How do you know when your client is ready to increase charitable support? One of three factors usually are good indicators: 1) annual giving has increased or held steady over time, 2) a life event that triggers a taxable event, or 3) the client has volunteered or provided other intangible types of support to the organization.
What inspires greater philanthropic gifts? Ask your client three questions:
1) What do you want your legacy to be? 2) Do you want your heirs to understand philanthropy? 3) What do your annual gifts to (fill in names of charities) mean to you?
How to help your client evaluate and plan future philanthropy to viable charities? Review mission statements. Review leadership stability. Review Board leadership lists. Focus on a giving strategy vs. supporting every cause.
Many clients give, and give substantially.
Charitable Giving by Family Net Worth
Net Worth Annual $ to Charity
$1M-$5M $13,113
$5M-$10M $65,780
$10M-$20M $211,000
$20M-$50M $488,000
Do clients want support for their philanthropy? Yes!
What might a philanthropic plan or process take or look like? Incorporate a plan into the client's financial plan. Use members of the Community Foundation team to assist as needed. Regularly review plans, and proactively raise questions and make suggestions when a client's situation changes.
What questions might your clients ask you? Why do I need a charitable plan? What options are available to have the greatest impact in my philanthropy? How do you go about incorporating philanthropy into my financial plan? Who offers unbiased philanthropic advisory services?
How can you become a better philanthropic advisor? Know and discuss options. Partner with people at the Community Foundation, attorneys or CPAs or Estate Planning Council members. Don't be shy about sharing your own giving (without promoting your giving agenda).
