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Three Questions to Ask Clients about Goodwill

portrait of Randy Fox
Fox
 Randy A. Fox, CFP, AEP is the founder of Two Hawks Consulting LLC. He is a nationally known wealth strategist, philanthropic estate planner, educator and speaker.

Help manage their exit readiness.

By Randy A. Fox, CFP, AEP 
The Holistic Guide to Wealth Management

For many of your clients who are successful entrepreneurs, their business represents 80 percent to 90 percent of the value of their estate.

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While it seems like a large number on paper, it’s often illiquid, preventing the owner from enjoying the rewards of all their hard work. The lack of liquidity can also make owners reluctant to do the right kind of planning to maximize their “walk away” money post-sale.

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What Are Your Clients’ Children Inheriting? They Need to Be Prepared 

portrait of Randy Fox
Fox
 Randy A. Fox, CFP, AEP is the founder of Two Hawks Consulting LLC. He is a nationally known wealth strategist, philanthropic estate planner, educator and speaker.

Consider options beyond donor advised funds.

By Randy A. Fox
The Holistic Guide to Wealth Management

After interviewing several thousand high-net-worth families, The U.S. Trust Study of the Philanthropic Conversation found that one-third of respondents (31%) would switch to a new advisor if that advisor could talk to them meaningfully about philanthropy.

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Think about that for a second. One-third of affluent families would switch to a new advisor if that individual was more adept than their current advisor at helping them give their money away. It has nothing to do with investment returns, asset allocation or finding hot alternative investments. It has to do with understanding the client’s values and seeing the whole picture.
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The Giving Identity Crisis

Group of businesspeople hiding their faces behind question mark signs at officeEven the feelings about philanthropy shift by demographic.

By Randy Fox
Ez Charitable

While it may seem obvious when looking for planned gifts, who you’re talking to is really important. That is, the client’s age and their gender should help you craft your conversation for a number of reasons.

MORE: Life Change As Opportunity | Opportunity Under Your Nose | Opportunities in Collectibles | TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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Women are different than men in their giving and younger people are different than older people in how they approach their giving. It is important to create a different message depending on who you’re talking to about giving. Much has been written about how millennials are reshaping giving and, as advisors, we should be paying close attention to our approach to different populations.
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Life Change As Opportunity

Senior businessman mentoring two younger workersEven traumatic times may open a window to be a hero to your clients … with sensitivity, of course.

By Randy Fox
Ez Charitable

Life is always full of change. As advisors, we see our clients go through regular changes: new jobs, children heading off to college, death of a parent or birth of a grandchild.

MORE: Opportunity Under Your Nose | Opportunities in Collectibles | TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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Viewed through a different lens, change presents opportunity to raise the questions about philanthropy. In many circumstances, philanthropy can be the best solution to the change that’s taking place, if only we will think to ask.
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Opportunity Under Your Nose

Two volunteers serving meals at a shelterSurvey results show they want to be asked and guided about their passions.

By Randy Fox
Ez Charitable

One of the many ways to explore the charitable leanings of a client is to find out what they care about in the world.

MORE: Opportunities in Collectibles | TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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An easy entry into the conversation is to ask where they volunteer their time. True that parents often volunteer to coach their kids’ teams or serve on the PTA at their schools but above and beyond that, there is likely to emerge a pattern of giving time that will lead to a larger pattern of giving money and can open the conversation about more substantial gifts.
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