How to Incorporate Philanthropy Into Your Practice
Summary
The summary below highlights some best practices and insights from Sarah and Jan for incorporating philanthropy into the wealth management process. JAN VEGA: Philanthropy was first introduced into my work as a best practice for family governance and the transfer of wealth to the next generation. VEGA: When I have clients needing time to develop a long-term giving strategy, they usually start by creating a private foundation for the flexibility. SILVERIO: Philanthropy can be overwhelming because clients feel this huge responsibility to “fix the world.” So I find it most challenging to help them drill down into such a broad topic to develop the most effective strategy for giving their dollars away. In my perspective, the process includes: (1) determination of family values and causes to support; (2) strategic consulting; (3) administration and compliance of the charitable vehicle; and (4) measuring impact.
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