Looking to stand out? Help your clients give away some of their money

Looking to stand out? Help your clients give away some of their money

Written by on 13/06/19

We believe that financial advisers and planners should find ways to differentiate themselves. From qualifications to accreditations, client videos to VouchedFor and Google reviews, there are many ways to set your business apart. In her first guest blog for us Lauren Janus of Thoughtful Philanthropy explains another option which you might not have previously considered.

Over to Lauren…

As a financial adviser, you don’t have it especially easy.

You need to attract new clients whilst keeping the ones you have happy, all the while offering what may sound like a fairly standard, not-especially-exciting service. Let’s face it, few people approach middle age with a shiver of anticipation, knowing they can finally start shopping for a financial adviser.

As Phil and other marketing experts have argued, with close to 26,000 financial advisers offering their services across the UK, you’re probably going to need to differentiate yourself to stand out.

One way to do this is to offer a service or expertise that appeals to a particular sort of client.

Some financial advisers market themselves to people in specific professions, like medicine or small business. Others offer specialised expertise, like ethical investment or financial planning in later life.

As a philanthropic adviser, I partner with financial advisers so they can offer charitable giving advice to their clients.

Financial advisers bring me in when they want to help their clients make informed, thoughtful charitable giving a part of their overall financial strategies. I research the causes your clients care about—from saving native woodlands to addressing the crisis in mental health care—and introduce them to charities whose work reflects their own values and ambitions.

The result is more informed, engaged clients who take ownership of their financial plans, knowing those plans are working in concert with their individual passions.

What type of client is looking for financial advice that can incorporate charitable giving? There are three main groups:

1. Women

Research shows that across incomes, women give more to charity than men do. Women are also more likely to volunteer, talk about social issues with their friends and express interest in impact investing.

As women’s control over wealth grows, women are increasingly looking for financial advisers who can help them build wealth management strategies that carve out space for thoughtful charitable giving.

2. Millennials

Okay, so millennials as a group aren’t flush with cash at the moment. But that’s not to say they won’t be relatively soon.

This is the generation set to inherit billions over the next decade or so due to the inter-generational wealth transfer. They’re also the generation driving the sustainable investing movement, as well as the general trend toward ethical consumerism.

Today, millennials are heavily engaged in charitable activities through volunteering and crowd-based fundraising. Once their bank accounts swell a bit more, all signs point to this group seeking out financial advisers who can help them manage their money in line with their strongly held values.

3. The pre-retired

With the UK population aging at a brisk clip, your practice probably already attracts a fair number of sprightly baby boomers looking for help planning the retirement of their dreams.

If you’ve heard at least a handful of these pre-retirees talk about wanting to volunteer or ‘give back’ in retirement, they’re not alone. According to the Royal Voluntary Service, close to 5 million people aged 55 and older currently volunteer—or plan to.

Today’s retirees aren’t looking for a rocking chair and TV drama to while away their golden years. They’re hoping to use the skills and wealth that they’ve amassed over decades of work to contribute to the wider community. In many cases, this means combining meaningful volunteer work—perhaps mentoring local kids or serving as a charity trustee—with informed charitable giving throughout retirement.

If you can help them achieve these aims, you’ve just strengthened your relationship with those clients and increased the chances they’ll stick with you—and the retirement plan you’ve helped them create.

Want to know more about charitable giving advice? Take the new online course!

Thoughtful Philanthropy has created an introductory online course just for financial advisers, called “How to add client value through charitable giving advice” . It’s an enjoyable, informative introduction to charitable giving you can watch at your desk. What’s more, the course even qualifies for one hour of CPD credit.

You’ll learn the basics of charitable giving, including where and why people give, who’s giving and the benefits to clients and financial advisers of bringing charitable giving into the conversation. Take the course in June and July for only £50.

To learn more about Thoughtful Philanthropy and how you can stand out by offering charitable giving advice to your clients, visit www.ThoughtfulPhilanthropy.com.

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Meet the author

Phil Bray

Now in his third decade in financial services, Phil’s experience spans advising, compliance and marketing. Phil brings this unique mix of knowledge and experience to all Yardstick clients.

Find out more about Phil