For professional advisers

It is well established that Australians are increasing their giving. As our society becomes more affluent, more people want to "give something back" to their community.

In line with overseas experience, Australian research indicates professional advisers - solicitors, lawyers, accountants and financial advisers - are becoming increasingly interested in providing philanthropic advice and strategies to clients.

There are many benefits for you and your clients if you can provide advice on charitable giving. As professional advisers, you have the opportunity to help your clients achieve their charitable goals, through planned giving that combines philanthropy with overall financial, taxation and estate planning.

Benefits of advising on philanthropy

Benefits for professional advisers

Advising on charitable giving provides professional advisers with:

• a competitive practice advantage;
• a deeper, richer client relationship;
• greater personal satisfaction from helping clients make a difference.

Benefits for your clients

There are many advantages for your clients in making a significant donation during their lifetime. They include:

Fulfilment

The major motivation for philanthropy is to make a difference. It is far more satisfying to see, first hand, the tangible benefits of giving.

Involvement

Many donors not only want to donate part of their wealth, they also wish to contribute time to their chosen cause. Many charities provide donors with the opportunity to become actively involved.

Family culture

Having made the decision to support a worthy cause, many parents are keen for their children to learn from example. By donating during their lifetime, parents have the opportunity to not only establish a family culture of philanthropy, but also pass on their social conscience to the next generation.

Tax

It may be more tax effective to make a donation during one's lifetime rather than via a bequest nominated in one's estate. This is a complex area requiring specific tax advice from an accountant.

Affordability

It is important to ensure that potential donors are comfortable to give without significantly impacting on their own lifestyle in the future. Financial advisers have the skills and analytical tools to assess whether you have surplus capital and how best to match your cash flow in the future.