News for Professional Advisor Partners in Philanthropy

IN THIS ISSUE:

Q&A with Wendell Fuller, Transfer of Wealth, Connecting Families,

and "Why We Partner" with new donors Kristen and Brian Richardson.

FEATURE ARTICLE:

Q&A with Wendell Fuller

Founder, Fuller Wealth Advisors

Wendell Fuller founded and operates Fuller Wealth Advisors, a fee-only firm offering financial planning and investment services to clients locally and nationally. He not only sits on the Community Foundation’s Professional Advisor Council, but he also personally participates in philanthropy through board service and as a member of the Ujima Legacy Fund giving circle.

We spoke with Wendell about how he transitioned from electrical engineering into financial advising, how he approaches philanthropy with his clients and how he views cultural competency in financial planning, wealth building and philanthropy.

How did you become educated about the financial planning profession?

I did not grow up in an environment talking about stocks or mutual funds, primarily because my family and peers were never exposed to that environment. I have always been interested in investing and learned that it serves as a catalyst to wealth building and generational wealth.

People often ask me about making the transition, but it’s probably the engineer in me, always curious to solve problems. Although quantitative in many aspects, financial planning is a people business first and foremost. Being able to help those who want help in solving their problems is very rewarding to me. While much of my journey has been trial by fire, I also studied feverishly and constantly, reading articles and industry content and learning from peers when given the opportunity.

Read full interview

INTRODUCING "WHY WE PARTNER" SERIES

In this new series, you will hear from local individuals, families and organizations as they share why the Community Foundation is their partner of choice to help them pursue their charitable goals and maximize their impact in the community.

Kristen and Brian Richardson

on why they started a donor advised fund in 2021

Why We Partner - Kristin and Brian Richardson

GIVING NEWS & STORIES

Transfer of wealth: Following the money

“The greatest wealth transfer in modern history has begun,” according to a mid-2021 report in the Wall Street Journal. And, with tax reform’s big bite into estate values off the table, at least for now, many of your older clients may be thinking seriously about their legacies.

And these legacies will be significant. As of March 31, 2021, according to data collected by the Federal Reserve, Americans in their 70s and older had a total net worth reaching almost $35 trillion. By 2042, an estimated $70 trillion will change hands, including an estimated $9 trillion flowing to charities, according to research conducted by Cerulli Associates.

As you advise an older client, an important part of the conversation will be to determine the best charitable giving vehicles to achieve your client’s community goals, particularly evaluating the potential role of a donor-advised fund or private foundation.

Read more for helpful talking points

Helping families stay connected across the miles and generations: There’s a gift for that!

Your philanthropic clients will thank you for suggesting they consider giving the gift of giving (say that three times fast!) in the form of a charitable fund instead of the more typical “I made a gift to my favorite charity in your honor.”

More and more parents and grandparents (and friends and colleagues) are giving a child, grandchild, friend, or co-worker a charitable fund, pre-established and pre-funded, in the name of the recipient. Frequently taking the form of a donor-advised fund, this gift allows the recipient to experience the benefits of working with the Community Foundation to support important causes.

The team at the Community Foundation can help your client create a fund from soup to nuts, including granting the recipient online access. Your client can literally put a bow on the carefully rolled up fund document, sign a card listing the URL and login credentials to view the fund online, and present the package to the child, grandchild, friend or colleague as a gift. Both giver and receiver will love the experience.

Community Foundation Professional Advisor Council