Opera legend Lesley Garrett lends her voice to support launch of 'Together Charitable Foundation' for philanthropists
Jarrovian Wealth has teamed up with Professor Paul Palmer, one of the UK's leading experts in charitable financial education, to create the 'Together Charitable Foundation' (TCF) which aims to encourage more wealthy people to support charities through philanthropy.
TCF was officially launched at a Zoom Webinar event yesterday evening attended by representatives from across the UK financial planning sector. They were joined by special guest Lesley Garrett CBE, one of Britains leading Opera singers, who is renowned for her support of charities and good causes.
Lesley says: I am delighted to be taking part in the launch of the Together Charitable Foundation. I have worked with the charity sector most of my professional life and I think this creative and innovative idea will be much appreciated, particularly by those who are new to the idea of giving.
TCF, which has been registered by the Charity Commission for England and Wales, is the brainchild of Professor Palmer and Jarrovian Wealth CEO Graeme Price. The pair collaborated on a publication for the Centre of Policy Studies back in 2010 which identified that very wealthy people give a larger percentage of their net worth than those on the next two levels of wealth classifications recognised by the Office of National Statistics.
Professor Palmer says: People in Bands 2 and 3 of the ONS wealth classifications, often referred to as the mass affluent, do not donate as much to charity as those in the top level. We have now established TCF as a vehicle to promote efficient, economic and effective philanthropy for clients of the financial planning community.
TCF is a Donor Assisted Fund or DAF which allows the clients of financial planning firms to make a charitable contribution, receive an immediate tax deduction and then recommend grants from the fund over time. Donors can contribute to the fund as frequently as they like, hold assets and then recommend grants in their own time to their favourite charities.
Mr Price says: There are many people in the mass affluent category with wealth levels of from £5million up to £20million plus. While there are existing DAFs in the UK, we feel there are a number of issues in their service provision and in particular confusion and misunderstanding for financial planners.
Weve established TCF as an education and facilitating tool for financial planners who look after mass affluent clients to enable those individuals to give effectively to charity.
Mr Price says that although the initial research goes back to 2010, the TCF concept was one of the key goals when he co-founded Jarrovian Wealth three years ago.
TCFs purpose is twofold. First it will provide education to financial planners in philanthropy that goes beyond tax efficient planning. This will equip and empower planners to then engage with their clients on how to effectively give to charity and how philanthropy can enrich their lives. Secondly, as a DAF it will provide a platform for the profession to use that will provide a reassurance to clients that their philanthropy will be efficient, as TCF is a transparent and regulated giving platform which has a clear and easily understood cost structure, he adds.
Professor Palmer says: The financial planning profession has evolved over the years with an increasing focus on understanding the holistic vision of clients rather than just financial. Many clients will have personally or through their business a relationship with a charity. Many clients will build an empathy or have developed an interest in an issue for example in health, education, culture or nature or wish to donate to an emergency appeal. However, they often face barriers in how they develop that interest and in particular offering financial support.
Professor Palmer says there are often concerns regarding:
• How will I know the money I give will be spent on what I wish to support?
• Will I be constantly contacted for more?
• I want the money to go to the charity and not on other costs?
The industry by having its own DAF can help its clients overcome these issues. This is the profession walking the talk and is what it should be doing to enrich their own clients wellbeing and contribute to a better society and planet, adds Professor Palmer.
The TCF training programme should enable Financial Planners and their Clients to make informed donation and grant making decisions in the vast majority of cases. However, there may be issues relating to more complex giving; for example, funding a development or programme over time, joint ventures, governance or overseas giving which require a more in-depth consideration or plan. TCF can provide that expertise on a bespoke basis through its expert philanthropy panel chaired by Professor Palmer.
About Together Charitable Foundation
TCF was co-founded by Professor Paul Palmer and Jarrovian Wealth CEO Graeme Price Graeme Price and was registered as a charity in 2020. As well as Professor Palmer and Mr Price, TCF has another three Trustees on its Board. For more information about TCF visit: www.togethercf.org
Registered Charity No 1189428 by the Charity Commission of England and Wales.
Meet the TCF Trustees
Professor Paul Palmer DL PhD, Philanthropy Adviser
Paul is professor of Voluntary Sector Management, Cass Business School, City, University of London. He is Associate Dean and Director of the Centre for Charity Effectiveness, a Deputy Lieutenant for Greater London and an external examiner for the Institute of Chartered Accountants in England.
Current charity trustee roles include Vice President of the Nonprofit Academic Centres Council; Chair of the Grant Making Committee of the Hospital Saturday Fund; Yellow Car Charitable Trust, Honorary Treasurers Forum and the UK Community Foundation. Paul is a Non-Executive Director at Jarrovian Wealth and sits on the Group Board and Risk Committee. He also advises Jarrovian clients on their philanthropic activities. In his spare time Paul enjoys travelling with his wife Ros, attempting to tick off destinations from their bucket list, and watching Charlton Athletic.
Graeme Price, CEO at Jarrovian Wealth
A Chartered Financial Planner, Graeme has gained a broad spectrum of knowledge within the financial services sector across a variety of roles. This is put into service to help fellow entrepreneurs use all of the levers at their disposal to accelerate the growth rate of their businesses. Graeme chairs the Group Board at Jarrovian Wealth and is a member of the Risk Committee, the Investment Committee and the Sales & Marketing Committee. He has responsibility for overall strategy and future direction of the business.
Away from Jarrovian, Graeme is a charity trustee and the chair of a not-for-profits organisation. In his spare time, he can often be found on a racecourse, with Cheltenham and Ascot being particular favourites, or at St James Park hoping that one day the boat will come in for Newcastle
Caron Bradshaw, CEO at Charity Finance Group
Caron Bradshaw joined CFG in June 2010 from the ICAEW (Institute of Chartered Accounts in England and Wales) where she was Head of the Charity and Voluntary Sector. In addition to supporting a number of small charities and community organisations, Caron has been a member of the NCVOs National Assembly and the Charities SORP Committee, has sat on a number of Government working parties, is a member of the Church of England Pension Boards Audit and Risk Committee, and is Chair of the Board of the Directory of Social Change (and her local hockey club).
She is a trained Barrister and has a wide array of experience across charity, regulation/law, policy, member support, and professional ethics.
Caron is an avidly social CEO and was been named in the top 30 social CEOs in 2013, 2014 and 2015. In 2015 she was named Charity Principal of the Year at the Charity Times Awards. In 2016 she received the Association Excellence Award for Leadership. She was named in the top 30 UK social influencers in Risk, Compliance and Regtech 2017 and in the Charity Times top 25 Influencers in the Charity Sector 2019.
Group Chief Executive at The Hospital Saturday Fund and HSF Health Plan.
Paul is a graduate of Kingston University with a BA (Hons) degree in Economics and Politics and an MSc in Charity Finance and Governance from South Bank University. Paul joined HSF Health Plan as Finance Director in August 1999, was appointed Chief Executive of the Hospital Saturday Fund in 2011, and Group Chief Executive in 2016. Prior to that, he worked at the Institute of Road Transport Engineers, in the role of Finance Executive, Ford Motor Company UK, and Capita Financial Group in Sydney, Australia.
A keen scuba diver, Pauls experiences with marine life whilst diving have inspired him to assist a number of environmental charities. He is currently Chairman of the Manta Trust (the worlds largest manta ray charity) and was formerly the Treasurer of The Freshwater Habitats Trust, and Treasurer of the Association of Charitable Organisations (the umbrella body for grant-making charities which give grants to individuals).
The Hospital Saturday Fund uses the profit made by HSF Health Plan, its trading company, to make donations to medical charities and individuals in need.
Yogita Patel, Relationships Manager, Blackrock
Yogita is a Relationship Manager on the UK Charities and Endowments team at BlackRock. Prior to joining Blackrock in September 2019, Yogita was a Wealth Manager at Barclays Wealth and Investments responsible for providing investment advice to Charities and Not for Profits. She also spent 10 years at UBS Wealth Management as a Client Advisor with responsibility for providing investment advice to UK Charities and High Net Worth private clients.
Yogita started her career as a junior investment manager at HSBC Private Bank. She holds a Masters degree in Charity Accounting and Financial Management and the CISI Securities Institute Diploma. She co-authored NCVO's 4th Edition of the Good Financial Management Guide for the Voluntary Sector.
Paul Smith Associates: Paul Smith Tel: +44 (0)7771 623 007; firstname.lastname@example.org
About Jarrovian Wealth
JW was established in 2017. Our team of skilled and experienced financial planners does more than just look after the numbers for clients around pensions, investments and protection – both personal and business. We get to know and understand the deeper motivations and aspirations, so we can challenge people to think bigger. While knowing they are in a safe pair of hands building up a secure financial future. We may be one of the newer players, but we are packed with experience as our clients have been trusting our experts with their financial lives for over 30 years. We don't just focus on individuals we incubate businesses too helping entrepreneurs and those up and running to get ventures off the ground, stay on track and plan the perfect exit strategy, so owners can focus on the day job of running the show. JW's headquarters are in London.
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PAUL SMITH ASSOCIATES
26th November 2020