Uniquely Coutts – Maya Prabhu

Before she joined Coutts, Maya Prabhu always thought the private banking institution was ‘old and stuffy’. But after nearly a year and a half as Coutts’ senior philanthropy adviser, her view has changed completely.

“When I first started here, I assumed it would feel like a huge organisation and be so different to the other places that I worked. But I was wrong,” she insists. “There is a real family atmosphere here, and everyone knows everyone.

“It certainly doesn’t feel like a large impersonal bank. I was also struck by how a traditional brand was doing such innovative things, like working with the children of clients and philanthropy.”

Coutts was the first private bank in the UK to offer clients philanthropic services, something Maya believes is a sign of the times. “I was at a gala dinner when a guest asked me if philanthropy had anything to do with stamp collecting!” she roars with laughter. “That was in 2005. Now philanthropy is part of everyday language, mostly because people are more open about their giving.

“There has been so much wealth creation in the last 20 years that people increasingly want to express their values and what’s important to them in other ways. And that’s where philanthropy can make a big difference.”

One of the most common questions she gets asked is ‘what’s the difference between philanthropy and charity?’ “Charity is a bit more spontaneous and reactive,” explains Maya, “while philanthropy is strategic, focused and considered. If you are giving away large sums of money, you want to ensure your money is making a difference.” And that’s where Maya can help.

“I was at a gala dinner when a guest asked me whether philanthropy had anything to do with stamp collecting!”

Her role is to provide philanthropic advice and strategy to clients, and considering there are over 180,000 charities in the UK alone, she can certainly help to narrow this down. Her first step is to find out what a client’s motivations are to give.

“Some want to feel significant, others want a second career especially if they have just sold their business, but very few do philanthropy because they feel guilty about their wealth or for tax purposes,” she asserts.

Maya also believes that philanthropy can help build a legacy for a family. A client may want to pass on certain values to their children, and they can do this through philanthropy, which instils a culture of thinking of others first.

“People get involved with charity for a number of reasons. Some want to feel significant, others want a second career especially if they have just sold their business, but very few do it because they feel guilty about their wealth or for tax purposes.”

And although, philanthropy may be considered as worthy work, Maya also insists its fun both for clients and for her, particularly as it opens up new opportunities. “Our clients get to meet a whole new spectrum of people and explore a world they wouldn’t normally experience.

“One client who usually holidayed in Australia or the United States has, in the last year, been to Mozambique, Rwanda and Bangladesh to see the charities he supports first hand. He was blown away by the different cultures he came across,” she smiles.

“You need to have empathy and intuition to do this job, especially as clients open up and tell you what’s important to them. Sometimes you have to read between the lines of what people are saying to you.

“What’s rewarding and inspiring for me is to know that I have advised someone whose support has made all the difference,” concludes Maya.

For more information, visit  www.coutts.com/philanthropy  

By Rupa Sudra