New research into the philanthropic behaviour of the UK’s high net worth individuals has revealed that while the vast majority of such clients now like to actively plan their charitable giving there is a clear lack of service providers able to give the full range of advice they require.

In their research, New Philanthropy Capital and Global Partnership Family Offices found that over 90 per cent of families are planning either all or some of their giving, indicating that firms which don’t have some provision in place to assist in this planning are neglecting an important service area in clients’ eyes.

A fundamental part of the planning process is deciding which causes to support, and the report found that the “vision” and strategy of a charity and whether it is focused on helping those with the greatest need are top drivers in charity selection. However, philanthropists are finding it hard to access all the information they need to make informed choices and would welcome more input from their advisors.

Of the respondents to the survey, which comprised some 600 single and multi-family offices in the UK, 60 per cent said they would find some kind of philanthropy advice useful, especially in assessing charities’ performance and with regards to educating the next generation about the importance of giving. While these were the areas where advice would be most appreciated, those surveyed also said they would like further advice in areas such as setting up giving vehicles and the financial and tax implications surrounding philanthropy.

The report, entitled Family Philanthropy: rewards and challenges, also found a significant appetite for philanthropy-themed training which isn’t being met. While 65 per cent of those surveyed said they had never attended philanthropy training or educational events, there was clear interest in attending them among clients. Of most interest to respondents was training on how to assess the impact of grant-making (cited by 42 per cent), followed by how to analyse charities and how to give internationally (37 and 33 per cent respectively).

This and previous studies of recent years have all pointed to a trend towards a much more organised approach towards philanthropy, and a far greater focus on return on investment – clients want to know exactly how their money is creating an impact, and as part of this high net worth philanthropists are increasingly looking to donate their time to their chosen causes as well as their money. Another key trend is for the ultra rich to commit to giving away the large part of their fortune during their lifetime rather than on their death. In light of such trends firms have been busily ramping up their expertise in philanthropy as strategies for charitable giving become an increasingly central part of wealth managers’ offerings.