Tips for starting a charitable giving conversation
Whether the matter at hand is tax planning, updating wills and trusts, or structuring retirement portfolios, the mix of money, family and mortality is a potent combination that almost always creates an emotionally charged planning environment.
Advisors can occasionally feel reluctant to bring up charitable giving during client meetings, even when the topic itself is so uplifting. In some cases, you may be concerned about taking the planning process off course into areas where the client doesn’t want you involved. Or maybe you don’t feel you have a good enough grasp of the client’s big picture to truly recognize opportunities for charitable planning that are a win-win for the client’s favorite causes and the client’s tax and financial plan.
Consider the Following
- Clients expect you to bring up charitable giving; studies reveal a disconnect between what clients and advisors assume and perceive as addressing charitable intentions.
- A meaningful conversation doesn’t have to be a long one. You may not have time to ask a briefcase full of questions, but even just two minutes is plenty to express genuine interest in your client’s intentions and connect them to GCF for further exploration of their charitable goals.
- GCF can act as your technical back up. You absolutely do not need to know the ins and outs of the charitable deduction rules, the details of Qualified Charitable Distributions, or how a donor advised fund or charitable remainder trust operates. If you’ve built an expertise around charitable giving in your practice, that’s terrific, but it is not necessary. We are here to support you and your client’s objectives.
Navigating the Conversation
The charitable planning part of a client meeting could be as simple as this: “Okay! Now that we’ve reviewed your retirement projections, beneficiary designations, and portfolio allocation, let’s check in on charitable giving. Bring me up to speed on your involvement with community organizations.”
Then, let them talk. If they’re not involved in any community organizations, they’ll tell you. And if they are, they’ll tell you that, too.
If the client is indeed involved with organizations, let them know that you are happy to connect them to GCF, or, better yet, tell the client that you’d be happy to invite GCF to your next meeting. Your priority as their advisor is to bring professionals to the table to help achieve their charitable giving goals.
While this sample dialogue is over-simplified for illustration purposes, it does not need to be much more complicated than that. You might be surprised at how much the client appreciates your interest in areas of their lives that go beyond dollars-and-cents transactions and legal documents.
