I provide independent, customized philanthropic counsel to individual families, private and public family foundations, and the advisors that serve them. Many factors will shape the philanthropic services you may require, including your objectives, time horizon, and resources. Clients can take up the services they need, in any combination, and use them continuously or ad-hoc at any point on the giving/granting continuum.
I have maintained long-standing, trusted relationships with professional advisors in various domains that I am able to call upon, as needed, to enhance the innovative philanthropic guidance that might be unearthed for consideration.
Frequently Asked Questions
Donor Advised Funds (DAFs) in Canada - there are so many providers. How do we decide which model will suit our family?
Although Canadian DAFs are readily created and more commonly involve input for grant recommendations by founders and their families, there are many model differences. Duration (limited or perpetual), cost recovery vs. fees, and successive generation engagement are but a few of the key differences. A seasoned, independent, objective philanthropic advisor can moderate an informed, thoughtful exploration of your charitable goals and objectives, to guide the establishment of the appropriate DAF structure(s).
Private families and family businesses increasingly see their philanthropy as a social investment with a clear value base and transgenerational motivations. How can families do more than providing grants to charities and not-for-profits?
One option might include social impact investing. Often also called "impact investing, program-related investing, mission-related investing", this notion is generally defined as "the repayable transfer of money with the aim of creating positive, social impact". And, sometimes, the return associated with the investment may differ from the amount invested. A few gifting instruments include loans to charities beyond those offered by traditional lenders; equity, debt, or grant funding to a charity with a revenue-generating model (aka "social enterprise"); investments in a B-Corp; and investment in Environmental, Social and Governance (ESG) businesses. While every family is different, an experienced philanthropic advisor looks to create opportunities and challenges to planning, both to preserve wealth and deploy capital according to specific values.
Estate planning is so much more than drafting a Will or a trust. Engaging input from professional advisors in areas such as taxation, insurance, and financial planning will help make certain all testators' financial assets are transferred seamlessly, efficiently, and thoughtfully. What value-add can a philanthropic advisor bring to the planning process?
An unwavering trust in donor/client relationships will make conversations about very personal matters more comfortable in seeking to fully understand the donors "why".
- Identifying areas of charitable interest and exploring gifting vehicles that may be created in advance of Will execution.
- Providing suitable language for charitable bequests, including specific, contingent, residual, and lifetime gifts in combination.
- Allowing for the possibility that charities and programs in existence today may have evolved, merged tomorrow.
- Facilitating legacy conversations during lifetime with the spouse and family beneficiaries to possibly avoid estate litigation.
- Deepening relationships with charities during lifetime so that the donor's trust can be earned and re-earned.
How will we work together?
- Arrange a preliminary 30-minute introductory consultation to clarify where you are in your philanthropic journey and identify your charitable goals and objectives.
- With input from your primary wealth advisor management team, a customized philanthropic plan would then be devised to include discussions on values, time-horizon, possible giving vehicles, and family philanthropy.
- An engagement letter outlining phases, activities, and estimated fees would ensue. At the present time, consultative services are billable at $250 per hour and may vary depending on the nature of the guidance to be provided. Day rates or project rates may be available on a retainer basis. Expenses associated with the fulfillment of the scope of work are invoiced on a cost-recovery basis. Currently, "Pirbhai Philanthropic Consulting" is a sole practice.
Every successful philanthropic advising relationship is based on trust. You and your advisor will talk about much more than money. You’ll talk about issues you care about deeply, your personal motivations and even your personal relationships with other family members. You’ll want someone you can trust completely to keep your secrets safe and your best interests at heart.
Good philanthropic advisors quickly understand what inspires their clients and find ways to build on that passion. Conversations with your advisor should leave you feeling hopeful, excited, and always ready to move forward.
Strong philanthropic advisors help you clarify your goals and bring forward bold new ideas to help you move toward them. As with financial advisors, they take the time to understand your tolerance for risk, but they also encourage you to challenge your beliefs and assumptions as you consider your philanthropic investment strategy. At the end of the day, you should find yourself thinking more deeply and making new connections that you may not have made on your own.
Philanthropy is a highly personalized undertaking, and while an advisor may have a general guiding process, she must first and foremost be willing to adapt that process to your needs.
When considering an advisor’s experience, the key is to look for breadth rather than depth. In other words, the more different forms of philanthropy (foundations, donor-advised funds, individual giving, corporate social responsibility giving, impact investing, etc.) in which an advisor has worked, the better.
Your philanthropy will be most effective when your philanthropic advisor is in regular contact with your other advisors. For example, when your philanthropic advisor knows in advance that you’re planning to take a distribution from a family business or that a large gift will be needed in the current year to offset an impending tax liability, she can help you plan your philanthropic investments accordingly. She also can work with your business or investment advisors to ensure that your philanthropic investments work hand-in-hand with your business or market rate ones, so that returns align with your overall vision. Look for a true team player who’s willing to understand and work within the bigger picture.