By Mark Barnicutt on April 4, 2012
Philanthropy – or the giving of one’s time and/or money to the betterment of human welfare and advancement – is a thriving and growing element of Canadian society. Given our experiences in the Canadian wealth management industry, we find this to be especially true for affluent families, many of whom are entrepreneurs, professionals & corporate executives.
So many families that we’ve had the privilege of working with during our professional careers feel that – despite their diligent focus & strong work ethic – they’ve been blessed with both opportunity and people in their lives who have helped to shape & contribute to their economic & life successes. For this reason, we’re seeing many affluent families who are highly dedicated to ‘putting back to society’ in order to help others.
LOOKING BEYOND THE ESTABLISHED BRANDS:
At HighView Financial Group, we support & endorse philanthropy of all types. Having said this, there’s no denying that some philanthropic organizations are more well-funded than others.
Specifically, the past twenty years has witnessed significant penetration of large brand philanthropic organizations into the Canadian corporate sector. This accomplishment has resulted in material increases in funding dollars for many organizations across our country. The combination of payroll deductions, ‘Walk-a-Thons’, ‘Bike-A-Thons’, ‘Marathons’, and general fund-raising events have created a steady & recurring stream of donations for large, brand name philanthropic organizations….all of which is ultimately put to good use for society as a whole.
In our regular conversations with affluent families, we’re finding that many – although they remain committed long-term to such large, brand name philanthropic organizations – are increasingly seeking to allocate a dedicated & ongoing portion of their giving time & dollars to philanthropic organizations that:
1. Align with their core values & beliefs,
2. Are proven, providers of niche philanthropic services,
3. Do not have access to large marketing budgets to promote their philanthopic services,
4. Are effective & efficient stewards of the donations entrusted to their care…..and most importantly,
5. Have ‘high impact’ in the lives of the charitable beneficiaries who family donors can ‘reach out & experience’ firsthand.
Although such a strategic approach to philanthropy requires a little more planning on the part of affluent families and their professional advisors, we believe that this approach will contribute to a diverse group of philanthropic organizations across our great country!
“To give away money is an easy matter and in any man’s power. But to decide to whom to give it and how large and when, and for what purpose and how, is neither in every man’s power nor an easy matter.”
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