Greg Murray, Partner at GiftingNetwork, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the importance of including charitable giving functionality in the advisor’s tech stack.
GiftingNetwork integrates charitable giving into advisory platforms, including Envestnet and Orion. Today, charitable giving is becoming an important part of advisors’ tech stacks. Advisors can utilize GiftingNetwork as a white-label platform to service their clients’ gifting needs. Assets remain with the advisor until they are gifted by the client, allowing advisors to consider charitable giving as another potential revenue stream. Charitable giving is gaining importance among younger generations, providing advisors with a valuable connection to the next gen clients and prospects that will benefit from the great wealth transfer.
The Charitable Gifting Fund is a 501(c) (3) vehicle, with GiftingNetwork providing the technology. GiftingNetwork is open architecture, allowing advisors to control the assets held in the donor-advised funds. Donor-advised funds can be funded with highly appreciated assets, allowing donors to earn a deduction for the current value of the assets while relieving themselves of the obligation to pay capital gains taxes on the prior appreciation.
Murray encourages advisors to engage with clients on “feel-good” topics in times of market volatility. Charitable giving is an integral part of the financial planning conversation, and volatile markets may present an opportunity for discussions on the connection between portfolio performance and charitable giving levels.
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