Charitable Giving as Part of the Financial Plan
Podcast: Charitable giving as Part of the Financial Plan
[00:01 – 07:45] The Power of Unrestricted Giving
- Multi-year funding was a challenge for nonprofits as older donors were aging out
- Donors need to know what they want to fund, how much they can afford, and which organizations are available to fund, aligned with their goals
[07:46 – 15:15] Uncovering the Generosity of the Top 2-10% of Donors
- The top 1% of givers give away millions of dollars each year and get most of the attention, but donors in the top 2-10% aren’t usually offered philanthropic support: a missed opportunity
- GiveTeam is a philanthropic planning company that works with financial firms to support their clients in-house around charitable planning, specifically for donors each giving ~$10K-500K/year (those in the top 2-10% of givers)
[15:16 – 21:53] Understanding the Value Proposition for Millennials and Gen Z
- 80 trillion will be passed on to millennials and Gen Z in the next two decades
- 75% of millennials consider themselves philanthropists: financial firms that embrace thoughtful philanthropic advising (beyond tax considerations) for their clients can better connect with this client segment
[21:54 – 30:01] How Donors Can Leverage Industry Trends for Maximum Impact
- When interviewing a financial manager, Erinn suggests that clients should ask about their expertise around helping clients articulate their charitable priorities and developing a thoughtful giving strategy beyond just tax considerations
- Participatory philanthropy is becoming more popular, allowing those closest to the challenges to be involved in decision-making
[30:02 – 30:55] Closing Segment
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