For advisors who wish to be equipped for philanthropic interactions, Jay suggests the launch of the Master Financial Advisor (MFA-P) designation of Philanthropy jointly by Knowledge Bureau, CAGP and Spire Philanthropy, with Strategic Philanthropy The first and only is the professional designation. Center. The program has recently been adopted by Advosis as a partner program and a more mentoring education network.
Before the MFA-P designation was introduced two and a half years ago, Jay says advisors had to learn about the philanthropic plan by Osmosis: they would have to talk to others in philanthropic circles, accumulate practical experience through client positions, and figures things out as they went along. But now, wealth professionals have a more formal framework around which they can crystallize that expertise.
“I also see a lot of charity professionals who are pursuing the MFA-P designation,” Jay says. “Many charity professionals help out and also have a conversation about gifts and charitable strategies on their end. So the course gives you the tools to have a very thorough conversation, including understanding the approach to charity.”
While formal professional training is a great launchpad to begin with, Jay says it takes a very deliberate mindset to make the philanthropic plan really an integral part of client conversations. But if done successfully, strategic philanthropy can prove to be extremely beneficial not only to the client, but to the advisor as well.
“If you have philanthropic discussions and tax-efficient charitable donations as a part of your business strategy, you stand a good chance of becoming a trusted advisor to your clients and possibly integrating other investment portfolios with you,” she says. . “From personal experience, I can say that being able to help your clients satisfy their passions is extremely rewarding, and it feels great to bond with clients on their values.”