Two words Jon Skov uses when describing how he has incorporated charitable planning in his practice are ‘aspirational’ and ‘transformational.’
He says, “What motivated me to be a financial advisor in the first place was the aspirational idea of helping Christian families build wealth and increase their capacity to support ministries.” It’s why he shares his “joy of personal giving” in client conversations.
But it only works if the client takes his calls. Donna and Don didn’t return Jon’s calls for several years after he inherited them as a new advisor.
“Then, they didn’t take most of my advice,” he says, recalling his recommendations for making their portfolio more efficient. Meanwhile, their net worth kept growing–and Jon remained undeterred.
“It takes a while for clients to understand their situation enough for it to sink in. There’s more they can do,” he says.
Even after they started meeting with Jon, the couple was slow to make decisions, despite identifying charitable goals in their comprehensive plan: make gifts and minimize taxes. Eventually, they established a
Joy in sharing abundance with the world
While supporting their church and several charities, Jon could tell the fund wasn’t satisfying their generosity goals. So, he brought up the possibility of making ‘transformational’ gifts.
“I suggested they establish donor-advised funds for each of her grandchildren and plant seeds for the next generation,” he says.
It took another few years, but the couple followed through on his recommendation. As advisors to their own funds, the grandchildren are beginning to make grants to charities of their choice.
In handwritten letters to her adult grandchildren, Donna wrote, “May you come to know your grandfather’s joy in the act of sharing abundance with the world.”
Those gifts were just the beginning. The couple recently sold Don’s home to their church, and they are gifting proceeds of the sale to a donor-advised fund to benefit the causes they cherish. Jon says, “The church needed a parsonage, and my clients could make a gift that’s truly transformational.”
Jon’s secrets to success
What can you take from Jon’s success story, 15 years in the making?
- “Share your joy of personal giving story with clients.”
- “Patience is part of the process.”
- “Hold your clients’ goals in front of them often.”
- “Use Thrivent Charitable as a resource to help clients achieve their giving goals.”
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This donor’s experience may not be the same as other donors and does not indicate future performance or success. Payout rates, charitable deductions and other benefits vary based on a number of factors.
Thrivent and its financial advisors and professionals do not provide legal, accounting or tax advice. Consult your attorney or tax professional.