You know that money has meaning far beyond the possessions it can buy. Engaging a client in a conversation about the values he or she would like to pass on to their children and grandchildren and the community or global social issues are on their minds typically leads to a stronger, more personal relationship. You’re better able to serve the “whole person”.
It can be uncomfortable to move beyond expertise. But by asking a few open-ended questions and listening carefully to the responses, you can deepen your personal connection with your client and make expert referrals that can be extremely valuable to a family of wealth. For clients who express a desire to pass on their values or “leave a legacy”, introducing them to a specialized philanthropy adviser can give them the guidance and confidence to explore the opportunities their wealth provides.
Introducing a philanthropy adviser to your client also makes it easier to integrate giving and impact investing objectives into the family’s overall investment and estate planning strategies and maximize the total tax and financial benefits. Rather than multiple, potentially completing plans and incentives, a philanthropy adviser who works directly for the family will work alongside the family’s other professional advisers to ensure the philanthropist’s goals are met.