All-Encompassing and All-Embracing Financial Planning
Key elements of financial planning:
- Setting financial goals
- Assessing current situation (determining net worth)
- Budgeting and planning cash flow
- Managing debt
- Planning for retirement
- Planning your assets and loved ones with appropriate levels of insurance
- Estate planning
What is often missing in these elements is philanthropic planning. Financial planning can focus only on the growth of assets and estate planning can focus only on distribution to heirs. US Trust and The Philanthropic Institute found in 2013 and 2018 that clients want advisors to start philanthropic discussions. However, more often than not, clients have to initiate this.
At the Catholic Foundation, we start philanthropic planning with goal setting, focusing on realizing donors’ visions for a lasting legacy. Philanthropy can be emotional as well as rational. The emotional aspect of philanthropy includes identifying core values, defining passions, and strengthening family ties. Exploring these areas ensures assets align with personal priorities, investments match values, and intentions are clearly defined and documented.
This all-encompassing and all-embracing financial planning requires deeper insights and expertise. Advisors can boost proficiency in philanthropy by exploring giving vehicles, understanding nonprofits, and engaging the next generation. Inviting a philanthropic advisor to a team with a financial planner, estate attorney, and CPA can also achieve this.
The Catholic Foundation of Central Florida ensures community philanthropic desires are met expertly and with a deep understanding of Catholic values. Our advisors integrate faith into financial discussions, blending financial growth and estate planning with charity and stewardship. Several Planned Giving Advisory Council members and CFOCF staff actively offer their technical knowledge as Chartered Advisors in Philanthropy.