Latest Blog: Mismatch - 03/20/2023
PRIVATE WEALTH: PHILANTHROPIC FAMILIES
WHY ANGELES FOR
PRIVATE WEALTHWHY ANGELES FOR PRIVATE WEALTHWHAT SETS US APART OUR WORK WITH CLIENTSHOW WE DEVELOP PARTNERSHIPS SERVICES & SOLUTIONSOUR SOPHISTICATED WEALTH MANAGEMENT PLATFORM WEALTH PRIVATE TRUSTINTEGRATED TRUST SOLUTIONS PHILANTHROPYPHILANTHROPIC FAMILIES MANAGING THE ASSETSHOW WE APPROACH ASSET MANAGEMENT
Helping families develop an enduring legacy across generations.
WHY STRATEGIC PHILANTHROPY?
Strategic Philanthropy allows families to meet financial, tax, family, and charitable goals in concert, allowing each to complement and elevate the others.
For many families of wealth, a commitment to philanthropy is a core part of their legacy. Wealth is more than just about passing financial assets to future generations, it’s also about passing important values from generation to generation through giving back to society and community.
A dedicated family philanthropy strategy brings generations together, uniting them in the family’s common cause.
A family philanthropy strategy can be helpful for tax planning through the use of unique financial vehicles that benefit a Philanthropic Family, their cause of choice, and the community.
BUILDING A FOUNDATION OF STRENGTH AND SERVICE
Families can achieve great advantage when taking an integrated approach to managing their investment and philanthropic activities.
These efforts are inexorably intertwined and work more efficiently when managed on a coordinated basis.
This integration creates a strong foundation of shared knowledge between service professionals, providing a Philanthropic Family with an optimized, efficient, and cost-effective result.
EXECUTION OF A PHILANTHROPIC STRATEGY
As with many things, the devil is in the details. The gap between Concept and Success is Execution.
Good intentions need to be supported with a detailed plan of execution, and an experienced support team. This requires an effort encompassing Wealth / Investment Management and Philanthropic Management.
Angeles Wealth Management believes that coordinating Wealth / Investment Management with Philanthropy Management produces optimal results, and often at a reduced cost. Depending on the specific mandate, Angeles may provide Philanthropy services (as detailed below), or may refer this work to an outside philanthropic advisory firm, Starfish Impact*.
*Some of the services described in this offering around Philanthropy may be provided by Angeles Wealth Management ("AWM"), or depending on the complexity of the mandate, may be referred to an outside firm, Starfish Impact ("Starfish"), for an additional fee. Starfish is wholly owned by Marta Ferro, an employee of AWM. There is no revenue share or cross-revenue between AWM and Starfish, meaning if you are an AWM client and use services of Starfish, fees will be paid separately and wil not be shared between firms. A fee discount will be offered to those engaging both AWM and Starfish. Additional information about Starfish can be found at www.starfishimpact.com, and a more complete description of the relationship between AWM and Starfish can be found in Item 10 of the AWM ADV Part 2A. Marta Ferro's full biography is included on our leadership page.
PHILANTHROPY MANAGEMENT PROCESS
Families may begin to work with the Philanthropy Management team at a variety of stages, and over time, may move into different philanthropic phases depending on a number of factors such as generational shifts and liquidity events. No phase can describe a family's needs in entirety, though the following can provide some context to the process.
Determine best financial vehicles to achieve philanthropic and tax goals Determine giving priorities or focus areas Determine extent of family involvement across generations and marriages (if relevant)
Explore succession planning and corresponding financial vehicles Educate and engage family members in giving through site visits, grant reviews, etc. Next generation leadership transition
Assess community impact through use of custom or industry wide metrics Family retreat planning and execution Create custom grant review process
FAMILY PHILANTHROPY SERVICES
Each Philanthropic Family may benefit from short term projects to revamp, accelerate, or jumpstart philanthropic activities, or may need ongoing services to maintain, grow, or refocus efforts. Regardless of what type of service, we work closely and help determine what would best achieve desired results. Below are a few primary examples of the types of services offered to families either through Angeles Wealth Management or Starfish Impact, depending on the specific mandate.
Supporting families in their process of discovering or clarifying their philanthropic goals including:
- Facilitating the planning and execution of a philanthropic strategic plan.
- Facilitating and providing the tools and resources to begin discussions and planning with children and grandchildren.
CHOOSING A GIVING VEHICLE
- Aligning your philanthropic strategy with the structure of your philanthropic entity.
- Working as a team with other advisors to ensure communication is seamless and integrated across disciplines and expertise.
BOARD GOVERNANCE AND MANAGEMENT
- Creating customized best practice governance procedures.
- Developing, training and educating the Board, and planning for Board leadership succession.
- Facilitating Board and / or family retreats.
- Collaborating with outside professionals to ensure that your strategy is aligned within legal and fiscal constraints.
Every Philanthropic Family has current needs and its own process of evolution. Below highlights several of the additional services and specific projects we provide to families either through Angeles Wealth Management or Starfish Impact, depending on the specific mandate:
- Reviewing, analyzing and reporting on all grants.
- Visiting grantees and other on-site vetting processes including creating and executing interview protocols.
- Researching all predetermined and ad-hoc philanthropic opportunities.
- Communicating with grant recipients, advisory team, and Board of Directors.
- Reviewing mid-term and final grantee reports.
- Planning unique and meaningful travel experiences in order to achieve your goals.
- Focusing itineraries on projects, organizations, locations and properties that align with your social impact values and vision.
We strive build portfolios of best-in-class investment managers across all asset classes. If you would like to be considered for our portfolios, please contact us using our manager inquiries form.
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