What is the primary focus of philanthropy in wealth management?

The primary focus of philanthropy in wealth management is the practice of charitable giving. This encompasses strategies and practices that individuals and families use to donate to causes they care about, with the goal of making a positive impact on society and supporting nonprofits, charities, or community initiatives. Philanthropy allows wealthy individuals to align their financial assets with their values, thereby enhancing their legacy and facilitating social change.

In this context, philanthropy often involves creating structured giving plans, such as establishing charitable foundations or donor-advised funds, and considering the social return on investments in addition to any financial implications. While tax liabilities, real estate investments, and retirement planning are important aspects of overall wealth management, they do not encapsulate the essence of philanthropy, which is primarily centered around altruism and community benefit through charitable contributions.