A study commissioned by New Philanthropy Capital, Switzerland-based organisation Wise and the German Bertelsmann Foundation, all of which advise wealthy donors on how to give effectively, shows that wealthy individuals have a clear idea of what they would like to achieve. But the study says they have difficulty finding qualified, independent advisers who could help them select suitable organisations to donate to.
"This report shows the need for organisations such as ours, which provides in-depth information on charities, particularly at the start of the philanthropic process," Nigel Harris, chief executive of New Philanthropy Capital, told Third Sector.
The research concludes that philanthropic advisers fill a gap in the market that most other wealth management professionals do not meet.
"Lawyers and private bankers are very good at providing technical advice, but they are not interested in the emotional aspects," says one of the study's 34 participants. "They cannot tell you if a philanthropy project will provide you with value for money."