A U.S. Trust study found that people want their financial advisors to ask them about charitable giving. In fact, a third of clients surveyed think the topic of charitable giving should be raised in the very first meeting. Yet fewer than half feel their advisors are good at discussing personal or charitable goals with them.
Wondering how to start a conversation about charitable giving with your clients? Or looking to refresh your approach? As part of an ongoing series, we’re asking some of Central New York’s most experienced professional advisors how they “pop the question” about charitable giving to their clients. Hear from William Davies, Attorney at Davies Law Firm, P.C., on how he “pops the question.”
Why do you think it is important to bring up the topic of charitable giving?
I have found over the years that most people are naturally charitable. They view themselves as a part of a community and often support organizations that help others. For most individuals, they like to give a portion of their estate to the nonprofit organizations they supported during their lives. Many of my clients wish to establish a legacy to help programs and causes in their community that will live on after their lifetime.
At what point(s) in your process do you bring up/revisit the topic of charitable giving?
Charitable giving is always addressed in my initial meeting with new clients. In addition to identifying the charities they would like to support, we often discuss how a carefully crafted plan can be established to help their families, support the charities they care about, and reduce taxes during their lifetime and at the time of their death.
What questions or ideas about charitable giving do you find resonate the most with your clients?
Many of my clients have established a lifetime of charitable giving. An important part of their estate planning is to continue supporting the charities they are passionate about and encouraging their children to be charitable as well. I find that the question “How would you like to be remembered?” is a great place to start.