Enduring Impact: Crafting a Dynamic Family Philanthropy Plan
Philanthropy is a noble goal for wealthy families – but not always one that is well-executed. To be effective, families need to follow best practices that ensure sound governance, measurable goals, and an overriding sense of mission that is shared by current and future generations alike. In this interview with Family Business Magazine, Wingspan’s Maryann Bell discusses these best practices, using concrete examples drawn from her own experience working with wealthy families involved in philanthropy.
“We work with different sized families across multiple generations, so we see different patterns and varying levels of experience,” says Maryann. “But one thing that is very true is that having a family think through what’s important to them and what their values are — and then how to apply those values to a philanthropic platform or program — really connects individuals. It’s multigenerational.”
Crucially, a family needs to see philanthropy through the same lens that they view their investment strategy if they want to succeed. “Just as businesses have to evolve because of regulatory changes or new competition, and just as portfolios might need to be rebalanced because of shifting market factors, philanthropic plans can evolve, too.”
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