EXCELSIOR CAPITAL PRESENTS

Charitable Giving as Part of the Financial Plan

Erinn Andrews, an expert in philanthropy and social entrepreneurship, is here to discuss her research on wealthy donors and giving trends.

Podcast: Charitable giving as Part of the Financial Plan

Erinn Andrews, an expert in philanthropy and social entrepreneurship, is here to discuss her research on wealthy donors and giving trends. She shares that unrestricted gifts often come more readily when asked for and that nonprofits must create multi-year campaigns for their donors. Erinn also found that many donors act reactively to charitable requests rather than taking charge of their giving and maximizing their impact. With this in mind, she created GiveTeam, a philanthropic advising firm that partners with financial firms to help donors make informed giving decisions by understanding which causes they want to support, how much they can afford, and which organizations are best suited to help achieve their goals.

Key Highlights

[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

Connect with Erinn:

LinkedIn: https://www.linkedin.com/in/erinn-andrews/ 

Website: https://www.thegiveteam.com/ 

Download our FREE Strategizing for Inflation Guide here!

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