We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

If you've ever thrown money at a problem or a person with problems, you'll know that imprudent giving can have harmful consequences. The same can be said of charitable giving in the absence of a financial plan. Charles Pitt, a private client wealth manager at Alexander Forbes Wealth, says good intentions can throw off long-term wealth planning. The most recent edition of the Nedbank Private Wealth Giving Report revealed that while 88% of local high-net-worth indivi-duals donated money, time or goods to the combined value of R7-billion to charities in 2015, more than half of these givers did not have a budget or planned approach to their giving. "While benevolence of any kind is admirable, indiscriminate giving can be ineffective - both for that of the charitable cause and the aspirations behind the reason to donate," says Kerrin Land, CEO of Old Mutual Wealth. Land says high-net-worth individuals should seek advice from an accredited financial planner who can help them ensure that t...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now