Today, nearly 98% of people who inherit money move it from their family’s financial advisors within the first year.1 It’s imperative for you to look for ways to engage with this generation and keep your business sustainable. Incorporating charitable planning into your practice can help you reach your clients’ families and the next generation.
An overwhelming majority of Fidelity Charitable donors discuss charitable planning with their families at least once a year. And those who have made more than $1 million in charitable contributions are teaching their children to be generous—making this topic an easy way for you to connect with clients and their families.2
Point out the benefits your clients will enjoy by creating a family giving plan. It helps them:
Zero in on client values.
Ask clients about their families.
Get introduced to the family.
Keep lines of communication open with the family.
Discuss philanthropic activities with your clients that you engage in with your own family.
1Michael Sisk, How to Keep the Kids, Barron’s, June 2011.
2The U.S. Trust Study of the Philanthropic Conversation, October 2013.