If there’s one thing I’ve learned over years of working with philanthropic families, it’s this: the more I can communicate, coordinate and collaborate with the family’s wealth advisors and family office staff, the further along these families are in their philanthropy.
For example, I currently manage a family foundation that is led by an influential and kind matriarch. The family chose my firm because of my ability and willingness to flex into the current family system and forge good relationships with them. I work closely with the family’s wealth manager to maintain the foundation’s investment policy, acting as a conduit between him and the family. In addition, I work closely with the family office staff, exchanging on-the-ground information about the community and its needs (most family members live outside the area served).
Our teamwork has helped the family achieve solid gains—meaning more money goes to the community. The family and staff have gained a deeper understanding of the local landscape, and there’s more ease in getting funds to the grantees they support. And because the family’s extended “team” communicates with each other constantly, we’re able to implement the family’s goals a lot faster and reduce any friction.
THAT is priceless.
A good partnership between wealth managers and philanthropic advisors is a win for your client.
It gives them access to a whole suite of services that they otherwise may not access. Think about it: In addition to asset management alone, you can offer your clients a partner who specializes in family dynamics, grantmaking strategy, succession and more. It expands the breadth and depth of your client’s experience, and supports them in reaching their goals.
When you have the right partner, helping families develop their philanthrophic direction can be FUN. It’s an opportunity for families to come together around a common cause, to leave long-simmering feuds at the door, and understand shared values can lead to social good—helping others while strengthening family ties.
You help your clients achieve their financial goals. How do you help your clients achieve their philanthropic goals?
Whether you are a wealth manager or family office staff member, you’ll want to look for a philanthropic advisor partner with:
- Knowledge of the philanthropic landscape – someone who has been around, and knows his or her stuff
- A well-rounded type who has the ability of offer A-Z services—grants management, program management, board expertise, family retreats, facilitation, multigenerational issues—you name it
- Experience working with wealth managers and family office staff—someone who *gets* it
- Utmost confidentiality, discretion and trust
- Someone who matches or complements your working style and personality
When we collaborate, our clients win. Let’s talk about ways we can partner. Drop me a line in the comments here or at Suzanne@SuzanneHammer.biz.