Built with Purpose — Bank of the West Wealth Management Group Focuses on Helping Clients Find a Purpose in their Philanthropy
SAN FRANCISCO, CA | Nov 09, 2016
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As the season of giving draws closer and year-end tax planning shines a spotlight on philanthropy, Bank of the West Wealth Management Group is helping clients think beyond charitable giving and consider how individuals and organizations can align their values with their portfolios. Through purpose-built philanthropy, Bank of the West educates and empowers investors to think strategically and holistically about philanthropic goals and identify ways to deploy capital to meet those goals – aligning values and meaning with various asset classes.
With almost two in five American high-net-worth investors planning to leave at least one-third of their fortunes to charity1, philanthropic planning has increasingly become a key topic as generations from Baby Boomers to Millennials adopt new tools, trends and strategies in finding, building and funding philanthropy infused with purpose. With expanding access to new and established strategies — such as impact investing, donor-advised funds, charitable trusts, private foundations, and generational planning services — investors increasingly have the tools at their disposal to track a return on philanthropy, adjust strategy, and benchmark progress.
“At Bank of the West, we’ve been helping our clients — from individuals and single family offices to non-profits and foundations — achieve their philanthropic goals for decades. But the future has never been brighter for philanthropy than it is today,” said Steve Prostano, Head of Family Wealth Advisors at Bank of the West Wealth Management Group. “The experience, expertise and innovative products we have at our disposal help empower today’s investors to go beyond traditional charitable giving to help grow their wealth while magnifying their impact on the world.”
Bank of the West Wealth Management Group kicked off the season with several educational and informative events that help clients identify the intersection of financial profits and personal values to maximize their philanthropic impact:
- Family Wealth Alliance Fall Forum (completed): Spoke at the Fall Forum on how wealth advisors can engage and educate clients on strategic philanthropy and purpose investing topics, highlighting the demand for philanthropic and purpose investment advice for women and millennials as well as education on various charitable vehicles.
- Family Office Exchange Fall Forum (completed): Moderating a panel discussion at the Fall Forum on motivation, decisions, and journey of panel participants on challenges and opportunities in social impact, philanthropic and financial solutions.
- Philanthropy Awards (November 17): Bank of the West will host the annual award program recognizing nonprofits for their innovation, leadership and measurable impact.
- TEDx Talk (late November): Bank of the West joins other presenters in a TEDx Talk to address investing in the 21st Century, offering forward-thinking and fresh opportunities on philanthropy, purpose investing, and finance.
A Twitter hashtag (#PurposeROI) has been created to track content from these events. To support clients, the Bank has created a glossary of terms that are used in philanthropy to help facilitate conversations between advisors and clients.
“Values and the personal causes investors care about can be reflected across their entire financial portfolio to help provide them with a return on philanthropy — whether that return is financial through impact investing, social through improving programs and initiatives, or focused on improving the lives of those who come after us,” said Pierre Ramadier, Senior Executive Vice President, Group Head of Wealth Management for Bank of the West. “Our advisors work alongside clients to ensure that their purpose-built vision is perpetuated by how they invest, how they spend, and how they give.”
About Bank of the West Wealth
Management Bank of the West Wealth Management provides wealth planning, investment management*, personal banking, philanthropy, and trust and fiduciary services. The group is part of BNP Paribas' global wealth management business of more than 6,600 professionals present in three hubs in Europe, Asia and the US with more than $11.4 billion** in assets under management in the United States and €341 billion ($383 billion) in assets under management globally as of September 30, 2016.
About Bank of the West
Bank of the West is a regional financial services company headquartered in San Francisco with $82.6 billion in assets as of September 30, 2016. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 branches and offices in 23 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with more than 189,000 employees. To learn more about Bank of the West, visit About Us.
Anita Fox, Corporate Communications
Bank of the West
*Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, Member FINRA/SIPC, and SEC Registered Investment Adviser. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California, (License #0C52321), through BancWest Insurance Agency in Utah and through BancWest Investment Services, Inc. in AZ, CO, IA, ID, KS, MN, MO, ND, NE, NM, NV, OK, OR, SD, WA, WI, WY, HI, GUAM and CNMI. BancWest Investment Services is a wholly owned subsidiary of Bank of the West. Bank of the West is a wholly owned subsidiary of BNP Paribas. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors.
**Assets under management refers to assets under administration, management, advisement, and on deposit, including assets with our affiliate BancWest Investment Services ("BancWest") as of September 30, 2016.
1BNP Paribas Individual Philanthropy Index by Forbes Insights (April 2016)
Investment and Insurance Products:
- NOT FDIC INSURED
- NOT BANK GUARANTEED
- MAY LOSE VALUE
- NOT A DEPOSIT
- NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY