Over decades of strategic philanthropy advising, we’ve learned that many wealthy individuals and families are looking to their professional advisors for more than strategies to protect and grow their assets. What often begins as a discussion about taxes or estate planning naturally expands into deeper questions — raising generous children, defining purpose, or shaping a legacy that reflects their values.
This impulse to go deeper rang true in my recent conversation with Zach Morris, founder and managing partner of Paces Ferry Wealth Advisors. Together, we zeroed in on key challenges and tipping points, exploring how and when wealthy clients might move from a bent towards generosity to a desire to catalyze greater impact.
A few key questions can offer wonderful starting points for advisors and clients:
How does one turn the instinct for generosity into a path towards real, lasting impact?
It’s a process that engages and inspires those who seek a sense of real fulfillment. Chris Anderson, who leads TED, argues that we are wired for generosity. Some, however, need a push, and that push can come from different motivations: family values, religious traditions, gratitude, empathy, caring for our neighbors, legacy considerations, or others. Creating lasting impact involves learning, research, connection, assessment, and establishing ways to measure progress toward goals over time. Some clients are just getting started, while others have a sense that more is possible, but don’t know how to get there. In either case, the first step toward meaningful impact starts with their unique goals — the difference they want to make, however large or small. It can be a difficult question to answer, but an important one that can help donors get clearer on their philanthropic goals.
In TPI’s recently published book, A Generous Life: Reflections on Inspired Giving, a compilation of writings by our founder, Peter Karoff, Peter said, “Effective philanthropy is not always about where the money goes, but alignment of values across generations and capacity to turn intention into sustained practice.” Considering this for multigenerational families, how would you help them navigate different or conflicting funding priorities?
Philanthropy can be a source of unity across generations — especially for families with shared values. We often help donors trace the origins of their philanthropic motivations, whether those motivations come from lived experiences, family stories, or a desire to honor the legacy of relatives who are no longer here to express their intentions. Funders can capture the legacy they wish to leave in a variety of ways, from written words to film, and these expressions provide an invaluable guide for future generations. Many wealth builders wish to convey values and stories that will help to instill a commitment to philanthropy among other family members – and recognize that future generations of the family may embrace a shared purpose while pursuing different paths forward. Many philanthropic models allow families to honor and embrace collective values while making space for evolving interests across generations.
How can a donor avoid or move away from a “Whac-a-Mole” pattern of giving or giving only in response to sporadic requests?
Many donors are eager to shift from reactive giving — responding to requests as they arise — to a more intentional approach. Building a strategic portfolio of philanthropic investments takes thoughtful work, but this work can be deeply fulfilling and, in the best situations, truly joyful. Can you leave space for responsive opportunities? Absolutely. Many donors become clearer over time on the causes and goals they care most about and direct the bulk of their philanthropic budget towards those goals – and also allocate some of their philanthropic resources for requests from friends, neighbors, business associates, or their community.
Does one need to give away a significant amount of money to ultimately achieve a sense of joy and purpose?
A common misconception is that only people giving millions consider themselves “philanthropists.” In reality, everyday givers fuel much of the nonprofit sector. There are more than a million 501(c)(3) nonprofits in the US. Most of these organizations are modest in size and doing hard work in communities for which they rely on small grants and donations to survive and thrive. Over time, many donors recognize how fulfilling it is to “put their whole selves in” – their time, treasure, and talents – to make a difference in whatever ways they can, large or small. Strategic philanthropy is not reserved for the ultra-wealthy.
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To hear my full conversation with Zach Morris — including a deeper dive into these questions — you can find Zach’s podcast, Wealth Beyond Work, on Apple Podcasts and Spotify.
For more on Peter Karoff’s book, A Generous Life: Reflections on Inspired Giving, we profile it on our blog here, or you can purchase a copy for yourself or clients here.
Finally, if these questions prompt others you wish to discuss, or you would like to explore partnering with TPI, please reach out to us info@tpi.org. We’d love to hear from you!
