The Chartered Institute of Fundraising is “concerned” by a decision made by the Department for Culture, Media and Sport to “rule out mandating philanthropy training” for wealth advisers, according to a new report.
In the second part of its ‘Philanthropy 2035’ research project, published today, the CIoF said mandatory training was considered “the most effective way to drive the cultural change necessary” to encourage more conversations about philanthropy between advisers and their clients and stimulate greater levels of charitable giving.
It cited earlier research by Barclays Private Bank and Wealth Management, which highlighted the importance that high-net-worth individuals attribute to their advisers “proactively raising the topic of philanthropy”.
But despite a “clear appetite” for more support among donors, Barclays reported that only 33 per cent of high-net-worth individuals said their financial advisers had broached discussions about philanthropy.
The CIoF attributed this low figure to “a lack of understanding of philanthropy” among advisers.
Third Sector has contacted the DCMS for comment.
The Philanthropy 2035 project forms part of the CIoF’s drive to strengthen the future of fundraising and bolster charities’ relationships with supporters in “an increasingly complex giving environment”, according to the membership body.
It explores how charities want philanthropy to change in the 10 years from 2025 and the necessary steps to realise this.
The latest report also includes a recommendation for infrastructure bodies to develop new guidance and resources to improve fundraisers’ understanding of the professional advice and donor-advised fund landscape.
It says: “Intermediaries will continue to play an increasingly important role in philanthropy, meaning charities will need to better understand how to work within this evolving ecosystem.”