Stephen Kump, Co-founder of Charityvest, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the need for advisors to integrate philanthropy into their practice.
Charityvest offers a donor-advised fund technology platform that allows advisors to white-label a fund managed using the advisor’s current portfolio management process.
Charityvest believes every advisor should include purposeful philanthropy in their financial planning process. While 60% to 80% of American families make charitable donations each year in the amount of 2% of GDP, only 20% of clients surveyed stated that their advisors brought up philanthropy. Charitable giving is a key part of estate plans that will drive the great wealth transition.
By integrating finances with causes their clients and prospects care about, advisors can potentially improve client retention and acquisition. Offering a donor-advised fund is a way for advisors to start philanthropic conversations with their clients. Advisors can continue to manage the client’s assets until the donations are made.
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