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How To Recruit A Billionaire Supporter For Your Charity

The support of a philanthropic billionaire can completely transform the work of an organisation. If a billionaire makes your charity their pet cause, then you can expect an immediately raised public profile, critical injections of funds and committed support for your projects, not to mention the strong possibility of a generous legacy.

The problem is that billionaires are notoriously difficult to pin down, with a veritable army of gatekeepers preventing easy personal contact. Unless you happen to move in their circles and receive regular invitations onto their private yachts, then it is unlikely that you will able to get within fundraising distance of them.

So what is the best way to recruit a billionaire supporter? After all, they share the same desire to support charities as anyone else, with the added bonus of having a hugely enhanced means of doing so!

There are two ways most fundraisers use to approach billionaires. The first is using a pre-existing network of billionaire supporters to gain access to their equally wealthy friends. This is great but still begs the question how the first, crucial super wealthy supporters recruited in the first place. The second method is to go in by the back door – so to speak – by making an approach to their ‘Family Office.' We will look at the role and function of Family Offices below:

What is a Family Office?

When the average person hears the term ‘Family Office’ they could be forgiven for assuming it refers to a discreet desk stowed away in one of their children’s bedrooms. Not so for billionaires. A Family Office is essentially a private bank who is entrusted by the wealthy individual to store and invest their money, give professional advice and look after the financial interests of them and their family. These companies generally only work for one wealthy family, hence the term Family Office. Their work seeks to ensure that the billionaire’s wealth is invested wisely and passed on to the next generation. In many cases, the Family Office is empowered to make financial decisions on behalf of the billionaire themselves and members of their close family.

The question of charitable giving and philanthropy also usually falls under the remit of the Family Office.

How common are family offices?

Family Offices are surprisingly common. There are approximately 1000 such companies in London alone and many more throughout the country (as well as offshore). There is even a professional organisation called the Family Offices Council (FOC). The wealth these businesses look after is no trifling matter. Keith Johnson, CEO of the FOC, estimate that member organisations look after liquid assets to the value of £1,000 billion. This staggering figure amounts to some 70% of the UK’s privately owned inheritable wealth.

The good news for fundraisers is that Family Offices are far easier to make approaches to than their wealthy clients. Contact can be cultivated in the same way as a corporate fundraising program, with the help of a charity CRM package to manage relationships. By forging ties with the Family Office, a charity can be the beneficiary either of immediate social investment at the discretion of the company, or the Family Office can act as a go-between in facilitating direct contact between the charity and their clients.