Coutts, the private banking arm of the Royal Bank of Scotland, is launching a social enterprise advisory service to assist its 20,000 successful-entrepreneur clients to develop social enterprises – a service the firm says is unique within the UK.

 

The service includes advice from a panel consisting of expert organisations from the social business sector – such as Social Entrepreneurs, ClearlySo and UnLtd. This is designed to help clients navigate this sector and find opportunities suited to them, and includes “providing access to business angel investment opportunities and making grants and donations”, the bank said in a statement.

 

As well as providing advice, the private bank will also organise educational seminars and speed-networking events, whereby potential investors can meet social businesses requiring funding.

 

“This is an exciting time with social enterprise providing a new and increasingly important dimension to philanthropy in the UK. With the concept of ‘giving something back’ a frequent element of life planning for many successful entrepreneurs, this provides a great opportunity for them to use the skills that have driven their own success for the benefit of others,” said Andrew Haigh, head of entrepreneur client group at Coutts.

 

While some feared the recent recession would dent high net worth individuals’ appetite for philanthropy, it has continued to be an important area for wealth managers, and overall the last decade has seen a significant rise in philanthropy. So far this year, for example, in addition to this latest launch, The Society of Trust and Estate Practitioners (STEP) launched a new advisory group of practitioners in the philanthropy sector, and Coutts, along with JP Morgan and law firm Withers, launched a new advisory board to help private client businesses setting up philanthropy services.