Revisiting Families and the Transformative Power of Philanthropy

Revisiting Families and the Transformative Power of Philanthropy

Article posted in Values-Based on 21 March 2014| comments
audience: National Publication, Two Hawks Consulting, LLC | last updated: 27 March 2014


An ever increasing number of high net worth households are wanting their advisors to assist them with the philanthropic conversation. But there is a problem! It is not just the ultra wealthy. We have a chance to use the same methods with many families below the unified gift and estate tax exemption.

It seems we are hard pressed to go to a conference on philanthropy today without sessions regarding opening the conversation with clients regarding their philanthropy. And with good reason. When advisors learn and incorporate this process, the advisor's practice seems to take on a new personal meaning and their clients are better served. It is no wonder that advisors who have incorporated the philanthropic conversation into their practices have been able to attract more HNW clients. Based on recent studies HNW families want their advisors to open the conversation. The Giving USA reports from 2006 through 2012 report that on average, advisors only start the conversation 6.6% of the time.

With the increased interest and advancements in this area, advisors should review these three evergreen articles written by Randy Fox and Gary Shunk. In combination, they tell the story of the importance of having the conversation, go through an actual family case study, and show how the initial process can provide guidance and help to develop and expand the interest of multiple generations. As you can see the industry has a problem. We do not have enough advisors that know how to ask the question! 

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