Philanthropic Advice for Family Offices

Response to parliamentary question on advice for family offices on their philanthropic endeavours.

Oral PQ 5240. Mr Keith Chua: To ask the Minister for Culture, Community and Youth (a) whether there are plans to expand the range of institutions and organisations currently available to advise new Family Offices on their philanthropic endeavours; and (b) whether such plans will include the establishment of platforms for the social services, education, healthcare, arts, heritage and sports sectors to present grant proposals to Family Offices.

1. There are many organisations and platforms that new family offices can tap on to inform and shape their philanthropic endeavours. These include the Community Foundation of Singapore (or, CFS), Community Chest, as well as groups such as the Asia Philanthropy Circle and Asian Venture Philanthropy Network. In March, the Wealth Management Institute and the Private Banking Industry Group, supported by MAS, launched the Impact Philanthropy Partnership to bring together high net worth individuals and family offices to galvanise giving and encourage philanthropic partnerships. These organisations and communities can help new family offices better understand our local giving eco-system and how they can contribute.
2. Our approach is to work with intermediaries that already have touchpoints and connections with family offices, to raise awareness of philanthropic causes and practices, and encourage meaningful and impactful philanthropy. For example, government agencies such as EDB and MAS, as well as intermediaries such as financial institutions with wealth management services, law firms and tax advisory services connect interested donors with CFS. CFS then matches donors with impactful giving opportunities across different sectors – social and welfare, education, health, arts and heritage, sports, etc. – depending on the donors’ interests.
3. As more family offices set up in Singapore, the Government will continue to monitor and review the philanthropic advisory support available to enable them to channel their capital and other resources towards meaningful philanthropic purposes, to make a positive impact on society.