From tax reform to impact investing, there are a number of incentives and trends that are changing the way people approach philanthropy. Here we look at some ways charitable giving could further evolve.
[More: Uncharitable giving]
President of the Laurie M. Tisch Illumination Fund
"I'm not sure it's about reforming philanthropy. It's about [figuring out your own] values. For me, it's important to do something that transforms lives. Sometimes that's not splashy. I want to give where the money opens doors for people who would otherwise be left out. We work hard to find where our money can have impact. I am passionate about the power of art to improve health, but more people need access, and there's always a need for more donors. We partner with New York's public hospitals to support programs in arts in medicine, so that more people, including the staff, can participate. At Children's Museum of Manhattan we started a program to reunite incarcerated mothers from Rikers [Island jail] with their children for a day of fun and learning at the museum. It is astonishing and deeply moving to be part of something like that. Getting involved at that level, on the ground with people, is what inspires me to keep giving."
Former Democratic Representative, Lincoln Center and Posse Board Member, and Chairman of Rx Saver, a discount prescription platform
"Reforming charitable deduction rates should be included in any new effort to reform the tax code. Specifically, I think the charitable deduction rate enjoyed by the taxpayer should be largely based on the need of the charity they are giving to. So the more an individual gives to an organization with a large endowment, or one with lots of cash on hand, the less the deduction. I don't want to discourage giving. In fact, I want to encourage more giving to organizations doing great work for people who need it most."
[Recommended video: Why advisers are slow to recognize the world moving toward ESG]
Head of UBS Philanthropy and CEO of UBS Optimus Foundation
"There is more focus and energy on philanthropy today than at any point prior. This surge of energy has created a disconnect between big announcements and programs with big impacts. With the right direction, planning, and resourcing, it is possible to have both, but there are plenty of initiatives that simply do not succeed because the right infrastructure is not in place. The reform I'm pushing toward is to give those on the front lines the tools and resources to measure their inputs, outputs, and impact, so that if they are succeeding they can make that known and get rapid access to more resources. This feedback loop also enables them to identify what is struggling and address those changes in shorter cycles. Social finance solutions will bring more resources, accountability, and interest to the philanthropic space and enable those that want to do good with their wealth and legacy to connect with innovative programs addressing challenges big and small all over the world."
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
