Credit crisis 'won't deter rich givers'

Wealthy people will continue to use philanthropy services despite the current economic environment, according to a survey of European wealth advisers.

Increasing numbers of rich individuals and the growing importance of the Middle East and Russian markets will mean that advice services on charitable giving for the wealthy will grow over the next five years, the report by the Scorpio Partnership says.

But it concludes that advisers are not currently meeting the needs of their clients. Only half the private banks interviewed felt their teams were well trained in discussing philanthropy.

"Despite the economic downturn, factors such as rising wealth, fiscal change and social conscience will continue to fuel demand for philanthropy advice in the long term," said Plum Lomax, marketing manager for New Philanthropy Capital, which commissioned the research. "But the industry is still not meeting clients' needs and many wealth advisers are missing out on significant benefits as a result."

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