Philanthropy should belong in the family wealth conversation: Standard Chartered Global Private Bank - The Business Times
Standard Chartered Global Private Bank suggests making philanthropy a core part of family wealth conversations, arguing it builds crucial decision-making skills for future leaders.
- Philanthropy can be a training ground for future wealth stewards.
- Decision-making skills honed through giving apply to inheritance discussions.
- Structured philanthropy helps manage intergenerational perspectives.
- Involves younger generations in significant family matters.
### Engaging the Next Generation Through Giving
Wealthy families are increasingly viewing philanthropy not just as occasional donations but as a strategic tool. Standard Chartered Global Private Bank highlights how structured giving can serve as an effective platform to involve younger family members.
### Building Essential Leadership Skills
According to Scott Chang, head of philanthropy for Asia at Standard Chartered, the process of making philanthropic decisions can mirror the complex conversations around wealth succession and inheritance. This 'decision-making muscle' developed through charity work can significantly ease future transitions.
### Navigating Intergenerational Dynamics
As wealth grows and more generations become involved, diverse perspectives emerge, sometimes leading to disagreements. Integrating philanthropy offers a constructive avenue to practice collaborative decision-making, preparing heirs to manage substantial family assets and values.
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