FA Magazine May 2025 | Page 25

CHARITABLE PLANNING asked how they see themselves now and what they aspire to be in the future was as“ givers.” But there were some differences among younger generations that show their focus on the plight of individuals and communities and their desire to be seen as catalysts for systemic societal change with measurable impact. They also used words like“ volunteer,”

Gen Z expresses more interest than millennials in all types of giving tools, especially giving circles.

“ advocate” and“ change maker,” terms cited more often by Gen Z, millennials and Gen Xers than boomers. This illustrates the younger generations’ commitment to direct, hands-on philanthropy as well as to financial contributions.

Advising Multiple Generations

To help clients of all ages make the most of their giving, consider the following best practices to make meaningful connections and adapt your philanthropy guidance accordingly.

Millennials and Gen Z

• It helps to understand what motivates and inspires younger clients; generally, the next gen embraces collaboration, innovation, partnership and transparency, and it places greater emphasis on solving larger root problems in addition to addressing immediate needs.

• Also, you should consider encouraging clients to determine a charitable focus— one that aligns with their interests and values— so that their giving is strategically directed to effect the change they most care about. This is also a good time to identify any disconnects between generations when it comes to their values and help them find common ground.

• And you can discuss the merits of hands-on philanthropy, such as volunteering or working for a nonprofit. Clients could run their own charitable activi- ties( for example, a mentoring program for children in disadvantaged neighborhoods), or start a business with a mission of sustainability that pledges a percentage of profits.

Gen X And Baby Boomers

• It helps to understand what motivates clients in these two generational cohorts. They typically prioritize family values, building a legacy for their wealth and providing financial support to charitable causes that matter to them.

• You can help these clients lead family discussions about values in a way that creates space for multiple points of view. And encourage collaboration to find giving approaches that resonate with all generations.

• You can also facilitate family philanthropy meetings to help clients involve their kids and grandkids in charitable decision-making. That way, clients can teach and demonstrate their values and establish a legacy of charitable giving.

All Generations

• When working across generations, it helps to be well-versed in the various types of charitable giving vehicles and their respective benefits, including tax savings and tax-free asset growth.( While baby boomers, according to our research, exhibit less interest in exploring new giving approaches, their focus on building and preserving wealth presents an opportunity for advisors to educate them about the vehicles’ financial merits.)

• You can also build a network of philanthropic specialists to tap into for education and help providing clients with more in-depth guidance.

By tuning in to your clients’ various attitudes, perceptions and preferences about giving, you can connect with them and their families on a deeper level and help them cement and transfer their values in a way that has a lasting and meaningful impact.

HANNAH SHAW GROVE is Chief Marketing Officer at Foundation Source, the leading provider of enterprise-grade solutions for private foundations, donor-advised funds and planned giving.

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