She suspects many advisors are failing to discuss it with clients because it involves dipping into portfolios, she said. “Most advisors are interested in bringing money in, but I think this is a really great way to add value for clients,” especially since more people are more interested in spending their money in alignment with who they are. “And if you can do that, by giving yourself a tax break and at the same time giving a gift that’s actually more valuable than writing a check and supporting the causes that you care about, then it’s a win-win for everybody.”
As advisors, Lu said she and her peers are supposed to be looking at the client as whole, not just to invest and grow money inside a portfolio. “So, if you are a good advisor, and you are not talking about the tax piece with your client, I feel like that’s not of service. And talking to a client about what they feel personally passionate about, like what they care about as a human being, I think it just makes for good business sense,” she said.
Lu further added, “And if you can figure out how to save your client money on taxes and how to help them support causes that they care about, then you just made yourself that more valuable to them.”