Charitable giving is something that many people choose to incorporate into their New Year’s resolutions, but unfortunately many fail to plan for it financially and practically. According to Jeff Chaddock, a private wealth advisor with Ameriprise Financial, passing wealth to family and to philanthropic organizations is something that should be incorporated into people’s financial plans throughout a lifetime, especially for those with a high net worth.

 

Estate planning and charitable donations are an important part of a financial plan, but according to Chaddock, many people don’t think about them as soon, or as much, as they should. He considers it his job as a financial advisor to encourage clients to use a portion of their net worth to give to family and philanthropy. “The best financial plans take into account multiple aspects of a person’s life – their family, their work and their civic passions. To plan for – and ultimately execute – all of those things takes faith, confidence and conviction,” he says.

 

Financial advisors have a wide range of clients, but having a conversation about charitable giving and estate planning should be universal and reoccur at many stages of life. Chaddock says he often notices that the clients who have an inclination to give tend to factor it into their estate and end-of-life planning. “They think about it as they age,” he says. “Everyone should consider talking about what they can do today that will help them feel secure about their finances – and their giving priorities as they grow older.”

 

Though he sees many of his clients become more eager about charitable giving during the holidays, the economy from year to year often plays a role in a client’s ability to give as much as they planned or had given in previous years. And the wavering economy hasn’t just affected the amount they choose to donate, but also to which organizations. “Due to the economic conditions and the increased number of people who are unemployed or living on less income, many of my clients are donating to organizations that provide basic needs like food shelves and medical facilities,” says Chaddock.

 

Jeff, who has been an Ameriprise financial advisor for 23 years, says giving back to the community is important to his clients, but also to himself and his practice. “Where there are common values, there are common benefits,” he says, and he considers his work as a financial advisor a big part of his community involvement. “I educate many people – clients and the public – about how to plan financially to help ensure that they feel confident about their decisions, and that they invest in the people and causes that are important to them.”

 

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