- “We have found that while advisers are focused on eliminating estate taxes and directing more and more money to the heirs, wealth holders are more concerned about what will happen to the heirs when the money’s in hand.” The Right Side of the Table: Where do You Sit in the Minds of the Affluent?By Scott Fithian and Todd Fithian. Page 18
- “Baby Boomer Yearnings: 1. Values, not Valuables: uncomfortablediscussing inheritance out of context; wish todiscuss family traditions &history, sharingstories, values, hopes. 2. Legacy Gap: talking about inheritance but not in a meaningful or productive way.3. Ideal Legacy Advisor: The top qualities bothgenerations look for in a legacy advisor:honesty, trustworthiness, compassion, a goodlistener, and strong communicator.”- 2,267 boomers and their elders surveyed, Allianz, 2005, with Ken Dychtwald CAP, The Sallie B. and William B. Wallace Chair in Philanthropy at The American College. Page 12
- “In a way, we in the philanthropic advisory field have the privilege of being generous with other people’s money. If clients are to feel the joy of giving, we must feel it too. We set an example with our own giving, and in our own enthusiasm about it. We find the giver in the client by first finding the giver in ourselves. By the same token, when the client or donor does make a significant gift, we should take some personal satisfaction in that, some sense of pride. Donors and clients who make that big decision may feel a moment of doubt, or “giver’s remorse.” To have you as the advisor or gift planner delight in the gift, and to congratulate them on it, to celebrate it, may seem a small thing, but donors will appreciate it and remember it for a long time.” A DONOR-FRIENDLY OVERVIEW OF CHARITABLE TOOLS. Phil Cubeta, CLU, ChFC, MSFS,
- “Let me show you how we work. Planning can be done above the line or below the line. Above-the-line planning is about the why of it all. Below the line, planning is about the how of it all. The world is full of experts who can tell you how. But they tend to assume they already know what you want to accomplish. They tend to assume that what you want to accomplish is what they are prepared and paid to provide. They tend to assume that one client is much like another and that the tools, plans, techniques, and boilerplate that works well for one client can be quickly repurposed for use with another. In reality, you are unique. Getting to know you and what you wish to accomplish and why you wish to get that accomplished is my strong point. I know the tools, techniques, and planning process, and when I do not have expert knowledge in a particular area I operate as a talent scout to find the relevant experts. But my strength is in getting to know you, and in helping you articulate the outcomes you want to achieve for yourself, those you love, and for the community, if you have aspirations in that direction. Most planners spend 80 percent or more of their time below the line. I spend 80 percent or more of my time above the line. They aspire to be experts in tools and plans. I aspire to be an expert in you and what you wish to accomplish.” A CONCEPTUAL FRAMEWORK FOR PLANNING WITH PHILANTHROPIC TOOLS.Phil Cubeta, CLU, ChFC, MSFS, CAP, The Sallie B. and William B. Wallace Chair in Philanthropy at The American College
- “Above the line planning elicits vision, mission, values, goals, principles, fears, needs, concerns, and higher aspirations. Above-the-line planning, when it takes hold, often results in a story or narrative about who the client was, is, and wishes to become, or how the client wishes to be remembered. Below the line planning is a financial, tax, and legal science. It issues in financial projections, illustrations of particular tools, flow charts and diagrams, boilerplate explanations, scenarios testing financial options, and ultimately in a host of legal documents including wills, business agreement and trusts, including charitable trusts and foundations.” A CONCEPTUAL FRAMEWORK FOR PLANNING WITH PHILANTHROPIC TOOLS.Phil Cubeta, CLU, ChFC, MSFS, CAP, The Sallie B. and William B. Wallace Chair in Philanthropy at The American College
- “Often clients are far more idealistic and interesting than you would ever know from reading their documents. It is a shame for the client and for society when a client’s highest aspirations die with them. To prevent, it is our responsibility to get the client to talk about what he or she most deeply wishes to accomplish, and then to line the planning up so it fulfills that mission.” A CONCEPTUAL FRAMEWORK FOR PLANNING WITH PHILANTHROPIC TOOLS.Phil Cubeta, CLU, ChFC, MSFS, CAP, The Sallie B. and William B. Wallace Chair in Philanthropy at The American College
- “The CAP has to understand the “Tax and Tools,” but maybe the only person at the planning table trained to go beyond them to social impact and catalytic philanthropy. Then, the CAP works back and forth between personal finance and the levers for change that the client wishes to use. The CAP, of course, then makes sure that where financial and tax advantages are possible, those advantages are fully optimized. Is giving to a think tank deductible? How about lobbying? Litigation in the public interest?A movie company making films about corruption or injustice? Can a foundation (given the many rules about fiduciary responsibility) invest in a very high-risk start-up that funds a new drug? Should the donor wish to do a public service advertising campaign to start a nonprofit, or do the initiative under the wing of a nonprofit, so that the cost of the campaign would be tax-deductible? A CAP may be asked to research such issues.3 What drives the conversation of catalytic philanthropy is the relentless desire to change the world, by whatever levers are available, in line with the client’s goals, in the most efficient way possible. Welcome to the leading edge!” A CONCEPTUAL FRAMEWORK FOR PLANNING WITH PHILANTHROPIC TOOLS.Phil Cubeta, CLU, ChFC, MSFS, CAP, The Sallie B. and William B. Wallace Chair in Philanthropy at The American College
- “Client maintenance required checking in with them as regularly as possible and returning their phone calls by the end of the day regardless of how trivial their concerns might appear. When clients of mine ran into each other and one asked, “Have you talked to Leigh lately?” I wanted to be certain the answer was always yes.” The Agent: My 40-Year Career Making Deals and Changing the Game (Steinberg, Leigh; Arkush, Michael) – page 91