Attorneys, accountants, and financial advisors are not strangers to tough questions. Indeed, the mix of money, family, and mortality is a potent combination that can create an emotionally charged planning environment, whether the matter at hand is tax planning, updating wills and trusts, or structuring retirement portfolios.
Why, then, are so many advisors reluctant to bring up charitable giving during client meetings when the topic itself is so uplifting? In some cases, it might feel like you don’t know enough about the technical tax planning aspects of charitable giving to offer sound advice. In other cases, you may be concerned about taking the planning process off course into areas where the client doesn’t want you involved. Perhaps 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.
Luckily, the NoCo Foundation has you covered. Consider the following—clients are expecting you to bring up charitable giving. Studies reveal a disconnect between what clients and advisors assume and perceive. If you think to yourself, “Oh, I asked about that,” think again because your client may disagree. Did you approach the question with sincere interest, or were you just checking a box?
You can consider the NoCo Foundation team as your technical backup. You absolutely do not need to know the ins and outs of charitable deduction rules, the details of Qualified Charitable Distributions, or how a donor advised fund or charitable remainder trust operates. Our team is just an email or phone call away. The next time a client expresses interest in charitable planning, we’re happy to support you and be part of the team to meet the client’s objectives. The conversation itself shouldn’t be hard. While plenty of resources offer excellent suggestions for how to bring up charitable giving in conversations, many advisors tell us they keep it simple. You don’t have time to ask a briefcase full of questions, but that doesn’t mean you can’t have a meaningful conversation. Even two minutes is plenty of time to show genuine interest in the client’s intentions and connect the client to the NoCo Foundation.
As a basic illustration, the charitable planning part of a client meeting could be as simple as this:
“Now that we’ve taken a look at 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. If they are, they’ll tell you that, too.
If the client is indeed involved in community organizations, let them know that you are happy to connect them to the Community Foundation team, or, better yet, tell the client that you’d be happy to invite a professional from the Foundation to your next meeting.
Now—before the holidays and busy end-of-year giving season— is a perfect time to have this conversation. Next time you meet with a client, give this simple approach a try. You might be surprised at how easy it is, and how much the client appreciates your interest in areas of their lives that go beyond dollars and cents.
