Coutts, JP Morgan and law firm Withers are launching a new advisory board to help private client businesses setting up philanthropy services, part of a continuing sign that philanthropy is an important sector for wealth managers.

The private banks and the law firm are joining a steering committee made up of a total of 20 private client advisors to help improve the market for philanthropy advice, and to share experiences and best practice.

The service, launched alongside consultancy New Philanthropy Capital, is designed to plug a skills gap in wealth management on dealing with giving and charity.

“There is a fantastic opportunity being missed by many banks, law firms and family offices,” Plum Lomax of MPC said.

JP Morgan head of advisory Paul Knox is heading up the venture.