The ClientWise Blog

Give in the Time of Corona

Posted by Ray Sclafani on Dec 22, 2020 11:04:23 AM

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First off, my sincerest apology to author Gabriel Garcìa Màrquez for butchering the title of his remarkable novel Love in the Time of Cholera just to come up with a light-hearted name for this somewhat somber holiday blog. It’s with a great deal of relief that we prepare to turn the page on a new year. To say that 2020 has been ‘challenging’ would be the understatement to end all understatements. Yet together (and apart), we’ve managed to navigate unprecedented difficulties and persevere – as we’ve always done before.

Like you, we at ClientWise are looking forward to 2021 with an abundance of hope and optimism. With a COVID vaccine approved and currently being distributed, along with an economy that’s proven remarkably resilient in the face of uncertainty, we are hoping for a much needed return to some semblance of normalcy.

The holiday season, however, is typically a time when we pause and shift our attention away from our own personal and professional challenges to focus on others – family, friends, and perhaps most importantly, those in need throughout our communities. This year in particular, with so many people struggling financially as a result of this pandemic, giving to help support the millions who have lost jobs, are unable to feed their families, and facing the prospect of eviction, has never been more important.

There’s perhaps no better way for you, your team, and your clients to come together this year than through a shared charitable engagement. Whether giving your time, talent, and/or treasure, philanthropy not only “does good” for others, it can also foster a strong sense of shared purpose and build greater interdependence in your team.

My wife and I draw an incredible sense of joy in working with disenfranchised children – kids who otherwise would never have a chance at bettering their situation. That’s the cause that truly engages us and invests us on a personal level. Talk to your team, engage them in conversations about their philanthropic passions, and see if there’s an opportunity to find a cause that all can share.

Share your team’s passion with others

Many advisors do tremendous charitable work in their communities yet never take the opportunity to invite their clients to get involved out of some unfounded fear of “imposing” on them. The truth is that the vast majority of clients, even those who choose not to participate, will still appreciate your charitable efforts. And those who do participate will become more than clients – they’ll become partners and advocates of you, your team, and your firm.

Consider inviting not only your clients but also their families to participate alongside your team on your next community project. Point out to them that active philanthropic engagement has an immense ability not only to teach and empower the next generation to manage their wealth more effectively, but also to put them on the path to becoming empathetic, generous, and active members of the community. And undertaken as a family, it can help teach younger children values-based financial independence, and/or bring adult siblings and cousins together to strengthen their relationships.

Coaching Questions from this article:

  1. Talk with your team and discuss their individual philanthropic interests and passions. What are some commonly shared interests?
  2. How might you be able to engage with one or more organizations or activities that reflect your team’s charitable interests?
  3. Once you’ve identified a cause, how can you best inform clients and encourage them to actively participate with your team?

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ClientWise is the premier financial advisor coach focused on business development and management best practices for financial advisors.

Topics: Holiday