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A Network Of Specialists
It will help you to have a virtual roster of experts who can complement your work and allow you to expand ( and contract ) the services you provide without additional overhead . This can be especially useful in specialty areas that may not pertain to your entire client base . For example , philanthropic consultants
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CUSTOM REPRINTS AND AWARD LICENSING
to spark your dialogue , brief introductory or educational materials approved for client use , and tools from third parties that help clients identify their philanthropic motivations and priorities .
If you ’ re new to this space , there are many free resources available to help you evaluate charitable vehicles , craft family mission statements and vet charities . You can use workbooks , checklists and calculators to create a starting point or benchmark for future planning .
Technical Knowledge
If you want to give your clients taxwise advice , you ’ ll have to be fluent in several topics : tax planning ; estate planning ; charitable vehicle evaluation and selection ; and asset management within endowments . ( If you aren ’ t , you ’ ll need team members who are .) If you are versed in these topics , you ’ ll be able to work across both the taxable and the tax-exempt side of clients ’ investment portfolios , constructing cross-disciplinary solutions in concert with other professionals on your team and giving more complete and confident recommendations to clients .
Technology can help . Many fintech platforms offer wizards to guide you and your clients through complex processes to successful completion , while templated forms can minimize your compliance risks and increase consistency in unfamiliar areas .
Philanthropic consultants can assist you with activities such as setting goals , making grants , developing missions and researching nonprofits .
can assist you with activities such as setting goals , making grants , developing missions and researching nonprofits . There are also professional facilitators and psychologists who specialize in family or multigenerational dynamics and can add value and insights when you ’ re navigating complex topics such as succession planning .
When you help your charitable clients align their philanthropic , wealth management and legacy planning objectives , they ’ re better equipped to make decisions and it allows family members from different generations to forge connections that help strengthen and perpetuate the family legacy .
Advisors who add philanthropic expertise to their practices will help their practices evolve and create a more holistic approach to wealth management .
HANNAH SHAW GROVE is chief marketing officer for Foundation Source , the nation ’ s largest provider of specialized support services for private and family foundations .
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DECEMBER 2023 | FINANCIAL ADVISOR MAGAZINE | 23