How Can I use Agents of Wealth Most Productively

Deb Minton is the very effective Vice President of the YMCA in Grand Rapids, Michigan.  She asks: “How can I use Agents of Wealth most productively for my organization?”  We hear the question often.

Steve Mourning is a Partner of the firm. Here’s what he says in response to the question. But first, he admonishes all organizations to make Advisors your friends.

Financial Advisors are becoming more important than ever in philanthropy.  The lines are blurring between major and planned gift donors. We find more than ever, donors are discussing their outright and planned giving intentions with their Advisors before the gift is made. And we find advisors are learning more and more about charitable giving.  More than ever, they are proactively presenting philanthropy as an opportunity.

Two examples: Richard Weylman is widely regarded as a marketing guru in the financial advisory world. The financial advisors in your community know of him, have probably heard him speak, and many get his weekly e-mails on marketing their services.  He’s a giant in their world.

He recently wrote about “Giving Back.” Mr. Weylman defined a Philanthropist as someone who makes charitable donations intended to increase human well-being.

He wrote: “We should always be on the lookout for ways clients are giving back. The increase in charitable giving nationwide, as well as the fact that females are driving the gifting, makes it essential for you to know what their charitable intentions are so that you can be sensitive to them and strengthen your relationship with each client.”

The other example is an organization you should know about. The International Association of Advisors in Philanthropy (AiP) has members all over the United States and beyond. Their mission is, “To inspire and educate advisors, helping them make philanthropic planning with their clients an integral part of their practice.”

The members are very serious about helping their clients see philanthropy as an important element in their lives. AiP’s website, including a searchable member listing, is www.advisorsinphilanthropy.org.

In many cases, your donors have developed strong trust relationships with their Financial Advisors. Here is what I suggest.

Build philanthropic relationships with Advisors. It is like building philanthropic relationships with anyone else. Look for a mutuality of benefits in that relationship and make sure it transcends the process of gift-making to be one that is warm and welcome at any time.

We need to refer to Advisors as more than Agents of Wealth. We see them now more as partners with your donors and, possibly with you. We suggest that building a binding philanthropic partnership with Advisors that benefit their clients is a very effective way to distinguish yourself in the hearts of both the advisors and your clients.

- Jerry Panas