Dr. Carla Funk Ruth MacKenzie
The Philanthropy Conversation . . . from Niche to Mainstream Note: BC Notaries do not advise clients on finances or financial planning. They are highly trained regarding Wills, personal planning, and many other legal documents. The list of services is on pages 10 and 25.
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anada is witnessing an increased interest in philanthropy, taking the conversation from niche to mainstream in the wealthtransfer planning sector. he economy can expect upheaval T as baby boomers—that large demographic bubble of people born in the two decades following the Second World War—shift into retirement, old age, and end of life. That is triggering a massive wealth transfer estimated to be in the order of $750 billion. Parkinson, McFarland, & McKenna, 2017; Tal, 2016 Whether through the sale of assets, property transfers, or fundamental shifts in the demographics of our communities, Canada is in for intergenerational
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wealth transfer turbulence. One key trend is the growing tendency of the wealthy to give to charity as they transition their wealth to the next generation. Philanthropy is alive and growing.
The economy can expect upheaval as baby boomers… shift into retirement, old age, and end of life. That is triggering a massive wealth transfer estimated to be in the order of $750 billion. The Sticky Business Findings from a 2018 qualitative research project, Doing Good for Business, led by the Canadian Association of Gift Planners (CAGP), tell us that philanthropy is a powerful force in helping attract new clients and creating what one advisor calls a “sticky business.” In Doing Good for Business – The inclusion of philanthropy in the Canadian Professional Advisor’s business practice, philanthropy is described as “the glue that binds client’s loyalty to (professional advisor) service with such strength that the loyalty sometimes spans across several generations.” The Society of Notaries Public of British Columbia
https://www.cagp-acpdp.org/sites/ default/files/media/Resources/ BusinessCaseStudy2018/doing_good_ for_business.pdf Clients are seeking positive and meaningful conversations on philanthropy with their advisors. A 2014 Canadian survey, also led by CAGP and entitled The Philanthropic Conversation, found wealth-management clients are highly interested in discussing philanthropy and look to their financial advisors to lead the way. The advisors include portfolio managers, wealth and estate planners, insurance brokers, financial business-development managers, estate-planning lawyers, and tax accountants. Client conversations that go beyond the purely monetary open up opportunities and generate positive ripple effects for the advisor’s practice, for the firm, and for the community.
1. The Holistic Approach When a financial advisor takes an interest in the client beyond portfolio gains and losses or business dealings, the advisor fundamentally changes the client relationship. The simple act of expressing an interest in the overall welfare of the client strengthens business and the longevity of the client-advisor relationship. Volume 27 Number 4 Winter 2018
