insights into the philanthropic mind · 2017-05-31 · philanthropic mind: what charitable gift...

1 northerntrust.com | © 2016 Northern Trust northerntrust.com | © 2016 Northern Trust

Insights into the Philanthropic Mind:

What Charitable Gift Planners and Advisors Need to Know 2017 Western Regional Planned Giving Conference

June 1, 2017

Marguerite H. Griffin

Director, Philanthropic Advisory Services

Senior Vice President

50 S. LaSalle, Suite B-4

Chicago, IL 60603

312-630-0677

[email protected]

2 northerntrust.com | © 2016 Northern Trust

OVERVIEW

Shifting Paradigms, Barriers and Breakthroughs

The Psychology of Planned Giving: Insights into the Mind of a Wealthy Donor

What Wealthy Donors Want from Their Advisors

Best Practices for Gift Planners and Advisors


SHIFTING PARADIGMS AND TRENDS IN PHILANTHROPY

Traditional Philanthropy

• Bequests

• Private Foundations

• Split-Interest Trusts

• Community Foundations

“Individual” Philanthropy

• Donor Advised Funds

• Venture Philanthropy

• Impact Investing

• Five “T’s” of Philanthropy

Citizen Philanthropy

• Funding Collaboratives

• Giving Circles

• Social Impact Bonds


BARRIERS AND BREAKTHROUGHS TO CHARITABLE GIVING, ENGAGEMENT AND PHILANTHROPY

Barriers

• Becoming financially secure (perception)

• Being comfortable as a public, visible philanthropist

• Making a difference; adequately addressing seemingly insurmountable challenges

• Gaining access to information regarding causes and charitable giving structures

Breakthroughs

• Celebrating family values and goals

• Volunteering

• Giving while living

• Connecting with the “next generation” of wealth holders


THE PSYCHOLOGY OF PLANNED GIVING: INSIGHTS INTO THE MIND OF A WEALTHY DONOR

• Motivations

• Identity

• Alignment

• Affiliation

• Privacy

• Education

• Impact

• Legacy

• Donor (Charitable) Intent


THE “NEW” PHILANTHROPIST

Philanthropists… Have redefined mission, strategies and scope of giving

Use various charitable giving vehicles to achieve philanthropic goals

Scrutinize leadership, strategic plans and nonprofit revenue models

Consider (equally) donor-designated contributions and anonymous giving

Consider risk/return analysis prior to “investing” in charitable organizations or causes

Participate as social investors and build strategic alliances and social enterprises

Engage with “next generation” family members to create philanthropic legacies


WHAT WEALTHY DONORS WANT FROM THEIR ADVISORS

• Among financial planner, bank trust officer, investment advisor, attorney, accountant, philanthropic advisor, development professional

Collaboration

• Guide discussions regarding family and legacy planning

• Ask the hard questions Direction

• Be knowledgeable about tax efficient charitable giving solutions and resources

Education

• Share information regarding various charitable giving strategies – make it simple

Access


COLLABORATION, DIRECTION, EDUCATION, ACCESS

• Conduct Philanthropic Audit - Attorney, Accountant, Bank Trust Officer, Philanthropic Advisor, Gift Planner

• Develop a Mission Statement - Attorney, Philanthropic Advisor, Gift Planner

• Create a Governing Instrument - Attorney, Accountant

• Design Philanthropic Program - Development Professional, Philanthropic Advisor, Gift Planner

• Make Strategic, Mission-driven Gifts and Grants - Philanthropic Advisor, Bank Trust Officer, Gift Planner

• Monitor and Evaluate - Philanthropic Advisor, Bank Trust Officer, Gift Planner

• Investing Funds - Financial Planner, Portfolio Manager, Wealth Advisor

• Ensure Regulatory Compliance - Accountant, Attorney

Strategic Philanthropy: Creating a Giving Plan


BEST PRACTICES FOR GIFT PLANNERS AND ADVISORS

Understand the diversity of giving models,

opportunities (and limitations), resources

and strategies

Discuss core values and priorities with family

members

Identify family members who are interested in

participating in philanthropy

Understand special estate planning needs of blended

families

Walk a mile in the donor’s shoes

Coordinate efforts with financial, legal,

philanthropic and tax advisors


PLANNING FOR PHILANTHROPY

• Why are you interested in charitable giving?

• What would you like to accomplish with your giving?

• What are your values and goals for your giving?

• How would you like to be involved in, or manage, your

giving?

• How much money do you want to commit to your

philanthropy during your lifetime? After your death?

Questions to ask when considering philanthropy


PLANNING FOR PHILANTHROPY

Questions, continued

• Do you want to involve others in your giving, either inside or

outside your family? If so, who?

• Are there time-sensitive tax considerations influencing your giving

decision?

• Are you comfortable with a legally-binding commitment for a

period of time?

• Do you need income from your financial assets now? What are

these needs?

• Would you like your charitable giving to be part of your retirement

planning? If so, in what ways?

• How have you given to charity in the past?


MARGUERITE GRIFFIN, SVP

Marguerite H. Griffin is a Senior Vice President at Northern Trust. As Director of

Philanthropic Advisory Services, Marguerite is responsible for the delivery and growth of

Northern Trust's philanthropic advisory services to Wealth Management clients. She

specializes in administering charitable trusts and private foundations and facilitating family

philanthropy retreats. She also advises clients regarding impact investing, strategic

philanthropy, international philanthropy, family succession planning and board

development, governance and risk management for nonprofit organizations.

Marguerite was most recently a Senior Trust Administrator and Relationship Manager in

the Personal Trust Administration Department where she was responsible for the

administration of large, complex trusts for individuals and families, charitable trusts and

private foundations. Her duties involved working with sophisticated estate plans, sensitive

family situations and complex property transfers.

Marguerite received a B.A. degree from Washington University in St. Louis and a J.D.

degree from Northwestern University School of Law.

Marguerite is a member of the American Bar Association, the Chicago Bar Association,

the Chicago Council on Planned Giving and the Chicago Estate Planning Council.

Marguerite is admitted to practice before the Illinois Supreme Court.

She is a sought-after speaker in the areas of impact investing, strategic philanthropy,

board development, managing private foundations and family legacy philanthropy.

Marguerite is an active volunteer, advisor and board member with several charitable and

cultural institutions, including Aeris, the Art Institute of Chicago, Audubon Great Lakes,

Chicago Foundation for Women, The Chicago Symphony Orchestra, The Chicago

Community Trust, Forefront, The Ravinia Festival and WTTW/WFMT.

DIRECTOR, PHILANTHROPIC ADVISORY SERVICES Phone: 312-444-5857

Email: [email protected]


DISCLOSURES

LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be

treated as legal advice, investment advice or tax advice. Readers, including professionals, should under

no circumstances rely upon this information as a substitute for their own research or for obtaining

specific legal or tax advice from their own counsel.

OTHER IMPORTANT INFORMATION: The information is intended for illustrative purposes only and

should not be relied upon as investment advice or an investment solution. Opinions expressed are

current only as of the date appearing in this material and are subject to change without notice

insights into the philanthropic mind · 2017-05-31 · philanthropic mind: what charitable gift...

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