Wealth management isn’t just about numbers on a balance sheet. To guide clients effectively, you need to know where their hearts are. One way to find out is to talk to them about philanthropy.
Philanthropy, the art of giving to create a positive impact on society, is a dynamic journey. A philanthropist’s life arc represents how philanthropic engagement increases over time, passing through stages as life events inform and motivate actions.
From writing a check to establishing a legacy, each stage of a philanthropist’s life arc represents a vital contribution to making the world a better place. Life events have the power to propel individuals from one stage to the next, ultimately shaping their philanthropic legacy and the positive change they leave behind. As a financial advisor, you can deepen your own relationship with a philanthropic client by recognizing where they are in their ‘life arc’ and helping guide them in their quest to make a lasting impact on their family and society.
Here are the seven stages in a life of giving:
