Ways to expand the philanthropy discussion with clients

Dec 8, 2013 @ 12:00 am

Runtime: 2:14

A recent study from U.S. Trust shows that many clients feel their advisers could be doing more when it comes to philanthropy. Claire Costello, national philanthropic practice executive at U.S. Trust, talks about how advisers can bridge that gap.

Video Transcript

It is true that many advisers reported that they do-- you know, they do have philanthropic conversations with their clients and many do. So, I don't really wanna, you know, shortcut that fact. But they are not happening with the same frequency that the advisers think they are. And one of the disconnect around the disparity in reporting between one adviser say and what client say maybe the fact that advisers are talking again from a technical standpoint. They're raising issues around taxes and structuring and less so about life goals, philanthropic ambitions, passions and interest of the client. And so the client may not be perceiving it as a philanthropic conversation 'cause indeed it isn't. It's not a whole list of conversations. It's a conversation about tax polic-- tax benefits that's doubling in the adviser's mind as a conversation about philanthropy. First is really having a conversation at all. Secondly is initiate it when you can and when you do initiate it, do it early. Clients understand that it needs to be predicated on your, the adviser's knowledge of the client's personal and financial goal but get to that early because again, the study shows the clients wanna have the philanthropic conversation within the first three meetings and when you do raise, make sure you do it in a holistic way. If you're not feeling confident enough to do that surround yourself with a network of folks that can find your comfort level, your level of expertise with the subject. And then refer out. There's no shame in that, indeed our study shows that many advisers do become out of their depth with the topic and then in that case refer out where there are many, many organizations including ours at US Trust Philanthropic Solutions Group but certainly independent boutique firms that can help you with advising their clients around philanthropy. When you do also incorporate notions of next generation children or grandchildren and so forth and understand that their role in the families giving enterprise is really important. Raising good citizens and passing values to subsequent generations. It is very, very important to [unk] that worth individuals and so with who the advisers to make sure they incorporate concerns around, children in the next generation as well.


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