Success Story: Intergenerational Philanthropy

Aligning priorities and philanthropic goals within a family giving strategy can be challenging even for the most skilled advisor. The family members involved will need to come to agreement and may have differing values, priorities and ideas about what philanthropy should be and how to truly do some good in the world.

The benefits of a planned giving strategy can often run much deeper than the obvious. As was the experience of Keith Thomson, a Certified Financial Planner and Managing director with Stonegate Private Counsel L.P. in Toronto. Gift planning for one of his most significant client relationships resulted in a unique benefit.

The desire to do something good for the community and create a legacy of giving in a family is obviously a good thing and the benefits include the joy and personal satisfaction of knowing that a you or your family are directly involved in supporting the cause through to future generations. But there are other benefits too, which can be much more subtle, yet just as impactful.

Keith recalls, “I had been working with all four generations of this family for some time and was involved in discussing their charitable giving options. A number of years ago, the first generation of the family had expressed the desire to create a legacy of charitable giving that was sustainable for generations to come. I assisted the family by suggesting and implementing a donor advised fund to enable them to achieve their giving goals.”

Aside from obvious benefits of the disbursements to the selected charities and the donation receipt issued to the family, the family has achieved something else just as significant.

“They have come together at regular gatherings to talk about what is really important to them in their giving strategy,” says Thomson. “The process has really brought the family together inter-generationally and has greatly strengthened their bonds.”

By assisting his client, Keith Thomson was able to play a role in strengthening this family, both emotionally and financially. As a result, his is entrenched as a trusted advisor with all four generations and has built a significant amount of goodwill with the client’s entire family. For Keith, success with this client can be measured in more than simple dollars and cents.

This example of success illustrates the benefits and opportunities, both direct and indirect that are achievable for financial advisors and clients when considering a planned giving strategy.