Understanding Strategic Philanthropy Now Easier with MFA-P™ Program

The newest program from CAGP, Knowledge Bureau and Spire Philanthropy, the MFA-P™, Master Financial Advisor – Philanthropy was featured in today’s Globe and Mail, highlighting how its educational content makes understanding strategic philanthropy easier, enabling more in-depth conversations between advisors and clients.

Here are some excerpts from the article in the Globe and Mail. You can read the full coverage here.

Strategic philanthropy involves using tax and financial planning to multiply the impact of a client’s charitable giving, either during their lifetime or via bequests, says Tina Tehranchian, branch manager and senior wealth advisor at Assante Capital Management Ltd. in Richmond Hill, Ont.

“Every client that I’ve talked to who is charitably inclined is interested in converting taxes to more charitable donations,” she says.

Although some advisors may be reluctant to open up this conversation with clients for various reasons – for example, if they lack confidence about their level of expertise on the more technical aspects of the process – HNWI clients, in particular, expect to have these discussions, Ms. Elkins says.

Charitably-minded clients, she says, will be looking for advice on how giving fits with their overall financial plan; which assets will be the most appropriate to gift – whether cash, securities, real estate, life insurance policies, or registered plans; and when to give.

They will also be looking for guidance on the most appropriate vehicle for philanthropic giving – whether donating directly to the charity, or via a private foundation or donor-advised fund. Some, Ms. Elkins says, may also require assistance in selecting a cause or charity.

As Jo-Anne Ryan, vice-president, philanthropic advisory services, at TD Wealth in Toronto explains, advisors will need to work with clients as part of this process to develop a philanthropic plan that reflects their values.

“When you have the discussion with clients about what values are important to them, what they’re passionate about, you’re learning about your clients – and you’re strengthening the relationship,” Ms. Ryan says.

Enrol in the MFA-P™, Master Financial Advisor – Philanthropy Program today.