Tips for Strategic Charitable Giving

Having a thoughtful giving strategy can help you have more impact with your gifts.

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Podcast Transcript

Host: Chelle Gonzo, Director of Business Strategy, Wells Fargo Private Bank

Guest: Audrey Truman, Senior Trust & Fiduciary Specialist, Wells Fargo Private Bank


Do you have a thoughtful strategy in place to guide your giving or do you find yourself responding to requests throughout the year? Ever wonder if there’s a way to have more impact with your gifts?

I’m Chelle Gonzo, Director of Strategy for Wells Fargo Private Bank. Today I am joined by Audrey Truman from Wells Fargo’s philanthropic team.

Welcome, Audrey. What kinds of questions do you get from clients?


Well, the biggest question is the one you alluded to earlier: Am I making an impact with my giving? I find that many families can benefit from being a bit more strategic with their giving.


That definitely resonates for me personally. My intentions are always good, but I tend to be more reactive and not proactive in how I give. If I want to change that, what should I be doing?


Well, you start by clearly defining the issues or causes your family really cares about. Are you passionate about the arts, your faith, supporting underprivileged families, or something else? Make time to sit down with your family, have a conversation, and capture your intentions on paper. Then compare that to the giving you actually did.

You’ll probably quickly identify a few key changes you’d like to make; maybe focusing your giving on fewer organizations so you make a more meaningful impact, for example. This type of conversation with your family also allows you to share with each other your personal values and possibly some family stories that have driven those values. Connecting in this way with your family is really another positive aspect of philanthropy.


That is really appealing. Is there a particular framework for that conversation or is it more of a freeform discussion?


Well, either way works, but sometimes a facilitator can really help. Our philanthropic specialists lead hundreds of these conversations a year for clients. We help families develop a giving mission and then outline how they can start taking action. That could be as simple as coordinating outright gifts or it may involve comparing more structured options, like setting up a donor advised fund, a charitable trust, or a family foundation.


I definitely like the idea of having somebody guide my family through the process. But, it does sound like there are a lot of options, which makes me think it could take a lot of time and maybe a lot of money to get something in place. Is that true?


There are a lot of options, but they don’t all require a lot of time or money. We help families compare the benefits based on their charitable goals, and also show them how different strategies will impact their cash flows, their tax savings, and their time commitment. There are options that provide immediate tax deductions, allow you to continue receiving income from your portfolio, and offer flexibility — and control — to your family.


That really piqued my interest. So who do I call if I’m interested in talking more about my options?


Contact your Wells Fargo relationship manager who will introduce you to a philanthropic specialist. We have experienced professionals across the country who would love to show you how a charitable giving plan might work and the potential benefits involved — both for you, your family, and for the causes that you care about.


Well, Audrey, that’s some great food for thought and I want to thank you for joining us. And thank you to our listeners for joining this podcast.

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What can Wells Fargo do for you?

Your passion for giving is unique, and your strategy should reflect that. Talk to your team at Wells Fargo to get started.

Wells Fargo Wealth Planning Center, part of Wells Fargo Private Bank, provides wealth and financial planning services through Wells Fargo Bank, N.A., and its various affiliates and subsidiaries.

This report is not an offer to buy or sell, or a solicitation of an offer to buy or sell the strategies mentioned. The strategies discussed or recommended in the presentation may be unsuitable for some clients depending on their specific objectives and financial position. This information is provided for education and illustration purposes only.

The information and opinions in this report were prepared by Wells Fargo Wealth Management. Information and opinions have been obtained or derived from sources we consider reliable, but we cannot guarantee their accuracy or completeness. Opinions represent Wells Fargo Wealth Management’s opinion as of the date of this report and are for general information purposes only. Wells Fargo Wealth Management does not undertake to advise you of any change in its opinions or the information contained in this report. Wells Fargo & Company affiliates may issue reports or have opinions that are inconsistent with, and reach different conclusions from, this report.

Wells Fargo and Company and its affiliates do not provide legal advice. Wells Fargo Advisors is not a tax or legal advisor. Please consult your legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared.

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