Understanding Client Motivations
Although wealth advisors are accustomed to thinking about the tax savings or estate planning aspects of charitable giving, clients typically approach the topic from a personal perspective. Their primary motivations may include establishing a permanent legacy, uniting their family through shared philanthropic activity, and/or giving back to the community where they made their wealth. You might therefore approach the subject by asking what they’d like to achieve with their philanthropy rather than starting the conversation with a technical presentation.
After you’ve opened this dialogue, the following questions can help determine whether your client’s philanthropic aspirations merit a more in-depth discussion of the available options.
Client Checklist
• How important is charitable involvement to you at this point in your life?
• Are there issues or problems facing society that have also touched your family?
• Are there personal goals that you’ve set for yourself that philanthropic giving could accomplish?
• What causes or organizations do you currently support and why?
• Are there charitable causes or specific organizations that you would like to support but haven’t had the opportunity or time?
• How would you like to be remembered? What kind of legacy do you want to leave?