In 2021, Barclays estimated that the global philanthropic sector was worth £182 billion. For wealth owners around the world, philanthropy is no longer a “nice to have” – but a core part of how they approach and manage their wealth.

At Conduct, we help our clients design – and implement – philanthropic strategies that include giving, involvement, and evaluation.

And we have a philanthropic strategy of our own. We’re proud to support Child’s Dream – an organisation helping to improve basic education, higher education, and health in Myanmar, Cambodia, Laos, and Thailand.

Since 2003, Child’s Dream has impacted directly on the lives of over 1.3 million beneficiaries. During this time, they’ve helped solve challenges like limited access to basic education, insufficient health care, and a lack of job opportunities among many other initiatives.

We were delighted to host a conversation between our Partner Mathilde Wittmer Thormann and Co-founder of Child’s Dream Marc Jenni. As part of her role at Conduct, Mathilde manages charitable structures on behalf of our clients, as well as advising on philanthropic projects.

We spoke to them about philanthropy, and how wealth owners can make sure their contribution has the greatest impact.

 

1. Marc, how did your philanthropic journey start?

My co-founder Daniel and I started out as bankers in private wealth management. We worked for many years for UBS, based in Asia. I worked in Hong Kong and Singapore, while Daniel also had a stint in South Korea.

Eventually, we both grew tired of this kind of work. I began to find my role consisted mostly of client lunches, and began to ask myself: is this how I want to spend my career? I was well-paid, I was well-respected, I was well-looked after – but was I fulfilled? At the age of 33, I started to feel there was something missing in my life.

So, I quit. Without any idea of what I was going to next – but with six months of paid leave where I could figure this out.

Coincidentally, Daniel was doing the same. He had relocated to northern Thailand, and invited me to spend some time with him.

“I need to talk to you about something important,” he said. “You’ve left your job, and talk about doing an MA in Southeast Asia studies. But this is a vague plan – why don’t we do something meaningful? Why don’t we establish a foundation?”

It took a little convincing, over many evenings (and a few bottles of wine). But 21 years later, here we are. It’s been an incredible journey.

 

2. What was it that convinced you to enter the world of philanthropy?

There were many reasons. But perhaps the most important was the chance to test myself.

I had spent years working for big financial institutions. But, in my experience, even senior people within those institutions have little autonomy. In every moment, in every decision, they are guided by the wider structure.

That’s what I wanted to get away from. I was excited to enter a world where I did have autonomy. I wanted to prove myself. Am I an entrepreneur or not? I thought I might be, but had no experience to confirm my hypothesis.

 

3. What did you find difficult about your first few years in the world of philanthropy?

It took about three months for those doubts to disappear. I began to realise: okay, I can actually think for myself. I don’t need a company to tell me what I have to do.

I realised I like taking responsibility for my decisions. There was no safety net, which I actually found incredibly freeing. Suddenly, I was able to channel 100% of my energy towards something I believed in.

If people can’t focus 100% of their energy into what they really want to do, it’s inevitable that it channels into things like self-advancement and social prestige. People said to me: “but what do you put on your business card, now you’re no longer a bank director?”

My answer? I get to put whatever I want!

 

4. Mathilde, what was it that made Child’s Dream the right partner for Conduct?

At Conduct, our goal is to support individuals and organizations that employ innovative and entrepreneurial strategies to improve global health and sustainability.

When we met Marc and his team, we were looking for a new philanthropic project supporting the same causes as Child’s Dream, namely education and health.

Marc and his team’s presentation made clear that we had found an organization and projects aligned with Conduct’s belief that education and empowerment are essential to building fair and healthy societies.

Their approach really resonates with us because it helps us build trust while monitoring the projects, from a distance.

 

5. What has this partnership taught you about how wealth owners can approach their own philanthropic strategies?

It’s important to have a dual perspective and realise that these issues are complex not just because of the financial aspects. There’s always a risk that a wealth owner can treat a situation as a process to be managed and completed.

After all, they may be giving their money because they feel pity – but not think too hard about where that money is going, or the impact it might have. They may not analyse an NGO based on its performance or governance.

But in what other area of life would a wealth owner be so lax? They would analyse the performance of their financial advisors, their accountants, the people who educate their children. It is time, I would argue, for the same professionalism and rigour to be applied to philanthropy.

We believe that identifying the philanthropic goals is key to a successful engagement and needs involvement of the whole family.

 

6. Marc, how do you engage wealth owners and entrepreneurs in what you do?

This is really important for us. Almost half of our funding comes from very wealthy individuals. Increasingly, these individuals come from the next generation of 20-40 year olds.

Our supporters are highly educated and motivated. We channel this by inviting them into the field, and talking deeply about what we’re trying to achieve. In doing so, we start to change their perspective on philanthropy – and help realise that we’re not just “helping a few children”, but acting as a serious, professional organisation, aiming at triggering systemic change.

We want to raise our supporters’ understanding of what’s possible in philanthropy. When the tech revolution arrived, everyone thought that the mobile phone was the solution to every problem. We had to educate our supporters that technology is only one part of philanthropy.

After all, the world faces a very diverse group of problems – and so requires a diverse group of interventions. Innovative finance, social entrepreneurship, technology, traditional charity: they all play a role – if they’re implemented by the right team.

 

7. How does Child’s Dream operate so efficiently?

There are two reasons: our operational model, and our commitment to proving our impact.

Our headquarters are in Chiang Mai, with 85% of our workforce coming from the four countries we operate. We have only one salary scale, meaning we pay people based on their experience and performance – not where they’re located geographically or where they come from.

We also use a lot of technology within our organisation to keep our operational costs low. Out of every $1 donated, around 95 cents go directly to our work. That’s much higher than NGOs based in Switzerland, for example, where around 19% go towards operational costs.

That’s the operational side. When it comes to impact, we started to seriously look at this around six or seven years ago. Before then, we had a “gut feeling” that our work was impactful. But we didn’t have the proof.

So, we built a team of researchers to focus entirely on this question. They do nothing else but measure our impact in Southeast Asia, producing an annual impact report. Initially we did this for ourselves, not for external audiences, so that we could see what we need to change. What can we make better? What should we stop? Our own learning took centre stage.

Now, we make this data available to our external stakeholders and supporters, so they can see the impact of their philanthropy.

 

8. What role can the Conduct Formula play in a wealth owner’s philanthropy strategy?

I think lots of wealth owners would recognise that wealth is more than “just” financial wealth – and that it also comprises physical, emotional, intellectual, and social wealth.

But what some wealth owners find challenging about philanthropy is that it takes them out of their comfort zone – and places them in situations where their emotional responses may be exposed.

Consider a business founder or owner. Such a person may feel comfortable in their own world, but anxious about entering one where they may feel out of control. After all, no one can control everything – and philanthropy often places wealth owners in new, unfamiliar situations.

 

9. Mathilde, how can Conduct help facilitate a wealth owner (or their family’s) philanthropic strategy?

As advisors, we are sparring partners to wealth owners – not only financially, but emotionally and intellectually.

Using our Conduct Formula, we present the importance of the relationships in the achievement of an effective philanthropic strategy. We help family members to better understand each other and find common vision and goals.

A lasting philanthropic legacy is achieved not only with financial wealth but also with intellectual, social and emotional wealth (and especially with lots of good and healthy relationships!)

Philanthropy is the perfect venue to promote family unity and engage the next generation with innovative ideas.

At Conduct, we guide our clients through the complexities of philanthropy. We help them navigate the choices and opportunities available to achieve their goals.

One key question we often address is whether they should establish their own charitable foundation or align with existing organizations. Creating a charity can offer direct influence over its mission and operations, but it also introduces administrative burdens and regulatory hurdles that may take time and resources away from the cause itself.

In contrast, supporting an established charity can be a more strategic and immediate way to create meaningful impact. It allows wealth owners to leverage the infrastructure and expertise of existing organizations, ensuring their philanthropic contributions make a difference from the start.

We help our clients weigh these options carefully, considering not just efficiency, but also personal values, legacy goals, and the level of involvement they wish to maintain in their charitable endeavours.

Whether it’s building something new or strengthening what’s already there, our aim is to ensure philanthropy becomes an authentic reflection of the family’s values and vision.

Beyond these strategic questions, we also provide full operational support – from setting up charities to reporting.

 

10. Marc, how has the past 21 years changed your perspective on philanthropy?

Philanthropy might be the best sector in the world. It might also be the biggest. But I’m afraid it might also be the most unprofessional.

That’s something we’ve considered from the beginning of Child’s Dream. If you’re an organisation with a social cause, it’s essential you know how to deal with money – professionally, and transparently.

After all, it’s easy for people outside philanthropy to think: “well, anyone can take care of a few children”. But that isn’t what we do. Philanthropy is a highly strategic industry, which needs highly capable and educated people to bring about systemic change. That’s the reality of what we do – but not, I’m afraid, how we’re currently perceived.

 

11. And finally, Mathilde: what do you think is changing about how wealth owners approach philanthropy?

We’ve spoken a lot about the long term. That’s the big trend: how do you contribute towards long-term, sustainable impact, rather than short term action?

And, as Marc has mentioned, the sector is – and needs to become – increasingly professional in its approach.

The principles of transparency and accountability are embedded across much of wealth management. I think we will increasingly see them become part of philanthropy too.

Finally, it seems that individual commitment and involvement from the next generation is also increasing.

We see younger family members taking active roles, bringing fresh perspectives with an important focus on issues like climate change, social justice and technology-driven solutions.

Ultimately, young philanthropists aren’t motivated by pity for others; they are motivated by a strong desire to make a real difference in the world.

For more insights on the art of wealth planning, subscribe to Notes on Wealth Planning.