant on the church or the government for the development of their socio- economic status. However, this scenario has been changing rapidly since the beginning of the century.
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As a consequence of the economic growth in the last two decades in these regions, philanthropic involvement from HNWI’s has increased, a pattern which is expected to continue between 2013-2017. These emerging economies are also noting an influx of wealth management firms to provide the necessary required products and services required in the relative region.
With the global philanthropic sector coming into the forefront of private banking over the forecast period, it is naturally a point of primary concern for those involved such as wealth managers. As philanthropy becomes increasingly attractive to HNWI clients, in turn wealth management firms are required to include philanthropy services in their portfolio. In order to do this effectively, the firms must connect with the philanthropy sector and fully understand it in order to gain the trust of their clients and provide them with an optimum service.
HNWI’s are also driving philanthropy in different directions rather than spontaneous donations or contributions for tax benefits and more towards philanthropy in volunteering, for example, and are looking to facilitate real change in the future, the youthful wealthy especially are highlighted as being careful about how they choose their causes. Going forward, the wealth industry will have to cater for and be able to advise to the changing requirements of the HNWI’s.
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Reasons to buy:
- The increasing of your knowledge of the way philanthropy industry and affluent populations in the different regions of the world.
- Minimize the business risks you may face within this market.
- Your understanding of the successes within this industry and the challenges it faces.
- A clear understanding of market opportunities and operational strategies to gain or grow your market share.
- A greater understanding of the main trends, drivers and challenges as well as implementation strategies.
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