Partnering for Philanthropy

Partnering for Philanthropy

Marketing to Professional Advisors Philip M. Purcell, CFRE, MPA/JD Consultant for Philanthropy, LLC [email protected] Copyright 2016@All rights reserved.

The Marketing Plan 1. 2. 3. 4. 5. Create the list Understand the list Educate the list Involve the list Serve the list

Create the List: Who are Our Professional Advisors?

Attorneys 1. 2. 3. 4. 5. Licensed by each state Attorneys who practice in estate planning Estate planning specialist designation in some states Elder law specialists: National Academy of Elder Law Attorneys (NAELA). See https://www.naela.org/for an attorney search tool American College of Trust and Estate Counsel. See http://www.actec.org/ for

Other Professions Accountants (Certified Public Accountants) - licensed by each state - focus on income/estate tax accountants Bank Trust Officers - CTFA Life Insurance Professionals – licensed by state and CLU Stock Brokers Charitable Planners – CAP (Chartered Advisor in Philanthropy (American

American College Certifications RICP - Retirement Income Certified Professional FSCP - Financial Services Certified Professional CFP - CERTIFIED FINANCIAL PLANNER Certification Education CLU - Chartered Life Underwriter CHFC - Chartered Financial Consultant See: https://www.theamericancollege.edu/desig nations-degrees/CLU

Chartered Trust and Estate Planner (CTEP) The American Academy of Financial Management. Earning a CTEP requires at least 3 years of experience in estate planning or trusts. Additionally, candidates must have: a degree (graduate or undergraduate) in finance, tax, accounting, financial services, law or a CPA, MBA, MS, Ph.D., or JD from an accredited school or organization five or more approved and related courses a certification training course annual continuing education requirements (varies)

Accredited Estate Planner (AEP) National Association of Estate Planners & Councils. To earn AEP one must: be a licensed Attorney, Certified Public Accountant (CPA), or be currently designated as a Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC), Certified Financial Planner (CFP) or Certified Trust & Financial Advisor (CTFA) be engaged in estate planning activities as an attorney, an accountant, a life insurance professional, a financial planner or a trust officer have a minimum of five years of experience engaged in estate planning and estate planning activities complete two graduate courses through The American College have a minimum of 30 hours of continuing education during the previous 24 months, of which at least 15

Certified Trust and Financial Advisor (CTFA) The CTFA is awarded by the American Bankers Association (ABA) in conjunction with the Institute of Certified Bankers. The requirements include: a minimum of 3 years experience in wealth management and completion of one approved wealth management training program letter of recommendation ethics statement completion of 45 credits of continuing

Other Designations Chartered Chartered Chartered Chartered Wealth Manager Asset Manager Portfolio Manager Compliance Officer

Understand the List: Motivations of Advisors

Understand the Estate Planning Process Inventory of Assets Inventory of Goals: 1. Personal/Family Needs 2. Taxes (Reduction) 3. Charitable Passions Present Plan Second Opinion? Implement Plan Revise as Needed (Dynamic not Static)

Promote Estate Planning! Provides helpful service to donors and their family Enhances the chance of a planned gift Can increase the value of the planned gift Helps professional advisors

Role of the Advisor Independent Unbiased Credible Expert counsel

Cheerleader? Do not necessarily expect advisors to advocate for your organization over others Motivate your donors to direct their advisors! Advisors should understand you – be favorable – and recognize charitable planning opportunities that match client interests

Educate the List: Tell Your Story!

Telling Your Story Deliver packets of information Invite to annual meeting Invite to a reception with board of directors

Information Packet Annual Report Investment Policy Spending Policy Fee Policy Board of Directors List IRS Determination Letter Types of Funds List of Funds Template Fund Agreements Policies Overview (Donor Advised Funds; Scholarships) Donor Testimonials (Newsletter/Brochur e) Gift Planning Brochures

Networking Opportunities Local service clubs Estate Planning Council. See the National Association of Estate Planning Councils to search for local councils in all states: http://www.naepc.org/ Planned Giving Council. See Partnership for Philanthropic Planning (new name to be announced) to search for local

Additional Ideas?

Involve the List: Engagement Opportunities

Advisory Committee Job Description: 2-3 meetings per year Advise on gift acceptance policies and procedures Review and editing of publications Author informational articles for newsletter

Advisory Committees Assist with complex gifts Counsel on new laws and regulations Meet with board of directors – potential board members Referrals to donors (provide more than one name to allow donor to choose) Note: Some donors prefer advisors in outside communities (large

Speaking Opportunities Estate Planning Seminars for Donors 1. The best advisors 2. Panels with different skills 3. Opportunity to meet potential clients 4. Formats: “Farmer’s Breakfast”, After Dinner, Afternoon in Retirement Home

Additional Ideas?

Serve the List: Help Me, Help You

Technical Resources for Advisors Newsletters with Updated Charitable Estate Planning Information Brochures with Latest Tax and Legal Information Offer to calculate charitable financial illustrations Offer sample trust documents/gift forms and agreements

Web Resources Purchased Legal Resources for Web Site: online gift calculators, research tools, planned giving information/forms Email Blasts with Latest New Laws, Court Rulings, AFR Rates, etc. Planned Giving Design Center at www.pgdc.com

Charitable Planning Resources Sample Gift Agreements Planned Gift Documents (e.g., bequest language, trusts, gift annuities) Gift Acceptance Policies (e.g., assets, life income plans) Gift and Fund Management Policies (e.g., Donor Advised Funds, Scholarships) Confidential Information about

Vendors for Print and Web Resources Crescendo Endowment Development Services (EDS) PG Calc R&R Newkirk (photos featured) Sharpe Stelter Pentera

Continuing Education Credits Depends on the profession or certification For some, it depends on the state: attorneys, accountants, life insurance For others, it depends on national organizations: CFP Board, American College, American Bankers Association, etc. “Ethics” credit may be required and can be integrated with charitable planning topics

Continuing Education Training Host live seminars Consider webinars that you organize or host from an external vendor Secure sponsors (banks, firms, other charities) Use local experts and/or outside speakers Apply for continuing education credits Be sure to take an opportunity to tell your story! Offer tours, feature staff, invite board to participate

Additional Ideas?

“It takes a noble person to plant a seed to grow a tree that will one day provide shade to those whom one may never meet.” Dr. David E. Trueblood (Earlham College) 41