Ever wonder what your clients appreciate most about you and your practice? According to a recent Morningstar study, two of the top areas that investors value in their advisors are personalized financial advice and goals-based planning. How do you, as an advisor, measure up in these respects? And did you know that offering philanthropic services can help you provide both?
Personalized Advice with Philanthropy
Today’s investors, especially Millennials and Gen Z, want to work with advisors who understand far more about them than just their finances. They seek comprehensive, tailored advice that holistically considers all aspects of their lives, including their personal interests and values, aspirations and family dynamics.
How can you understand your clients on these deeper levels? Turn to philanthropy. Engaging in meaningful discussions about charitable giving and social impact can uncover your clients’ most important priorities, passions and principles and help you know them more personally – which ultimately will help you advise them more effectively and might also lead to more assets and client referrals.
Goals-Based Planning with Philanthropy
Achieving financial goals – particularly for high-net-worth investors – involves more than utilizing the right investment and savings vehicles to build wealth. It also includes establishing and preserving a legacy, strengthening family ties and transferring wealth to the next generation. By engaging your clients in philanthropic planning, you can help them address all these important priorities.
How so? Simply because philanthropy helps family members engage with each other through the sharing of core values, goals and charitable interests. It also provides a framework for building a purposeful legacy by encouraging multigenerational collaboration. For instance, younger family members can develop skills that prepare them for bigger roles in the family enterprise, and family members can decide together – along with your guidance – how to deploy their assets to create impact and align their investments with charitable intent.
Adding philanthropy to your financial planning toolbox positions you to support your clients in new ways and to thoroughly address their financial needs.
Philanthropy Can Help Your Clients Maximize Tax Benefits
Is it too late to formalize your clients’ giving and maximize the related tax benefits before year-end? Not if you act fast. With Foundation Source, you can help your clients start a private foundation in less than a week (yes, it’s really that quick!). Your clients can make a big impact right away and get their charitable deductions in now.
Advisors who understand and embrace the notion that their clients want help “achieving their financial goals” actually equates to much more than helping them invest and growth their wealth. It’s about supporting them in myriad ways through wealth transfer, legacy planning, charitable giving and family engagement. And the beautiful thing about philanthropy is that it encompasses all of these.
Looking for other ways to help your charitable clients give?
We have a full range of tech-enabled charitable giving solutions to serve your clients’ unique needs. And with our educational resources and philanthropic advisory services, we’re there to help guide your clients wherever they are in their philanthropic journey.
Questions?
Schedule a call or reach us at 800-839-0054 to learn how we can best support your clients who are passionate about philanthropy. Together, let’s #begiving.
