Numerous advisors have found that their happiest clients are those who incorporate charitable giving into their financial and estate plans. Philanthropy not only enhances emotional well-being but also offers logical benefits that can strengthen client relationships.
Despite the advantages, many advisors shy away from discussing philanthropy. A survey revealed only 5% of advisors feel "very confident" in this area, with a staggering 72% skipping these conversations altogether.
According to a recent Wall Street Journal article, charitable giving can lead to:
- Improved mood
- Lower blood pressure
- Potentially longer life
Studies suggest that giving may trigger the release of "happiness hormones" while reducing stress. Engaging clients in philanthropy can positively impact their overall well-being.