Over the years, more than a handful of attorneys, CPAs, and financial advisors have shared us that their happiest clients seem to be those who’ve incorporated charitable giving into their estate and financial plans. It’s hard to dispute that philanthropy offers both emotional and rational upsides to your clients.

Despite these advantages, many advisors lack confidence in discussing philanthropy with clients. A survey found that only 5% of advisors felt "very confident" in this area, with 72% not including philanthropy in their initial fact-finding conversation with clients. This gap represents a significant opportunity for advisors to enhance their services and strengthen client relationships through philanthropic discussions.

Keeping clients loyal and engaged with your services is just one of many reasons to talk with clients about charitable giving. A recent Wall Street Journal article sheds light on the ways charitable giving can have positive effects on both mental and physical health.

Notably, the article makes these points:

• Donating to charity can lead to improved mood, lower blood pressure, and potentially a longer life.
• The act of giving may trigger a release of serotonin and dopamine, hormones associated with happiness, while reducing cortisol levels.

The article implies that engaging in charitable activities could be a way to enhance overall well-being, suggesting that generosity might have tangible benefits beyond just helping others.

Many of the charitable organizations your clients support are local to Worcester County. That’s important to note because it means that your clients are especially well-positioned to lean into GWCF’s unique position as the hub for charitable giving and local knowledge. Here are three reasons that matters:

• Clients can tap into the team’s knowledge about specific organizations, including financial information, data about the impact of a charity’s programs, and observations of an organization’s areas of greatest need.
• Clients can choose from a variety of fund types depending on what they’d like to achieve. A designated fund, for example, allows your client to set aside tax-deductible dollars that are dedicated to supporting a specific organization. Through our services, funds are distributed over time to the charity while the assets remaining in the fund are protected from the charity’s creditors. Another example is a discretionary fund, which leverages our extensive research about the needs of Worcester County and the nonprofit programs that are addressing those needs.
• Clients can work with the community foundation to leave a bequest to an endowment fund to support community needs for generations to come. As a perpetual organization, the community foundation ensures that charitable giving stays strong in our region to address important needs as they evolve over time.

Of course, if your client establishes a donor advised fund at Greater Worcester Community Foundation, the fund can support local causes as well as causes across the country. As the hub for your clients’ charitable giving, our tools and our team are dedicated to helping your clients achieve their charitable goals both near and far. We are here for you! Please reach out anytime you are working with a client who is charitably inclined.