Rich prefer to give money away than enjoy art, wine?
Private bankers are focussing on helping their clients give away their money rather than indulge themselves with expensive treats like fine art and vintage wines.
“There have been various attempts across the industry on a sporadic basis over the last ten years to offer art advisory services and other assets such as wine buying,” said James Fleming, head of international business at Coutts, which lists Queen Elizabeth II among its clients.
“You seem to hear a lot about these services when they are being launched but then you never really hear much about them again.”
Following the example of high-profile, billionaire philanthropists like Bill Gates and Warren Buffett, there is a significant and growing demand for good advice on how the rich can return some of their wealth, private bankers told a Reuters summit in Geneva.
Coutts has one of the longest established philanthropy divisions among British private banks, a service more deeply established in U.S. wealth management.
“Our philanthropy forums, where we have very eminent from the philanthropic world are always incredibly well attended – they are oversubscribed,” said Fleming.