Wealth managers are sitting on a philanthropic goldmine. Today, the top 10 private banks hold an astonishing $7.9trn under management. And this trend looks to continue: the assets of wealthy clients — and of those that manage them — are only increasing.

This is what we know for sure:

1. Philanthropy is on the rise — Coutts’ annual Million Dollar Reports chart the steady rise of philanthropy over the past decade. This increasingly popular past time is down to a number of factors, including an increase in wealth (the Sunday Times’ Rich List contains a record 134 billionaires), an increased global connectedness and awareness of global issues, as well as celebration of philanthropic culture and the celebrity status it can bring. 154 billionaires through the Gates and Buffet-founded Giving Pledge have now pledged to commit more than half of their wealth to philanthropy during their lifetime or in their will. Becoming a philanthropist is now met with almost giddy praise and recognition. This trend seems set to continue.

2. Effective philanthropy is needed more than ever — Our expectations of philanthropy are increasing alongside this rise in wealth and giving. Whilst charity has always played an important role in the development of just, democratic societies, rarely has it been called to do so at a global level, to address such complex challenges as global under-nutrition, gender inequality, climate change and the refugee crisis. The challenges we face are vast and will require strategic collaboration, innovative financing and multi-sectoral thinking. And such strategic and effective giving is not as easy as it might seem to the unseasoned philanthropist.

4. Wealth managers have a unique opportunity right now — Donors need support to be effective, and yet the landscape of such support is highly fragmented in the UK. We know that wealth managers, tax advisors and accountants are consulted ahead of philanthropy and social impact experts. Yet only one in five firms offer philanthropy advice. This is despite the irrefutable demand: according to Capgemini’s 2015 World Wealth Report, 92% of High Net Worth Individuals (HNWI) ascribe some level of importance to driving social impact — and this number increases significantly amongst younger audiences.

Read the full article about wealth managers by Juliet Cockram Agnew at Medium.