Wealth Advisors: There’s Still Time to Help Your Clients Give in 2023

Sarah NavranProfessional Advisors

When it comes to financial planning, the relationship between wealth advisors and their clients can extend deeper than money. As the architect and partner in your clients’ financial journeys, you can also support your clients’ vision of the future for themselves, their loved ones and their legacies through their philanthropy.

One vehicle you can recommend to your clients is a charitable giving structure. For some clients, a private foundation may make sense. For others, a more flexible solution like a donor-advised fund works better.

If you are assisting clients with charitable giving as part of their financial portfolios this year-end, we can help you and your clients set up donor-advised funds.

What are the benefits of using a donor-advised fund?

  • Tax Deductible Donations
    Your clients receive a charitable tax receipt for their contributions of cash, stock or complex assets to their personal donor-advised fund. If your clients are striving for a charitable tax deduction in this calendar year, we must receive the assets by Dec. 31.
  • Flexible Giving to Nonprofits
    Your clients can give to any 501(c)(3) nonprofit organizations they care about on a timeline that works for them. We do not limit where your clients can request grants, and we do the due diligence to ensure your clients are giving to organizations in good standing with the IRS.
  • Growing Charitable Dollars for Your Clients
    Assets in donor-advised funds grow tax free, so your clients may be able to give more to their favorite causes over time. Learn more about a wealth advisor’s role in managing donor-advised fund assets for your clients.
  • Access to Our Philanthropic Advising Services
    Your clients have access to our philanthropic advising services as part of our benefits of having a donor-advised fund. We can complement your financial planning work by working with you and your clients to offer knowledge and expertise to their philanthropic decision-making.

You can help ease year-end stress by helping your clients set up and contribute to a donor-advised fund as soon as possible. 

Because we’re nearing the end of the year, we expect delays at custodians when setting up new investment accounts. If you are setting up a new donor-advised fund and you intend to manage the fund’s investments, contact us first. We have solutions to ensure your clients can secure their 2023 tax deductions.

Quick links for you to explore:

If you work with clients outside the Kansas City metro area, learn more about the same services offered through our national entity Greater Horizons.

Are you interested in discussing solutions for your clients who have long-term visions for their legacy? Contact us at info@growyourgiving.org.

Authored by: Annie Burndrett, Business Development Advisor