Family offices: Best practices for philanthropy
Family offices are often tasked with managing a family’s philanthropy but may have limited knowledge and resources. Several best practices can help both families and family offices lead philanthropic efforts to heighten their impact.
Family offices today are devoting a greater share of time, resources, and wealth to philanthropy. For many families and family offices, charitable giving is one of the main ways they define success. But too often family offices function merely as a conduit, carrying out tasks and donating funds without a comprehensive, integrated philanthropic plan.In “Family offices: Best practices for philanthropy,” we outline key aims and share important issues to consider when incorporating a philanthropy function into your family office, including:
- Focusing philanthropic efforts
- Engaging younger generations
- Aligning mission-related investing with core values
- Creating a structure for family office philanthropy
While there isn’t a one-size-fits-all model for family offices to execute a thoughtful philanthropic strategy, philanthropic families and successful family offices embrace and adapt best practices to strengthen the family’s charitable impact and desired legacy.
