The system of regulations and professional experts available to support wealth managers and their clients with philanthropic priorities is extensive, according to a number of specialists in the sector.

One of the initial points of conversation, says James Von Simon, is to understand the level of engagement a client wants to have with the cause in question after they have donated the money. 

One of the regulatory frameworks which exist for clients that wish to be heavily engaged is, according to Von Simon, the creation of a donor advised fund.

These vehicles have about £2.5bn of assets under administration in the UK, but are far more common in the US, said Von Simon.

He added: “These are essentially sub funds administered by a charity. Legally, the charity can deploy the money as they like, but the donor does have the ability to recommend how it should work and it is tax efficient for the client. This way the donor can continue to be involved and there is the potential for the fund to be multi-generational.” 

For Rupert Bentley, founder of Bentley Reid, which typically works with ultra high net worth individuals, the first step in a conversation with a client about philanthropy is to “triage” those who may wish to set up their own charity, commonly known as a foundation, or otherwise be engaged with how their donation is used, or whether they wish to simply be a donor. 

Bentley said that creating one’s own charity was much more difficult than it used to be, as regulators were keen for smaller charities in the same sector to merge in order to improve efficiency. 

He said there were specialist solicitors in the UK who were available to wealth managers who had a client wishing to set up a foundation. 

If a foundation is not the way forward, he said his firm would engage with established charities on their clients' behalf as many clients may want their donation focused on a particular area of work.

Bentley added: “There are philanthropy networks which we can connect our clients with, those are very useful and able to help clients with this as a priority.”

Alan Kinnaird, head of business development at wealth management firm Walker Crips said: ““I believe that connecting with the right philanthropic networks involves some careful thoughts prior to making any long term commitments.

"In my view, working with philanthropic groups works well when both the wealth manager and their chosen charity have a strong sense of connection.”