Family offices are multi-faceted, and philanthropy plays a pivotal role in many modern family offices today. By making philanthropy a core part of operations, wealthy families can have a profound impact, both globally and locally.
Here are some important things to keep in mind when developing your philanthropic mission and strategy and how a qualified and motivated philanthropy manager can help make your goals a reality.
Cultivating Your Mission and Strategy for Giving
The first step for your family office team is to identify what your motivation is in your philanthropy efforts. Find the purpose and how it aligns with your family’s objectives, resources, and passions and include all of the generations in that conversation.
That way, each family member can voice their goals, values, and ideas, and the family will be on one page that includes everyone’s passions.
Building a Portfolio
When considering ways to leave an impact on the world, consider some of these tools in cultivating a portfolio that reflects your family office. While financial contributions are incredibly important and valuable, there are also other methods to give back that are also rewarding and measurable.
A philanthropic manager can help identify what these are and manage those resources accordingly.
Talent
What unique skills, knowledge or areas of expertise, or abilities do the individuals in your family office have? Have your philanthropic manager tap into the talents and gifts of those people and put them to work in various philanthropic causes. For example, consider volunteering time at an organization by donating legal, financial, marketing, or communications skills.
Time
Time is our most valuable resource and giving that to charitable causes is one of the best ways to make a difference. Your philanthropic manager can coordinate volunteering time at a local or national organizations that are doing good work.
For example, consider serving at a local food bank or shelter to sort donations or serve food, or volunteer on the board of an organization that has meaning to you. Or think about becoming a mentor to students in need or individuals looking to build a career in a field you’re familiar with.
Your time is a gift and can be a huge benefit to organizations – and individuals – both near and far.
Partnerships and Industry Connections
Your family office may have a variety of partnerships, industry connections, and other networks that you can tap into can help philanthropic organizations thrive.
Your philanthropic manager can help establish deeper relationships with these individuals, foundations, or companies, and find unique ways to collaborate on projects or other efforts that make a significant difference.
Once you have identified your family office’s goals in giving back and outlined a path toward strategic giving, an experienced philanthropy manager will execute those and ensure your contributions make a difference. Here are some of the other key tasks a philanthropy manager can assist with:
- Putting strategic giving frameworks into place
- Helping establish private foundations, charitable trusts, or implementing direct giving
- Measuring and evaluating impact
- Cultivating global and local initiatives
- Overseeing nonprofit partnerships
- Projecting legacy impact
- Tracking social innovation and engaging in generational planning
- Ensuring donor-advised funds are optimized
- Identifying and implementing community transformation ideas
- Developing sustainability programs
Hire a Philanthropy Manager
Hiring a motivated philanthropy manager means you’re bringing a legacy builder onto your team. Our expertise in family offices ensures you can find the best of the best, so you can effectively implement your philanthropic mission with integrity and vision.
Our detailed and personalized process helps us to get to know our clients, ensuring we have a good understanding of your unique family office culture.
Contact us today to get started on the hiring and interview process. With a great philanthropy manager on board, your family office can shape a robust philanthropic portfolio that helps build a better world and leaves a legacy that you’re proud of.
We look forward to working with you!
