Charitable Giving Raises Moral Considerations

With the extremely large intergenerational transfer of wealth expected to occur between retirees and their children, people are trying to define a “moral biography” for personal philanthropy, reports The Christian Science Monitor.

Says Paul Schervish, director of the Center on Wealth and Philanthropy, at Boston College, “Never have so many people had such wealth. How they use it is a spiritual question, . . . the key question of the 21st century.”

A survey conducted by the Bridge, in Boulder, Colo., of 50 leaders in banking and philanthropic services stated that approximately $1-trillion has been amassed in donor-advised funds and family foundations, but the money has not yet been directed to charities.

As more people grapple with questions of how to best give away their money, “wealth coaches” and financial advisers are hurrying to meet the demand for guidance.

Of this growing need, Mr. Schervish says, “You’re helping people ‘excavate’ who they are and who they want to be, and your role becomes valuable in helping them close the gap. I’m teaching a way of understanding life spiritually while talking about financial advisement and how you can add value to your clients while putting money in your pocket.”