Tuesday, January 16, 2007

Are advisors doing all they can for their clients' philanthropy?

Are financial advisors missing the boat on philanthropy?

That's the assertion of "When Cups Runneth Over: For those who have an abundance, the private foundation has come into its own" by Ellen Uzelac in Wealth Manager (January 2007). Free registration may be required to read the article.

Here's how Uzelac puts it: "Most wealth advisors find themselves poorly positioned when it comes to one of their high-net-worth clients’ most worthwhile impulses—the impulse to give money away. With $500 billion in assets sitting in private foundations today, the disconnect seems almost absurd. Yet few wealth managers treat philanthropy as a core competency, and many are uncomfortable even bringing the subject up."

The article offers suggestions for advisors who'd like to delve deeper into philanthropy. The Bank of America philanthropy study Uzelac refers to is available online.

Advisors in greater Boston can register for "What Do Clients Want? How Can You Help? The Professional Advisor’s Role in Philanthropic Planning," the topic of a Boston Security Analysts Society (BSAS) lunch meeting on February 13. The speaker, Stephen P. Johnson, vice president of The Philanthropic Initiative, Inc., got good reviews when he spoke at the BSAS Wealth Management Conference in October 2006.

In the interests of full disclosure, I have an interest in promoting this BSAS lunch because I'm the co-chair of the committee that scheduled it. Also, I read Wealth Manager because I occasionally write for it.

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