For leading advisors, growing their practice is at the top of their to-do lists this year. And philanthropy is a powerful growth engine that advisors can tap into. In a recent Financial Advisor article, our President of DAFs Stephen Kump shared three ways that leaning into charitable giving will take your practice to the next level in 2025.
#1: Deepen Your Client Relationships
When you ask a client about their charitable interests, you’re inviting them to share their personal stories, family traditions and the pivotal moments that have shaped their lives. Perhaps they support medical research after they faced a family health crisis or they remain passionate about education because a scholarship changed their life’s trajectory.
These discussions will go far beyond portfolio returns and help you forge emotional connections and trust. Such talks also redefine the measure of your clients’ success: Instead of focusing solely on growing their assets or increasing their liquidity, you’ll help them get to deeper motivations—and that will help you create a more enduring, loyalty-driven relationship.
When clients feel their advisors truly understand them, they’re more likely to remain loyal, refer friends and entrust more assets. You’ll also strengthen bonds in a way that makes you a client’s go-to counsel for major life decisions. That can turn you over time into a resource for the client’s entire family as well, meaning you can serve multiple generations.
#2: Launch New Philanthropic Tools
In the past it was a cumbersome process to create philanthropic vehicles such as private foundations or donor-advised funds. It required paperwork, a lengthy administrative process and coordination with multiple entities. Today, technology has emerged that can automate much of the paperwork and streamline much of the process.
Some tech-driven philanthropy tools can even be branded under your firm’s banner, which can further elevate your offerings and demonstrate value with clients. By integrating giving tools into your practice, it’s easier to open conversations about charitable activity and goals. And it will foster a continuous dialogue about the integration of their legacy and money.
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