Wealth Planning Insights
Understanding Your Philanthropy: A Conversation with Your Wealth Advisor
Keith Fenstad, CFP®, April 2025
As Wealth Advisors, our goal is to ensure that a client’s financial strategies align with their broader goals and objectives. For many clients, philanthropy is not just a way to give back but also a personal expression of their values and priorities.
To help us guide those charitable conversations in a meaningful and impactful way, the following are some ways for us to kickstart the discussion, serving as a springboard to explore how a client's giving aligns with their values, family dynamics, and long-term plans.
Starting the Conversation
Philanthropy is as unique as each individual or family, and the first step is understanding your passions and current involvement. Here are some questions to start the conversation:
Are there causes or charitable organizations you currently support? This helps us establish whether philanthropy is already part of your life and provides a starting point for our discussion.
What issues are you (and your family) passionate about? Why? Knowing what matters most enables us to focus the conversation on areas that truly resonate with your values.
Is philanthropy important right now? Understanding how immediate your philanthropic goals are can help prioritize your giving.
Exploring Your Motivations and Decision-Making
Understanding why one chooses to give can provide valuable insights into their philanthropic vision. Here are some key questions we might explore together:
How do you decide who to give to? This can help identify the criteria or processes that guide your decisions.
What donations have given you the most satisfaction? Reflecting on those gifts that were most gratifying helps us understand what matters most to you and where you feel your impact has been greatest.
Are there any donations you have regretted? Why? Identifying lessons learned can guide more strategic decisions in the future.
Family Dynamics and Philanthropy
For many clients, philanthropy is closely tied to family values and collaboration with other family members. These dynamics can play an important role in shaping the client's giving. Here are some questions we might explore:
Tell me about your family’s values. This provides a foundation for understanding how your philanthropy aligns with shared principles.
What values do you want to pass along to your family? Thinking about legacy can help us incorporate these ideals into your plan.
Do family members advise your giving decisions? If philanthropy is a collaborative effort, we can help ensure the strategy reflects everyone’s input and priorities.
Identity and Legacy
Philanthropy often reflects identity and the desire to leave a lasting legacy. Exploring these themes can help develop a plan that is authentic and impactful:
What aspects of your identity are important to you? Understanding how your personal history or cultural background influences your giving can influence your plan.
Have you thought about what kind of legacy you want to leave? Let’s discuss how your charitable efforts can align with the broader legacy you wish to create.
How might your values inform your wealth planning or charitable giving? Connecting your personal "moral compass" can make your giving even more meaningful.
Tell me about some important life experiences that have affected you. Personal milestones or challenges can often shape philanthropic motivations and priorities.
How might these experiences inform your wealth planning and/or charitable giving? We can discuss how these may impact your giving strategies.
Practical Considerations and Next Steps
To ensure that a client's philanthropic goals are achievable and sustainable, we will also discuss the logistics of giving. Here are some areas to review:
What assets do you usually give? Whether it’s cash, stocks, or other assets, understanding this may help us structure your giving more efficiently.
Do you make recurring donations? Regular contributions indicate a commitment to certain causes.
Would you like to give more? If expanding your impact is a goal, we can explore ways to achieve that within your financial plan.
Let’s Explore This Together
Working through these questions, we can help our wealth management clients create a giving strategy that reflects their values, leaving a lasting legacy.