CHARITABLE PLANNING

Hannah Shaw Grove

To help philanthropic clients , you need the right mindset , skills and resources .

F YOU ARE THINKING ABOUT EXPANDING YOUR PRACTICE TO OFFER broader and deeper support to your clients , your timing couldn ’ t be better . A new year is the perfect time to freshen your approach and introduce different topics , tools and resources that can add dimensions to your role as a wealth advisor .

The Time For Philanthropy Is Now

Over the last decade , philanthropy has moved more prominently into the collective consciousness as high-profile givers like MacKenzie Scott and Bill Gates have helped spotlight the key role that thoughtful and strategic charitable contributions can play in addressing society ’ s most difficult problems . At the same time , younger generations , especially millennials and Gen Z , are driven by purpose and want to align their assets and their actions with their personal values to make a positive impact on our world .

In a recent study that Foundation Source conducted on the founding and inheriting generations of single family offices , we saw distinct differences in each generation ’ s priorities for philanthropy . The founders were more focused on building and preserving their legacies while younger family members were more passionate about advancing a mission and creating social impact . The beauty of philanthropy is that it can meet all of these objectives . And more .

That gives you an opportunity as an advisor , too . Whether your clients are young or old , if you build your expertise in charitable giving , it will give you new ways to engage with clients and deliver value for them .

If you want to add philanthropy expertise in your practice , we encourage you to assess your strengths in these areas .

Whether your clients are young or old , if you build your expertise in charitable giving , it will give you new ways to engage with clients and deliver value for them .

Your Mindset

To thrive in this space , you must be willing to think beyond investments for a more holistic approach , even if it means breaking new ground in your practice and relationships .

Consider yourself a steward for your clients ’ wealth and long-term objectives , and don ’ t limit yourself to the products , structures or services you ’ ve relied on in the past . You will want to start different kinds of conversations with your clients , ones in which you discuss their passions or frustrations — and anything else that might shape their charitable mission .

It can also help you to understand your clients ’ family dynamics . If the older and younger generations work on philanthropy together — perhaps by starting or running a private foundation or investing in donor-advised funds — it could strengthen their interpersonal relationships ( or aggravate them ). The bottom line is that trying something new can feel strange , and possibly out of scope , but it could quickly shift the nature and quality of your client engagement .

Talking Points And Tools

When approaching new topics with your clients , it helps if you have an outline and prompts to guide your conversations and ensure that you ’ re asking valuable questions and getting meaningful responses . For example , you might come up with an informal list of ideas

22 | FINANCIAL ADVISOR MAGAZINE | DECEMBER 2023 WWW . FA-MAG . COM