From the advisor's point of view, you would like to help clients be generous while not tying up their assets in case they are needed later. Here are several strategies you can suggest. (Photo: Shutterstock)
As clients get older, they often become more popular. They are collecting retirement income from a few sources. Their children left the nest years ago, and their expenses may have gone down. They get involved with a local charity, support the mission and want to do even more. The charity is thrilled. Where can you come into the picture?
Charities primarily look for deep-pocketed donors. Your client has assets. Sometimes the rationale is simple: “You have money. We need money. Therefore, you should give your money to us.”
Fortunately, your client has a range of ways they can help the charity. As an advisor, you don't want them to give away most of their assets. Their heirs might prefer to be on the receiving end. And circumstances might change down the road — they might need the money for long-term care expenses.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
