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10 Cards in this Set

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  • Back
What is a Foundation?
It is an organization set up by individuals or businesses to give money to people or other organizations who forward the charitable goals of the foundation.
How do FA's make money working with Foundations?
By managing the Foundation money or helping the Foundation raise money by doing estate planning with donors who will gift money to the charity.
What is the term that refers to the assets of a Foundation?
Endowment
What is one of the first questions to learn an FA who says s/he specializes in Foundations or Non-Profits?
What percentage of their business comes from this activity.
How long does it typically take to open Foundation accounts?
Many months, if not a year or more.
Suppose the percentage of revenue is low, (less than 50%). What strategy would we recommend they follow?
Because of the length of time it takes to open Foundation accounts, we are going to recommend the same strategy we recommend if someone is transitioning to fees.
What is the strategy we recommend for someone transitioning to fees?
Create a new fee-based business while keeping the old business flat until you reach a point that the revenue from the new business will support your family and current business operations.
How do people generate new business with Foundations?
They have to be involved in the charitable business scene where they meet people, do good works, contribute to charities and develop relationships.
What organization should an FA interested in Charitable Organizations belong to?
National Society of Fund Raising Executives
How can the system help an FA with a specialty with Foundations?
Build the "expert financial advisor" identity by repeated mailings of the 250 articles in the letters library. They will enhance the "caring well-mannered, trustworthy" identity with etiquette, holiday and birthday letters. And they will enhance the good citizen identity with Memorial Day and July 4 letters. Plus, if the Foundation will allow them to do seminars for their donors, they will be able to keep track of everyone and ensure no one slips through the cracks.