It is important to remember that the philanthropic dimension does not always come to mind straight away when we think of wealth and estate management. Nevertheless, it constitutes a sincere and solid vision for more and more investors, in all four corners of the world. Philanthropy has been firmly rooted in the Anglosphere for almost a century. It has since spread across Europe, and has been growing exponentially for the last decade.
Definitions!
Before we continue, let’s clarify what some of those terms we have just used actually mean. In the context of our discussion, the philanthropic dimension is indeed shaped by selflessness and the desire to contribute to a cause “larger than yourself”, in order to achieve a goal of public benefit. It should also be pointed out that this selflessness is contractual. From a strictly legal angle, anyone who contributes personal funds from a philanthropic perspective receives no return or no benefit of any kind in exchange. “There is therefore a truly philosophical and altruistic dimension to the philanthropic initiative,” says Christophe Muller-Becker.
The driving force
The initiative stems from a vision, from a pure desire to act for the common good, or to commit to a cause which affects the philanthropist directly or indirectly. “Having personally experienced an illness or disability, or having a loved one who is affected by it, is a driving force behind this type of initiative,” explains Noémie Ohayon before adding, “philanthropy is a way of giving meaning to your heritage, of giving back what you have received at some stage in your life.” We are all familiar with great philanthropists in history, such as Getty and the Carnegie Foundation, for instance. Indeed, Bill Gates is a modern example. But we must not believe that this initiative is strictly reserved for the wealthy. Everyone act in a philanthropic way. If you don’t have money to donate, why not donate your time instead? Generation Z in particular is undoubtedly more responsive thanks to digital tools and social networks, which have put a new spin on donating, mobilising and fund-raising for humanitarian or environmental causes.
The need for support
“I’d love to give something back, but how and where do I start?” This is a perfectly legitimate question that Indosuez wealth planners who deal with such matters often hear. It is true that there is no shortage of good causes. However, the budding philanthropist soon comes to question the specific theme, the location, the means and the goal. “Every day, we assist our philanthropic clients in setting up foundations that will allow them to act in the most coherent and practical way possible,” explains Noémie Ohayon. Christophe Muller-Becker adds, “the support and guidance of an expert is invaluable. We give our clients all the tools they need to put their plan into action and to produce a comprehensive report about it, fully in lign with their initial wishes.”
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