Working with wealth advisors
By Abby Rolland
harp-weaver partners with many clients to provide philanthropy services – whether it’s through providing philanthropy advice and helping set strategic direction, aligning clients’ mission with desired impact, or creating and managing foundations and/or other giving vehicles, harp-weaver and its team have industry expertise, knowledge of trends, and experience working with families, individuals, and boards. We help those interested in making a difference, expressing shared values, and creating an intergenerational common ground.
In addition to working directly with people who want to give and have impact, harp-weaver also partners with wealth advisors to provide philanthropy services. Research into the philanthropic behavior of high-net-worth individuals has revealed that while those individuals seek to actively plan their charitable giving. However, while there has been a recent increase in wealth advisor knowledge about philanthropy and various philanthropic tools, gaps in knowledge remain. From 2013 to 2018, knowledge about charitable trusts and donor-advised funds (DAFs) increased (46% to 53% for trusts, 27% to 42% for DAFs), while familiarity with charitable foundations remained flat (37% to 38%). Even with the increase in knowledge, only a slight majority of advisors have knowledge about the charitable trust, and less than half are familiar with foundations or DAFs.
In addition, the same study found that wealth advisors initiating conversations about philanthropy with their clients increased from 71% to 80% during the same period. While wealth advisors understand that giving matters to clients and ask them about philanthropy, the question remains whether wealth advisors are wholly equipped with the knowledge and expertise to provide clients with the full range of advice and services they require.
That’s where harp-weaver can step in. Since our founder, Teresa Araco Rodgers, has an investment management and financial services background, she and other harp-weaver team members understand the relationship and servicing of clients. They can provide a level of expertise that is complementary and value-added to wealth advisors and their prospects and clients.
To complement an advisor’s services, harp-weaver can
Incorporate philanthropy topics into communications and client|prospect events,
Help clients articulate their unique philanthropic vision,
Present, explain, and plan for charitable gifting vehicle options,
Connect donors to creative grantmaking approaches,
Manage the administration of (a) charitable gifting vehicle/s, and
Work with client-funded grantee organizations to develop metrics to meet standards of transparency and impact.
As a result, wealth advisor firms who have partnered with harp-weaver have deepened their role as a trusted advisor, expanded capacity to provide valued services, and ultimately strengthened client relationships.
Contact Teresa at firstname.lastname@example.org to learn more.