Philanthropy Guide - Issue 2
This Guide is the second in the series of the Wealth Management Institute’s (WMI) philanthropy guides, as part of the Impact Philanthropy Partnership (IPP), a joint initiative with the Private Banking Industry Group, supported by the Monetary Authority of Singapore.
It focuses on the family side of impactful philanthropy. First, it introduces the family-focused office, followed by holistic-impact philanthropy– one that amalgamates both social returns and family wealth returns.
In the second chapter, this guide takes the readers on a journey of discovery of the different aspects of family wealth and the evolution of its understanding throughout the last decades. Family wealth goes far beyond financial capital – it has many qualitative components, such as human, intellectual, social, and legacy capitals.
The third chapter builds on the previous notion of holistic-impact philanthropy and family capitals and proposes a model of the family philanthropy cycle in which family wealth capitals act as enablers of philanthropy, and philanthropy further enhances family wealth in a self-reinforcing way. Building on family capital, we offer a self-assessment tool to represent how to measure family wealth impact, and how to use it effectively in family discussions about family philanthropy.
Together, these lead to the creation of the family philanthropic blueprint. We also offer several questions that purposeful business families can ask themselves when defining what success in philanthropy means for them.