December 4, 2024
How to Talk to Your Clients About Legacy Giving
Year-end meetings are a great time to check in with your clients on their planning needs and charitable giving priorities. They also can provide you with the opportunity to start a discussion about legacy giving.
Some clients may be comfortable discussing the causes and organizations they would like to support as part of their legacy. Others may be hesitant to engage in this discussion for a variety of reasons, ranging from discomfort with facing their mortality to a perception of their advisor as a purely technical resource.
As an advisor who is genuinely invested in helping your clients achieve their lifetime and legacy goals (both charitable and noncharitable), this dynamic can be challenging to manage. Here are some tips to help you start, and continue, conversations around legacy giving.
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| Starting the conversation about legacy giving early with clients gives them plenty of time to consider their options. |
Tip 1: Be Proactive in Starting the Conversation
Data shows that a large percentage of advisors don’t initiate any conversations with their clients about philanthropy, much less legacy giving. A 2018 study of high net worth individuals and their advisors by U.S. Trust found that 88% of the advisors surveyed believed it was important to discuss philanthropy with their clients. However, only 17% of the clients surveyed said their advisors had initiated these conversations with them.
If legacy giving is not something you have previously discussed with your clients, integrating it into your discussions may take time. As Phil Cubeta observed in our February Advisor Blog post, Changing the Conversation About Planned Giving, “There's a step at the beginning, where you have to ask permission to shift to this more personal line of questioning.”
However, as Phil explains, “Amazing things happen when people are willing to embrace that moment in which we're called into a conversation with a client as a kindred human spirit. People will shock you with how different they are from what you assumed, and how much better they are, really! Good things happen when you create a space for you and your client to think things through together.”
Tip 2: Emphasize the Role Legacy Giving Can Play in Sharing Your Client’s Values with Future Generations
Reminding clients of the impact legacy giving can have on their loved ones may encourage them to discuss it. Not only is legacy giving a way for clients to support the organizations and causes that are meaningful to them – it is also a powerful way for clients to share their values with their children, grandchildren and future generations. As Mark Weber explains in his book, “A Spectrum of Legacies: The Gifts You Leave for Your Children and Community,” establishing a legacy giving plan can “nurture your soul by giving back to your community and inspiring your children to do the same … [it] provides a platform for inter- and intra-generational interaction.”
Tip 3: Connect Your Clients with Organizations and Resources That Can Help Them Explore Options
Remind your clients that they aren’t alone in this process. While some of them may have a clear vision of their legacy giving plan, many don’t. Reassuring clients that many people feel overwhelmed at the beginning of the conversation can go a long way toward getting them to engage.
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| Offering a variety of resources for your clients can help them engage in the legacy planning conversation. |
In addition to your expertise, you can share a variety of other resources with clients who are looking for help developing their legacy plan. Mark Weber’s book, referenced above, is an easy read with practical exercises to walk clients step by step through the legacy gift planning process.
MCF is also happy to be a resource to your clients as they develop their legacy giving plans. Our donor engagement team members frequently meet with donors and their advisors to discuss everything from how to translate their values into a giving plan to how specific giving options may impact their overall financial and estate plans. During these conversations, share insights and resources and encourage them to view us as a partner as they continue developing their legacy giving plans.
Tip 4: Move Legacy Giving to the Top of Your Meeting Agendas
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| Moving legacy planning to the top of your agenda can help clients move towards the top of their mind. |
We understand that legacy gift planning is one of many items on your client meeting agendas. However, if legacy gift planning is always the last thing on the agenda, it likely will be pre-empted by other items. Starting your meetings with a short check-in on legacy giving (even three to five minutes) ensures you are creating a space for your client to engage in the discussion. (Remember the data cited in Tip 1 above!)
We’re Here to Help
If you or your clients have additional questions about legacy gift planning, we would be happy to help! Alison Helland, Director of Donor and Advisor Engagement, can assist you or refer you to another member of our Donor Engagement team to serve as a resource for your specific situation. You can reach Alison via e-mail at ahelland@madisongives.org or via phone at 608-446-5937.
Please note that this article has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.