Philanthropy-focused fintech company PhilanthPro is looking to boost its appeal among advisors through a tie-up with philanthropic planning firm GiveTeam.
The recently revealed collaboration offers advisors the opportunity to access PhilanthPro’s financial planning software along with GiveTeam’s expertise in strategic philanthropy, aimed at helping advisors better serve clients in the $10,000 to $1 million annual donation range.
Under the partnership, advisors who refer clients to GiveTeam will receive a one-year license for PhilanthPro's platform, along with personalized training. This training will help advisors utilize the software to deliver real-time financial modeling and grantmaking analysis, enabling them to offer more precise philanthropic planning.
GiveTeam specializes in working with financial advisors to guide their clients in establishing charitable goals, budgets, and selecting suitable nonprofits. PhilanthPro, meanwhile, describes its platform as a tool to streamline charitable management, adding a layer of financial sophistication previously unavailable to advisors.
“Financial advisors come to us at GiveTeam because they want to provide their clients with a higher and more comprehensive level of charitable planning support,” Erinn Andrews, CEO and founder of GiveTeam said in a statement. “Together, alongside advisors, we support their donor-clients in crafting a charitable mission statement, setting a budget and appropriate giving vehicle, and introducing donors to trusted US-based nonprofits that are aligned to their goals.”
Andrews highlighted the partnership as a chance for advisors to "differentiate themselves in a very crowded marketplace [by enabling] donors to access the best charitable planning advice and financial planning tools on the market."
PhilanthPro CEO and founder Nicholas Palahnuk also highlighted the partnership's significance. “Through this partnership, we aim to jointly mobilize new levels of funding through planned, intentional giving plans," he said, citing conversations with "hundreds of people who want to increase their philanthropy and look to advisors for more robust support.”
The urge to give is one shared by a strong majority of Americans, according to a September study by Fidelity Charitable, with some four-fifths of pre-retirees and retirees aged 50 to 80 years old saying they prioritize charitable giving. Still, just 51 percent of retirees and 61 percent of pre-retirees surveyed said they've had conversations with their advisors about charitable planning.
To help bridge that gap, PhilanthPro unveiled its charitable giving solution in January this year, bursting onto the scene with a solution that boasts the capability to create goals-based plans, interactive scenario reports, and help with the day-to-day management of philanthropic commitments, among other features.
"The financial industry is designed to help people accumulate wealth, not give it away, and that's a problem for philanthropic clients and their advisors," Palahnuk said at the time. "PhilanthPro brings the professional planning we're capable of to the world of philanthropy."
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
