Giving Back To The Community – Philanthropy

Philanthropy is an expression of your family’s core values; it represents who you are and what you aspire your legacy to be. To maximize the impact of your philanthropy, you must ensure that your giving strategy is effective and that your gifts are used in a way that reflects your intent.

There are many great causes to support and reasons to give; but thinking about philanthropy strategically can help optimize your philanthropic endeavours. A philanthropic advisor can assist in assessing your current situation and establishing short-term and long-term philanthropic goals that represent your family values. A successful plan serves the purpose of ensuring the continuity of your legacy and sustainability of your impactful giving.

The Multifaceted Art of Philanthropy

Philanthropy is a great way to help bring your family together by providing a forum for transmitting core values across generations. Beyond the immense impact philanthropy can have on a society and on deserving causes, families can also gain benefit from philanthropic actions.

Strategic and inclusive philanthropic planning – especially across generations – helps your next generations, be it children and grandchildren, understand the impact that giving can have on the world around them. At the same time, they can gain a better understanding of some of the practical issues of investment management. Many families use charitable funds or family foundations as a way of helping develop financial literacy among the next generation and to teach family members how to interact with the family’s advisor network or other external stakeholders.

Bridging the Generations

At Richter Family Office, we encourage families to come together in this way and seek to engage multiple generations on strategic philanthropic issues – building a legacy for the family and for their community at large.

On the more personal side, we also help families navigate the decision-making process. Charitable giving can be a great way to transmit values to younger generations; it’s an opportunity to teach children or grandchildren financial literacy and get them involved in activities that go beyond just amassing their own personal wealth, by sharing with others.

Philanthropy is an important module of the Richter Financial Literacy Program. The program is a safe space for family members to engage in meaningful discussions with each other about leveraging what has already been built by previous generations and figuring out the best ways to involve the next generations. It’s a chance to bring awareness to the opportunities, issues, and challenges of managing a family enterprise and that includes philanthropy.