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“The Role of the Professional Advisor” The professional advisor plays a unique role in helping the client create a philanthropic masterpiece. Every budding artist (philanthropist) needs someone to show him or her how to sketch the picture and mix the colors. This is the opportunity for professional advisors to do what they do best – identify creative solutions that will help their clients solve problems and meet objectives. When the professional advisor displays the full palette and actively explains the charitable planning options available to the client, the artistry locked inside the client will have a chance for full expression. Often professional advisors are reluctant to discuss charitable planning with their clients because they equate this area of planning with soliciting the client for a charitable gift. Some professional advisors feel uncomfortable talking about charitable giving unless the client raises the subject first. This dilemma is resolved as soon as charitable planning strategies are seen as a critical piece of the overall planning process. Taking an active approach builds deeper, richer client relationships, enhances client loyalty, and results in better service. It positions the advisor and the firm to be civic- minded. Indeed, as the “business” of philanthropy grows, if the advisor fails to relate charitable planning opportunities to the client, a competitor is sure to do so, and the advisor may lose a client. Earning a reputation in the community as the attorney, CPA, financial advisor, trust officer or broker who cares about philanthropic planning is well worth the doing. The advisor is doing his/ her job thoroughly by making these recommendations, and it is good public relations for the advisor and the firm. One important word about the “business” of philanthropic planning: it’s good for business. If a client decides to create a Family Foundation, Charitable Remainder Trust or other philanthropic vehicle, someone must review the tax implications, draft documents and assure that the plan is implemented. Where a broker or financial advisor recommends an appropriate planning strategy, it may easily generate more assets for management or the need for additional life insurance. Helping a client add value to his/her planning picture can also add value to your practice. What is most important is that the professional advisor be knowledgeable about the many ways charitable planning options can help solve every day tax, estate, and financial planning problems while adding value to the client’s family and the community. The strategies and ideas herein are only intended to be examples of how charitable planning can work in a variety of situations. It is suggested that the section on Charitable Planning Opportunities be used as a checklist when meeting with a client. ______________________________________________________________ The Art of Charitable Planning - See:
______________________________________________________________ ______________________________________________________________ Legal Disclaimer The information provided herein is for informational purposes only and should not be interpreted to constitute legal and/or tax advice. Donors and other interested parties should consult their legal and tax advisors regarding their specific situations. ______________________________________________________________ Copyright. The Forum of Regional Associations of Grantmakers 2000.
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