While these types of activities traditionally fall under the umbrella of philanthropy, Jay suggests that advisors and charities be cautious when using the word “altruism” in discussions with millennial clients or donors because it may be a turn on for some of them. -Off may be. She recommends using phrases and words such as “contribute back to society,” “give circles,” “make an impact,” “build community” and “leave your legacy.”
“More broadly, a lot of customers are thinking about how they create impact not only through their investments, but also in their deliveries,” says Jay. “One way is to consider what they are contributing, and whether that gift is supporting a cause that aligns with their values, missions, and passions. In traditional philanthropy, you might also want to look at Dollar But how many cents go towards real reason and vision, versus just administration.”
But a new definition is emerging. According to Jay, clients are increasingly looking for impact in terms of the actual outcome of the activities carried out by charities and the causes they provide. This is in line with a recent survey of charitable people and families conducted by KPMG Canada, which found that nearly three quarters of donors agree with respondents that measurable impact is important in choosing what causes support.
For consultants who aren’t familiar with the world of philanthropy, it can be challenging to answer charitable planning questions beyond matters of tax optimization. Overcoming that hurdle may require guidance from a group of supportive peers who are passionate about giving back to charity and helping clients with their philanthropic plan.
To this end, Jay encourages all mentors to join the CAGP Professional Advisors Group mentorship community, which has expanded from its roots in Toronto to a community spread across Canada.
