3. Discuss charitable vehicle options, including the upsides and downsides of each. Provide recommendations for both your clients’ charitable intent and for possible tax mitigation. While donor-advised funds are the vehicle of choice these days, you can still help your clients by thoroughly exploring with them the differences between donor-advised funds and private foundations so they can make informed decisions. This is important because they often make that choice in a vacuum.

4. Discuss with them what they want to do with their wealth when they pass away. Advisors sometimes say there are only three possible beneficiaries of somebody’s wealth: the family, charities or 300 million strangers (who get it through taxation). Advisors do a major disservice to their clients when assumptions are made about their wealth transfer philosophies and the beneficiaries of the clients’ wealth.

5. Collaborate on the client’s charitable intent and strategies with his or her other advisors so all advisors are working as a team in service of the client’s goals.

6. Once a vehicle is established, make sure your client understands the operational and administrative requirements. For donor-advised funds, advisors may want to review the documents that they receive from their fund provider. They will want to ensure that the fund is incorporated into the estate plan documents and that successor advisors have been determined.

7. Once vehicle documents are processed and filed, do not leave clients hanging. It is one thing to have a charitable vehicle, but it is another to know how to “drive” it. Your client needs to know how to ensure the effectiveness of the vehicle. The more you know, the more you can help clients find the answers. For example, you might consider referring them to a philanthropic advisor to ensure that their charitable giving is meaningful and strategic. Clients assume that you are committed to ensuring that they are successful and protected, so providing resources to “make that happen” is paramount.

8. Pay attention to the charitable intent portion of your client’s estate plan and revisit original philanthropic goals and objectives for both lifetime and legacy giving and any specific contributions or stewardship direction in the estate plan. Do named charities still exist? Are your clients still interested in making outright gifts to these charities, and do they want to instruct their trustees to do so? Things change!

9. Consider innovative ways to reach out to clients, particularly the demographics you want to work with. Events that provide both information and peer interaction are particularly attractive to both women and the next generations. Consider a single topic discussion: philanthropy or impact investing, or you can combine the two to show donors how to achieve a double-bottom-line return on their investments and philanthropy. Bring together charitable giving thought leaders: social entrepreneurs and prominent women donors (for example) to share knowledge and experience. This will enhance your role as a “relevant” advisor and resource.

10. Continually educate yourself! The more you know about what your target markets are talking about, the more you know what the “hot buttons” are in philanthropy—such as taxes—the more dynamic your conversations will be. Another bonus: What you read or learn can be shared with clients as a way to keep in front of them and show that you are thinking about them.

As we noted earlier, the “old school” approach driven by products or investments is not as appealing to the next generations of wealth or to women. They are seeking a dialogue with their advisors. Having the tools in your toolbox to explore philanthropy, uncover current needs and provide solutions to problems clients have and opportunities they wish to seize will be paramount to successful relationships with all clients. It is a win-win-win for you, for your clients and for society.  

Betsy Brill is the president of Strategic Philanthropy, Ltd. She is a speaker at the 4th Annual Invest In Women conference, being held April 29-May 2 in Houston.