Children are never too young to be taught about philanthropy and helping those who may not be as fortunate as they are, said Andrew Crowell, vice chairman of D.A. Davidson & Co. Individual Investor Group.
Even purging a closet of unwanted toys and clothes can be used as a teaching experience, said Crowell.
“A parent can remind a child about the fun he had with a toy that has been outgrown and how much fun some other child might have with it,” said the executive of D.A. Davidson, an employee-owned financial services firm based in Great Falls, Mont.
In that way, parents can begin to pass on a family legacy of philanthropy, he said. Once a financial advisor knows a client is interested in philanthropy, he can gently ask if the client has considered bringing his children into the effort, Crowell said.
“Some people compartmentalize charity to writing big checks, but they can teach children that philanthropy is something they do as a family. Let the child give the toy to someone or take a meal to a neighbor who cannot get out. Children can have a lemonade stand and give some of the profits to charity or to someone in need.
“Parents want to pass along financial and physical assets: They can also pass on values to their children starting at a young age,” he said.
“When an advisor is developing a comprehensive financial plan, it often comes out that philanthropy is a goal of the family. This is a natural conversation point for the advisor,” Crowell said.
“My counsel to advisors and their clients is not to overthink it,” he added. “We tend to think in big terms, but small, random acts of philanthropy can set an example for a child.”