It is no secret that charitable giving benefits your client and your community. Now more than ever, clients are open to discussing philanthropy and rely on the expert advice of their advisor. Engaging in conversation and sharing your knowledge of philanthropy furthers relationships and adds value to your practice. This is an excellent opportunity to discuss tax solutions that can also accomplish meaningful work.
According to the 2018 U.S. Trust study of high net-worth philanthropy, most high-net-worth individuals are already giving, but only 49% of donors have a strategy for their giving. There is a significant opportunity here for advisors to grow their practices. By participating in the generosity conversations, you can further the relationships with your clients as you help them achieve the greatest impact towards the charities most important to them.
Understanding your client’s passions allows you to tailor your expertise to their unique interests and pinpoint how they imagine their lasting legacy. Year-end meetings are an excellent opportunity to share the advantages of charitable giving.
A good way to start the conversation is to ask engaging questions about charity. Here are some examples:
- Are there any charitable interests or community needs you would like to address?
- What issues are you passionate about?
- Have you considered donating public stock as a way to use all your resources for giving? Giving stock gifts not only helps you save on taxes but also supports the causes you love.
- Are you currently making gifts to any charitable organizations? If so, which ones?
- What causes and values do you want to pass on?
Initiating this conversation will benefit everyone involved. This opens the door to discuss year-end tax strategies with your clients and will invite them to create a lasting legacy of generosity. It will also strengthen your relationships and credibility with clients and their family. The long-term effects of their generosity will reach beyond your office; impacting your client, their family, and the community.
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Bring your family together around shared values and goals for generosity through a donor advised fund.Start a Fund