If you're already having philanthropic discussions with your clients, congratulations! But to add even more value, consider offering to bring their kids into the conversation as well.
According to new numbers from Northwest Mutual's financial literacy unit, 77% of all children age 17 and younger are for all practical purposes unaware of how -- or even if -- their parents are engaged in philanthropy.
This apparent disconnect between parents' values and children's awareness is evidence that "dynastic" approaches to financial planning have plenty of opportunities to serve unmet client needs. If 77% of parents are failing to share their charitable activities with their kids, how can they expect to pass on their values to the next generation?
They probably can't, or at least don't know how to do it. That's where advisors come in.