AFP Westchester NPD 2013 Tips for Soliciting Planned Gifts from Women Margaret M. Holman
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AFP Westchester NPD 2013 Tips for Soliciting Planned Gifts from Women Margaret M. Holman

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Women make up the majority of planned gift donors around the world. Women control a majority of the assets in the US today and often live much longer than their male counterparts. Women planned gift ...

Women make up the majority of planned gift donors around the world. Women control a majority of the assets in the US today and often live much longer than their male counterparts. Women planned gift donors share some similar traits, but as the Baby Boomers age up into the gift planning zone, perceptions of how they want to be solicited and remembered are changing. This session will talk about women as philanthropists and planned gift donors with top tips for getting their attention, nurturing the relationship and closing the gift.

LEARNING OBJECTIVES/TAKEAWAYS:
How to approach women planned gift prospects through marketing; What are the triggers for women planned gift prospects and donors; What recognition is most meaningful for women donors.

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  • In 1600 she was married to Thomas Moulson, an alderman and member of the Grocers' Company who served as Lord Mayor of London in 1634. They owned and operated an inn in London.[2] They had two children but both died young. Thomas Moulson died in 1638, leaving the customary half of his estate to his widow Anne. Ann had a head for business and managed her own business for the next twenty-three years. In addition to the inn, she loaned money and invested in import ventures. She was also active in the puritan cause, contributing toward hiring a puritan lecturer in her parish and giving generously to other charities.[3] In 1643 she donated some of her money to found the first endowed scholarship at Harvard. When in 1894 the women's annex to the university was chartered as a full college, it was given the name of Harvard's first female benefactor.
  • PNC study in 2006 found women reported they needed a median amount of $3.3 million to feel completely financially secure about the future.
  • As compared to 45% for men

AFP Westchester NPD 2013 Tips for Soliciting Planned Gifts from Women Margaret M. Holman Presentation Transcript

  • 1. TIPS FOR SOLICITING PLANNED GIFTS FROM WOMEN Presented to the AFP Westchester National Philanthropy Day November 7, 2013 Margaret M. Holman, President
  • 2. Holman Consulting 2 The Economic Power of Women Women are building wealth 59% The growth in the number of women-owned businesses since 1997 41% The rise in the number of businesses overall 29% The share of businesses owned by women $1.3-trillion The estimated amount of revenue generated by women-owned businesses Women are breadwinners 40% of households with children under 18 include a female who is the primary wage earner 37% of those are married women who earn more than their husbands $80,000 is the median income for households with children where wives earn more than their husbands $57,100 is the median income for all households with children Source: The Chronicle of Philanthropy, Section B, “Tomorrow’s Donors,” August 15, 2013
  • 3. Holman Consulting 3 The Economic Power of Women Nearly half of the top wealth-holders in the U.S. are women, including more that three-million women with annual incomes greater than $550,000. Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013 Holman Consulting, Inc. 3
  • 4. Holman Consulting 4 The Economic Power of Women • Women own 43% of stock portfolios with values over $500,000 • Women own 45% of investments in other markets • Women own a majority of all stocks traded on the NY Stock Exchange Source: Jewish Federations of North America, National Women’s Philanthropy: Philanthropic Profile, July 2011 Holman Consulting, Inc. 4
  • 5. Holman Consulting 5 The Economic Power of Women • Women will inherit 70% of the intergenerational wealth in the next 50years. • Many women will inherit twice – from their parents and then from their husbands. Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
  • 6. Holman Consulting 6 The Economic Power of Women • The average planned gift from women ranges from $30,000 to $80,000. • Of those with the biggest estates ($5-million+), nearly half of them leave a charitable bequest. Only a third of wealthy men do. Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
  • 7. Holman Consulting Women Bequest Donors Lady Mowlson, Ann Radcliffe’s will to establish Harvard’s first endowed scholarship on May 9, 1643 7
  • 8. 8 Holman Consulting Recent Women Bequest Donors • Muriel Block, $160-million to Yeshiva University & Albert Einstein College of Medicine • Dorothy Clarke Patterson, $225-million to a variety of foundations • Brooke Astor, $190-million to a variety of charities • Virginia Bernthal Toulmin $87-million to colleges & Universities Holman Consulting, Inc. 8
  • 9. Holman Consulting 9 Factors that Encourage Women’s Gifts Create Women want to be a part of creating new programs & outcomes Celebrate Important to celebrate women’s giving impact Commit They may take longer to make a decision, but they are loyal Factors for Women in Giving Collaborate Natural networkers and prefer to connect with others to design Change Women want to know their involvement will make a sustainable difference Connect Important to connect to the human face of their support Source: Chronicle of Philanthropy Webinar “Fundraising and the Female Donor”, September 2013
  • 10. Holman Consulting 10 Barriers to Women’s Giving • Difficulty in accepting the responsibility and power associated with money. • Women see themselves as peacekeepers and collaborators. • “Male bastions” discourage female giving. • Desire for anonymity. • Mrs. Russell Sage gave away $80 million by 1918. • She said, “It’s ill mannered to call attention to one’s self.” • Changing in today’s world.
  • 11. 11 Holman Consulting Barriers to Women’s Giving • Fear of the future • Absence of children or grandchildren. • The more they feel secure about their financial future, the more they bequeath to charity. • A study in 2006 found that 90% of a total of nearly 2,000 women who participated said they felt somewhat or not at all financially secure. Source: The Allianz Women, Money & Power Study released by the Allianz Life Insurance Company of North America Holman Consulting, Inc. 11
  • 12. Holman Consulting Barriers to Women’s Giving • Unfamiliarity with financial matters • Only 23% of women felt “well prepared” to make financial decisions • Offer financial seminars for women only Source: Prudential Study: Women & 12 Money 12
  • 13. Holman Consulting, Barriers to Women’s Giving • Lack of image as philanthropists • Women give smaller gifts to more charities. • A common pattern is to give $100 annually and leave a major bequest of $100,000 or more. Source: Bidding for Good 13
  • 14. 14 Holman Consulting Women as Planned Gift Donors • Wally and Beaver are all grown up now. • With Ward Clever gone, most institutions are reaching out to June. Holman Consulting, Inc. 14
  • 15. 15 Holman Consulting Developing a Gender Sensitive Fundraising Program • Segment this diverse market • Subdivide into age categories • Over 60: Women are discovering the thrill of giving. • Use peer stories • Subdued colors, graphics and copy • Larger typeface (at least 14 point) Holman Consulting, Inc. 15
  • 16. 16 Holman Consulting Developing a Gender Sensitive Fundraising Program • Between 40 to 60 • Time of reevaluation • Financial, retirement and estate planning. • Use more colorful, crisper graphics. Holman Consulting, Inc. 16
  • 17. 17 Holman Consulting Developing a Gender Sensitive Fundraising Program • Focus on things women care about: • Children • The Elderly • Health care • Education • Animals Holman Consulting, Inc. 17
  • 18. Holman Consulting 18 Eight Ways to Enhance Awareness of the Potential for Women’s Giving 1. Quantify women’s giving over the past five years • • Run reports to see the total number of gifts from men and women; the total gift dollars from men and women; the level of giving by men and women. Organizations that do this are surprised by how much women are already giving without any special programs or expectations. Source: Sondra C. Shaw & Martha A. Taylor
  • 19. Holman Consulting 19 Eight Ways to Enhance Awareness of the Potential for Women’s Giving 2. • Review Donor Acknowledgement Pay close attention to records and make sure you know which partner in a marriage is the constituent, who was actually solicited, who made the contribution, and how the donor wishes to be acknowledged. It’s better to know than to guess. Source: Sondra C. Shaw & Martha A. Taylor
  • 20. Holman Consulting 20 Eight Ways to Enhance Awareness of the Potential for Women’s Giving 3. Examine Your Record-Keeping Methods and Gift Coding • Is your computer system gender-friendly? Can you credit spouses individually as well as in couples? 4. Review Your SOP • When you set up an appointment with a male prospect who is married, do you ask if his wife will be there also? • Important to establish a relationship with both partners – remember women outlive their male counterparts by at least 7 years! Source: Sondra C. Shaw & Martha A. Taylor
  • 21. Holman Consulting 21 Eight Ways to Enhance Awareness of the Potential for Women’s Giving 5. Research and publicize several large gifts made by women. • Recognizing these gifts does two things: • • Gives credit to the woman philanthropist Encourages other women to do the same. Source: Sondra C. Shaw & Martha A. Taylor
  • 22. Holman Consulting 22 Eight Ways to Enhance Awareness of the Potential for Women’s Giving 6. Examine your boards and campaign leadership and how members are recruited. • Female prospects look carefully at board composition as an indication of an institution’s commitment to gender equality. 7. Call on women and ask them to give. • • Target women for 50% of your contacts. If you don’t ask, you won’t get… Source: Sondra C. Shaw & Martha A. Taylor
  • 23. 23 Holman Consulting Eight Ways to Enhance Awareness of the Potential for Women’s Giving 8. Apply female communication methods when calling upon women. • Remember, women use language differently than do men. • Women use language to achieve connections, while men use it to assert their autonomy. • Conversations with women are a way of establishing rapport and negotiating relationships. • Men regard conversations primarily as a means to preserve independence and negotiate and maintain status in a hierarchical social order. Sources: Sondra C. Shaw & Martha A. Taylor; You Just Don’t Understand: Men and Women in Conversation by Deborah Tannen Holman Consulting, Inc. 23
  • 24. Holman Consulting 24 Remember these Bequest Specific Motivations • The lack of family need • A desire to be remembered • A desire to limit the amount to family • A desire to make a difference • Reciprocation • The need to manage estate taxation Source: The Center on Philanthropy at Indiana University Study: Gender Differences in Giving Motivations for Bequest Donors and Non-Donors, 11/09
  • 25. 25 Holman Consulting Smart Women and Money “I am a marvelous housekeeper. Every time I leave a man, I keep his house.” Zsa Zsa Gabor Holman Consulting, Inc. 25
  • 26. 26 Thank you! 330 Madison Avenue, 9th floor New York, NY 10017 646-495-3240 www.holmanconsulting.com