Philanthropy is no longer just about making a donation on death. Increasingly wealthy individuals want a living legacy where they can guide the charitable use of their money during their own lifetime through business ventures – wealth managers are navigating the needs of the ‘philanthropreneurs’.

“Today's philanthropists are no longer merely donors, they have become change makers,” says Nathalie Sauvanet, head of individual philanthropy for BNP Paribas We...