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Wealth advisors play an important role in helping clients plan for their financial future. In addition to retirement and investment planning, wealth advisors can also help clients plan for their legacy through philanthropy. Here are a few ways wealth advisors can begin the giving conversation with clients to challenge them to think bigger.

1. Understand the client’s values and passions.

Before discussing philanthropy with a client, it’s important to understand their values, interests, and passions, all of which you probably possess as their advisor. This will give you a better sense of what causes they may be most interested in supporting. For example, if a client is passionate about education, you might suggest they consider supporting organizations working on education reform initiatives.

2. Introduce the concept of philanthropy.

Some clients may be unfamiliar with philanthropy or how it can be incorporated into their financial plans, along with the many tax advantages that accompany making gifts to their favorite causes. Introduce the concept of philanthropy in a way that is accessible and relevant to the client. Explain how philanthropy can help clients make a positive impact on the world and leave a lasting legacy.

3. Discuss the client’s financial goals and how philanthropy fits in.

Philanthropy is not just about giving money away. It’s about aligning a client’s values with their financial goals and using their wealth to make a difference in the world. Discuss the client’s financial goals and how philanthropy can help them achieve those goals while also making a positive impact. This should be a big conversation about values and the art of the possible.

4. Explore giving options.

There are many different ways to give, including direct donations, charitable trusts, and donor-advised funds, to name a few. You can explore the different giving options with the client and help them understand the pros and cons of each option. This will help the client make an informed decision about how to give that aligns with their overall financial portfolio.

5. Encourage the client to get involved.

Philanthropy is more than just writing a check! Encourage the client to get involved with the organizations they support by volunteering, attending events, and participating in fundraising campaigns. This will deepen the client’s connection to the causes they support and increase their impact.

At the end of the day, philanthropy is a powerful tool for wealth advisors to help clients plan for their financial future and leave a lasting legacy. By understanding the client’s values and passions, introducing the concept of philanthropy, and exploring giving options, wealth advisors can help clients make a meaningful impact on the world through their giving. Go ahead. Start the giving conversation today with your clients.

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Lukas Dwelly

Author Lukas Dwelly

Lukas Dwelly is a philanthropic advisor at DonorsTrust. Prior to joining DonorsTrust in 2022, Lukas spent more than fifteen years as a consultant and nonprofit executive, raising tens of millions of dollars for state and national charities. A decorated veteran, Lukas is an intelligence officer in the Navy Reserves. He is the proud father of twin teenage girls and his goldendoodle, Norman Buckley, and is a single-digit handicap golfer.

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