Philanthropists – Your next goldmine of wealthy clients?
Want to attract wealthier clients? Go where the money is!
If you love the idea of working with clients who want to do more than grow their portfolios – clients who want to plant trees under whose shade they may never sit – then you’ll want to listen in to my engaging conversation with top advisor Jeffrey Chaddock on the Top Advisor Podcast (Episode #13).
Jeffrey has elevated strategic philanthropy to a fine art, and in doing so, unlocked a powerful pipeline of wealthy clients.
Let’s dig into why philanthropists – and clients who aren’t yet, but want to be – are such a rich soil for growing your practice, and how you can cultivate this market with authenticity and fun.
Why Work With Philanthropists?
Imagine having a client who cares about returns, but is just as focused on leaving a legacy, transforming their community, and making an impact. That’s the philanthropic client. They’re often “ideal” for advisors because:
- They tend to have significant assets (think seven-figures-plus).
- They’re engaged in meaningful conversations about legacy, values, and impact – making for deeper, more rewarding relationships.
- They have complex planning needs, from tax strategies to charitable trusts to next-generation wealth transfers.
- They’re natural connectors, ensconced in vibrant nonprofit and social networks – so they’re amazing referral sources.
As Jeffrey Chaddock put it in our interview, “We play a centralized role in helping clients… sourcing how their money is going to be utilized, including current giving and planned giving.” In other words, this is high-value planning for high-value clients.
How Philanthropy Builds Trust (and Your Business)
In the podcast interview, Jeffrey Chaddock shares how his business (now $3 billion+ in assets) was turbocharged not just by technical expertise, but by becoming a philanthropic leader for his clients. He started out giving authentically – donating personally and participating in local causes – not as a cold-blooded sales strategy, but because it was the right thing to do.
Along the way, Jeffrey Chaddock discovered something magical: “None of that was done purposely, but it was done truly and authentically… it forged an amazing relationship, an amazing client, and amazing friend.” He became the go-to guy for clients, board members, and nonprofits alike – just by being the rare advisor willing to roll up his sleeves and help clients strategize their legacy gifts.
The kicker? Many of the clients Jeffrey Chaddock gained through philanthropic work had professional advisors already. But these other advisors weren’t giving guidance on charitable giving – leaving the door wide open for him to differentiate with real value.
How To Attract Charitable-Minded Clients
Ready to sow the seeds in your own practice? Here’s how:
Find Your Cause
Start where your heart is. If you’re not genuinely enthusiastic, clients will spot it a mile away (and your own team won’t get excited, either). As Jeffrey Chaddock notes, “I see advisors often in organizations that don’t truly resonate with them.”It’s a disconnect that might reduce results.
Get In the Room Where It Happens
“Board involvement is an unexpected major way [to gain clients],” says Jeffrey Chaddock. Join nonprofit boards aligned with your interests. Participate on committees. Attend fundraising events – not just as a check-writer, but with sleeves rolled up to help.
Become a Philanthropic Resource
Most clients – even the ultra-wealthy – need help vetting charities, strategizing tax-advantaged giving, and writing clear gift agreements. “It all came down to an interesting meeting when I was 22, having given just a small amount, but it forged an amazing relationship,” Jeffrey Chaddock recalls. Don’t assume clients already have the answers – become their guide.
Create Shelf-Life Experiences
Stop the forgettable chicken dinners. Go for memorable, “talkable” events – like the succulent planting party Jeffrey Chaddock hosted for 660 clients. (Pro tip: These events spark great word-of-mouth and are, as Jeffrey notes, often low cost, high impact.)
Streamline the Complex Stuff
Don’t just bring up philanthropy – help get it done. Have systems for DTC transfers, stock gifts, QCDs, donor-advised funds, and more. “Doing it with ease makes for the magnetism of folks that come through that avenue,” Jeffrey Chaddock shared.
The Big Opportunity: Differentiation
Here’s the fun part: Most advisors aren’t doing this – at least not well. If you become the resource for philanthropic leadership, you not only make a deeper impact on your clients’ lives, but you also rapidly become referable through social circles, nonprofit networks, and community connections.
The upside is greater loyalty, more ideal clients, and work that’s rewarding for you and your team.
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