Charities To The Rescue
“Philanthropy is a way to bridge generations. It is an important pathway to preparing heirs,” said Susan Winer, senior vice president and co-founder of Strategic Philanthropy Ltd.
Almost four out of five of U.S. high-net-worth individuals are dissatisfied with philanthropic guidance from their advisors, she said.
Advisors that are not having conversations with their clients about philanthropy should consider doing so. “It is wonderful to use philanthropy to start a family discussion,” Winer said.
Involving children and other family heirs in philanthropic decisions can also help them understand the value of money, she said. It will also encourage the younger generation to become more aligned with the family’s values.
Getting Started
A good conversation starting point is to tell your clients the risks about doing nothing, Doolin said.
“If your first conversation with your clients’ kids is, ‘Sorry for your loss,’ it is too late,” Doolin said.
Mike Byrnes is a national speaker and owner of Byrnes Consulting, LLC. His firm provides consulting services to help advisors become even more successful. Need help with business planning, marketing strategy, business development, client service and management effectiveness? Read more at ByrnesConsulting.com and follow @ByrnesConsultin.