Not Your Parents' Philanthropy
By Christian Braemer
Cofounder & CEO, Benefunder
Just as personalized medicine is taking healthcare by storm, producing better results and reducing costs, the notion of personalized, high-impact giving is following some of the same trends. The days of one-size-fits-all philanthropy is becoming a thing of the past, with more and more donors demanding results for their generosity.
You don't need to look any further than what's trending with the millennials, who are already expressing greater demand for knowledge-based and data-driven giving with full expectations of keeping apprised of progress and milestones. They want to know where their money is going and how it is making a direct impact. If either of those aren't up to par, they go elsewhere.
These demands are rising as philanthropy becomes more of a family decision. This important shift offers a powerful opportunity for new conversations between wealth advisors and their clients as novel approaches to philanthropy are needed. As we mention in this newsletter edition, I will be attending the Council on Foundations Annual Meeting April 24-28 to meet with other global leaders about the shifts in giving, and how Benefunder fits into the solution.
Asset management has evolved from transaction-based to fee-based to now what's known as goals-driven wealth management. Now is the time for goals-driven philanthropy to incorporate diversification, asset allocation, and planned giving, creating a new and much needed dynamic in this space.
We all have a cause we care about; in fact it's the No. 1 reason we give. Causes relate directly to a problem that drives us, and we use philanthropy to try to solve it. Whether it's clean water, a cure for cancer, alleviating poverty, more efficient transportation, or greater understanding of cross cultural issues, none of these are solved in just one silo. It takes many elements, approaches, attempts, and even disciplines, and of course, sufficient resources. In order effectively take on these challenges, we will need a better strategy that is precise, tactical, efficient, personal, and collaborative.
Relying on traditional philanthropy or government isn't going to get the job done. Our tax code allows for us all to do our part and make our own decisions on how we give back and pay it forward; the best thing we can do is make it count.
Benefunder's mission is to facilitate this new kind of philanthropy and let advisors and their clients personalize, pinpoint, and engage with causes that matter most to them.
To find out more I invite you to explore our web site.
|To learn more about our Charitable Innovation Fund or how Benefunder can become an integral part of your practice, please contact Tom Paparatto at firstname.lastname@example.org.