Find the Right Philanthropic Plans for Your Female Clients
Women need to feel a connection with the mission, vision and values of the not-for-profit organization. --Barbara Culver
It's estimated that there will be a $41 trillion inter-generational wealth transfer over the next half century, and with women continuing to outlive their spouses, they're going to be in charge of determining where much of this wealth is ultimately directed. This presents a big opportunity for investment professionals. But advisors with a large portion of female clients say that there are differences in the way women approach charitable giving. As a result, more innovative philanthropic plans are needed to suit that new mindset. Barbara Culver has found differences in the way her female clients choose the charities to which they donate. "Women need to feel a connection with the mission, vision and values of the not-for-profit organization. They're not giving because one of their golfing buddies comes up and says, 'Give to mine because I gave to yours,'" she says. Culver also notes that once her female clients choose their charities, they like to become involved. That means meeting the board members and attending events hosted by the charity. "They want to have a connection to the people and a relationship with the organization," she adds.
-Barbara Culver, president of Cincinnati-based legacy planners Resonate Inc., in The New Face of Philanthropy
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