Charitable Giving -- Part One of Five

Ken Davis, CLU, ChFC, CFP, CPA. Ken Davis is the former president of the Phoenix Chapter of the Society of CPAs and has taught continuing education for the Arizona Society of CPAs on life insurance and annuities.

Why Financial Professionals Should Care About Charitable Giving: The opportunities and the Risks of Losing Management of Client Assets
Marketing method for back door sales approach
Your opportunity to gain new high net worth clients.
98% of high net worth people give to charity each year
They give $60,000 to $450,000 annually or about 8% of their annual earnings
Their advisors are not meeting their needs
The large majority of them use an advisor including accountants, attorneys, financial advisors and charity personnel.
90% initiate the discussion, only 10% is elicited from the advisor!
The challenge of retaining clients or losing assets under management to competitors or charities
The role of financial professionals in helping clients makes gifts and replaces assets to children
Retirement projections to ease their fears of giving
Tax savings projections to show how tax savings can reduce the cost of giving
Life insurance replacement trusts to take care of the kids
Gifting study available for free
Gain insights to high net worth clients' giving activities
Understand the magnitude of this area of planning
Statistics on giving shared
Opportunities to serve and sell
Wealth replacement trusts
Gifts of life insurance
Single premium policies with tax savings for kids or charities
Multi-generational family involvement in grants
Interfacing with community foundations and charities

• Category

  Education