UK Community Foundations Conference Professional Adviser Masterclass Wednesday 12th September 2017 Stephen Singleton

March 2005 “The best advice I can give to you but you won’t do it, is to get your legacy campaign up and runnin’ now.”

US Community Foundation Endowment Growth

Our Story – Referrals from Professional Advisors The first 7 years £ Zero The past 5 years – 11 major gifts Largest cash gift - £1.2m Largest asset transfer 12 cottages (current valuation £2.5m) 1 in-memoriam fund The pipeline – 16 known legacies planned in our favour including A house – value circa £500k Three known 7 figure legacies estimated at £1.5m, £3m and £7m Four funds likely to carry in-memoriam status A bonus – 5 professional firms have established CSR funds

Our observation…

Opportunities for working with Professional Advisors (Lawyers, Accountants & Financial Advisors) Often the first step taken by people who want to make a difference is to seek professional advice Lawyers tend to be the first port of call – private client solicitors for individuals, commercial lawyers for corporates Philanthropic triggers include: Inheritance A memorial for a loved one Business or land sale Tax management Intergenerational wealth transfer Retirement Large termination pay-out, bonus payments, lottery wins

Our aim should be to assist the Professional Advisor in helping their clients fulfil their clients’ aspirations to make a difference … tax effectively

Engaging with Professional Advisors Incorporate PA strategy into business plan Look at your trustee recruitment – solicitor and accountant Identify good networking events where there will be plenty of Professional Advisors Build a database – SCF has circa 160 firms with 250 individual names Arrange individual meetings with firms with the ambition of tagging onto their internal partner/staff meetings Don’t forget existing professional firm trust management – dormant, slow moving or in trouble that may require help Professional Advisor lunches Professional Advisor Pack – (contact Judy Dow at SCF for word document at judy.dow@suffolkcf.org.uk) Your knowledge around local needs and local giving will be unsurpassed – invite to your events where this is demonstrated (Annual Reviews)

Challenges with Professional Advisors They often have defined routes and chosen charities Competing with their trust capability and fee earning requirement Your ‘fees’ (charitable contribution) to run your community foundation Ego Identifying the key people Cross-border co-operation

Final Thoughts Clear objective – to make your Community Foundation the voice for local philanthropy Confidence – Philanthropy Impact Report of June 2016 stated “less than 20% of the UK’s advisory firms offer philanthropic advice and the depth and breadth of the advice varies significantly” You will widen your potential market place from your historical position (averaged terraced house £234k) The donors of all but one gift that we have received have no children Opportunity to develop gifts that can be used as a catalyst for further fund development through using it as a match fund

“There is charity which is good, and there is problem solving charity which is called philanthropy.” Steve Gunderson, former President of the Council on Foundations