By Sheila Kinman, CAP®, Chief Philanthropy Officer
Retaining clients is a cornerstone of long-term business success in any profession or industry. Keeping an existing client, and earning additional work from that client, is often far more efficient than acquiring a new one. For professionals in estate, tax, and financial planning, this principle becomes especially important during one of the most sensitive stages of engagement: the period following a client’s passing.
Attorneys, accountants, and financial advisors understand that when a client passes away, many planning strategies are set in motion while families are navigating grief and transition. Emotions run high, and families are adjusting to loss. This combination can make it challenging to transition relationships to the next generation. The statistics underscore just how steep this challenge can be. Some sources indicate that fewer than 20% of heirs continue working with their parents’ advisor after inheriting assets.
One of the most effective ways to address this risk is to build relationships with clients’ children long before the estate becomes active. Advisors use many thoughtful approaches, such as inviting children to appropriate meetings, sending personal notes, or offering career guidance. Yet few conversations are as meaningful and natural as those centered on philanthropy.
For many families, an inheritance represents more than a financial transfer. It reflects values, purpose, and the story of how the family built its resources. Discussions about charitable giving often open the door to conversations about legacy, priorities, and shared commitments across generations. These conversations can strengthen relationships not only within the family, but also between the family and their trusted advisors.
Community Foundation Tampa Bay can be a valuable partner in this work. Our team collaborates with advisors to create opportunities for clients and their children to explore philanthropy together. Families can establish giving vehicles such as a donor-advised fund, designated fund, or field-of-interest fund, making charitable engagement accessible and organized across generations. We also offer research on areas of interest, curated nonprofit site visits, and educational conversations about community needs and charitable strategies. In addition, we provide resources to help families understand tax-efficient giving approaches, including the potential benefits of contributing appreciated stock.
Advisors frequently invite us to facilitate family discussions that help younger generations understand the causes their parents and grandparents have long supported, while also identifying areas that reflect their own interests. These conversations can strengthen family identity, deepen intergenerational ties, and help advisors remain connected to the entire family over time.
Engaging the next generation in any thoughtful way can improve the likelihood of maintaining long-term relationships. Philanthropy, in particular, offers a meaningful and constructive avenue to build trust, encourage dialogue, and support continuity as wealth transitions from one generation to the next.
If you would like to explore how charitable planning can strengthen client relationships, the team at Community Foundation Tampa Bay is here to partner with you. We welcome the opportunity to support your work and help your clients’ values endure.
Sheila Kinman, CAP® serves as Chief Philanthropy Officer at Community Foundation Tampa Bay. A seasoned expert in providing philanthropic solutions, she is dedicated to facilitating the joy of giving for donors. Sheila specializes in helping individuals, private foundations, nonprofits, and corporations direct their charitable giving in impactful and financially strategic ways. Her expertise also includes facilitating complex, non-cash gifts, such as donations of closely held business interests and real estate.
.png)
.webp)
%20(1).webp)