When Sally and Karen traveled as a family to Guatemala two years ago, they were surprised at how quickly their sons, Sam and Joey, noticed and were saddened by the human struggles and injustices that many people in that region were experiencing. It was this experience that made the couple consider how they could involve their kids in their philanthropy – not decades down the road, but right away.
Talking with your clients about philanthropy
Giving isn’t an exact science, but results from the U.S. Trust Survey show patterns that can help you navigate important giving topics with your clients.
Over the years, the U.S. Trust Survey has served as an authoritative source of information on wealthy Americans’ philanthropic attitudes and practices.
The survey found that, “fewer than half [of respondents] are having robust conversations that align their wealth with important goals and values.”
While respondents do report discussing tax planning, investments, and estate planning, according to the survey, “high-net-worth clients want to discuss…not just estate planning but also the implications of different trust options, strategic philanthropy and preparing the next generation to be responsible stewards of family wealth.”
“High-net-worth clients want to discuss…not just estate planning but also the implications of different trust options, strategic philanthropy and preparing the next generation to be responsible stewards of family wealth.”
This finding suggests that as a wealth manager, you have opportunities to have conversations that satisfy the more nuanced and broader needs of your clients’ philanthropic goals. In fact, one in four donors (26 percent) say their investment decisions align with their personal values due to conversations with their advisor or wealth manager.
To ensure your clients are aware of their philanthropic options, here are some questions that you may want to ask your client next time you meet.
- Are you giving to any charities now? How do you make your charitable donations?
- How do you decide which organizations to support? Do you typically support the same organizations every year?
- When do you typically make your donations?
- Is a charitable legacy important to you?
- Do you have any charitable vehicles already in place? Any desire to change? Any issues with charitable vehicles you have?
If you or your clients have questions, or are interested in finding out more about philanthropy at the Saint Paul & Minnesota Foundations, please contact one of our gift planners, call 651.224.5463 or email firstname.lastname@example.org. We're happy to explore charitable options with you.