According to the most recent U.S. Trust Study of High Net Worth Philanthropy conducted in partnership with the Indiana University Lilly Family School Philanthropy, 98% of high-net worth clients are giving to favorite charities each year. And they want help from their attorneys, accountants, and financial advisors!
Unfortunately, only 14% of advisors actually offer to help their clients with charitable planning, and only 20% of advisors target younger family members. This is part of the reason next-generation loyalty to advisors is so low.
Philanthropy is a natural connector across generations. When you work with your clients on their charitable goals, it's very natural and appropriate to involve children and grandchildren. Philanthropic planning allows advisors to build next-generation relationships with clients' heirs while the clients are still alive and well.
So what do your clients want to know?
1. Clients want to be informed. Sure, they want to make their own choices about where to give. But they expect that their advisors will partner with knowledgeable experts, such as professionals at a community foundation, to help guide them in how to carry out their wishes within the Internal Revenue Service's guidelines.
2. Clients want to know what options are available to them if they want to give closely-held stock, real estate, or other hard-to-value assets. They also want to work with people who are watching the latest news out of Washington about tax law changes that might impact giving.
3. Clients expect their advisors to be able to get in touch with people who are up-to-date on the most critical needs of the community, even if the clients choose to support different causes.
Fortunately, your Community Foundation is here to help! Our team can answer these three questions, and much, much more. For savvy advisors who work with a community foundation, the answers are just a phone call away at (561) 659-6800.