The practicalities of bequests
•Download as PPT, PDF•
1 like•312 views
Prospecting, Asking and Stewarding A practical guide to developing your Bequest / Legacy / Gift in Will program
Recommended
More Related Content
What's hot
What's hot (20)
Viewers also liked
Viewers also liked (11)
Similar to The practicalities of bequests
Similar to The practicalities of bequests (20)
More from Fiona McPhee
More from Fiona McPhee (12)
Recently uploaded
Recently uploaded (20)
The practicalities of bequests
- 1. Bequests This session: Practicalities of Bequests 1.Prospecting 2.Asking 3.Stewarding
- 3. Bequests Prospecting Promotion • Repetition • Clear, concise messaging • Focus on impact (not just how to) • Make it easy to pursue
- 4. Bequests
- 5. Bequests Prospecting Tools to aid promotion • Your Bequest proposition
- 6. Bequests Prospecting • Bequest proposition – Vision for the future – what will bequests be used for? – Present the need, problem or opportunity? – Does it offer a solution? – Does it consider the timing (a bequest is for the future not now)? – Does it present a benefit to the donor? – Is it emotional and unique?
- 7. Bequests
- 8. Bequests Prospecting Tools to aid promotion • Your Bequest proposition • Show (potential) impact – How have bequests impacted your beneficiaries in the past? – Don’t have any examples? Speculate – what could bequests achieve?
- 9. Bequests
- 10. Bequests Education is an important part of the Home’s work, so a dedicated building to host school, community and industry groups was in great need. Thelma Hoult’s generous bequest, earmarked for such a project, has resulted in the new Thelma Hoult Training and Education Centre in Gracie Street. With a fully-equipped auditorium and much-needed office space, the Centre will provide training and information sessions on all aspects of responsible pet ownership and animal care for the public and industry professionals. Education is an important part of the Home’s work, so a dedicated building to host school, community and industry groups was in great need. Thelma Hoult’s generous bequest, earmarked for such a project, has resulted in the new Thelma Hoult Training and Education Centre in Gracie Street. With a fully-equipped auditorium and much-needed office space, the Centre will provide training and information sessions on all aspects of responsible pet ownership and animal care for the public and industry professionals. Newsletter Article Donor Care Letter
- 11. Bequests Prospecting Tools to aid promotion • Your Bequest proposition • Show potential impact • Testimonials from bequestors
- 12. Bequests
- 13. Bequests
- 14. Bequests Prospecting Demographic Date of birth Postcode analysis Survey responses Contact details provided Gender Title Address type Demographic Date of birth Postcode analysis Survey responses Contact details provided Gender Title Address type Behavioural Length of involvement Supporter type Recruitment source Regular giver Membership Type of service used Behavioural Length of involvement Supporter type Recruitment source Regular giver Membership Type of service used
- 15. Bequests Prospecting Behavioural approach • Active (last 12 months) • Multi givers • High Value
- 16. Bequests Prospecting Can’t Take It With You • Statistical model analysing behaviours of existing confirmed bequestors • Donor database filtered using model to identify 40k best prospects • Direct mail pack with phone follow up – 90 confirms via mail – 28 confirms via phone follow up – 152 leads generated – $40k cash donations
- 17. Bequests Prospecting Geo-demographic approach • Educated • Married, widowed, divorced • Have children / Don’t have children • Affluent
- 20. Bequests Asking • First ask yourself – what am I asking for? – What is your proposition? – Residual – why? – Why this supporter? • Second ask yourself – how engaged is the audience? Engaged + Promotion = better conversations & responses to asks
- 21. Bequests Asking AICR: http://www.sofii.org/showcase-item?hall=0&id=26&pos=13 Scope UK: http://share.scope.org.uk/ Engagement Opportunities
- 22. Bequests Asking • High touch • Personalised
- 23. Bequests Asking
- 24. Bequests Asking Guide to asking face-to-face (or on the phone) • Know as much as you can about them • Not at the expense of not making the ask
- 25. Bequests Asking •When/how did they make their bequest intention (how have they become a prospect) •How much have they given to the organisation •Date and amount of last/largest donation •How long have they been supporting your organisation •Do they volunteer •Are they/were they a board member •Do they know a board member/CEO •Have they been to events •Is there an area of your work in particular they support •Have they filled in a survey before •Have they shared their story
- 26. Bequests Asking
- 27. Bequests Asking
- 28. Bequests Asking
- 29. Bequests Asking Pre Letter (opt out) Rich Fox “ Is this the best way to develop bequests?” • Thanks donors for their lifetime support and explains the organisation’s need for bequests and charitable remainder trusts. The letter reminds prospects that many people don’t like to think about writing a will and thus, despite their best intentions, don’t adequately ensure that their wishes are carried out. • Stresses that it is not a request for another contribution and then introduces the concept of the legacy programme. The letter explains that donors needn’t indicate the amount of money they intend to leave the organisation, merely that they should indicate that they intend to participate in the programme. An enclosed enrolment form also includes an opt-out box for prospects to declare they’re not interested. • Explains that as soon as the organisation receives a donor’s enrolment form, his or her name will be inscribed immediately in a place of honour at the institution and will be published prominently among the organisation’s donors, to help motivate others to follow the example. • Points out, finally, that the legacy programme is so important to the organisation’s future that a representative will call to explain the programme and answer questions – but only if donors do not return the enrolment form to indicate whether or not they’ll participate.
- 30. Bequests Asking
- 31. Bequests Asking
- 32. Bequests
- 33. Bequests
- 34. Bequests •Did they receive the letter / remember previous conversation / visit? •Did their lawyer find the wording useful? •Any further information needed? •Have they had the opportunity to make the addition / changes Asking Follow Up Are you still considering a bequest? Have you been to the solicitor? Would you like help finding a solicitor? What kind of bequest are you considering? Are you intending to leave a percentage of your estate or a specific amount?
- 35. Bequests Asking Asking for details • Should we ask to be notified of details? “Would you consider providing details of the provision, or sending a copy of the section, so that we can help ensure your wishes are carried out” “Talk to us about what you want a gift in your will to achieve”
- 36. Bequests Asking To tick box or not to tick box? • Should you include a tick box on appeal/other response forms? – “Please provide me with additional information about making a bequest” – “I have made a bequest”
- 37. Bequests Asking To PS or not to PS? • Do you include a PS like the following on your thank you letters? – “Another way to increase our impact on the lives of the children we help is a bequest. Please remember us in your will.”
- 38. Bequests Stewardship Why bother? • Almost always revocable • Donors can revoke or change easily (codicil or amendment) • Life-long, donor-led*, relationship to ensure distribution
- 39. Bequests Stewardship • Donor Centric • Targeted • High touch • Personalised • Continue their normal communications
- 41. Bequests Stewardship Distinctive Recognition • Not everyone wants to be publically recognised • Not everyone wants to be ‘part of the club’ • Everyone wants to feel remembered, valued and respected
- 43. Bequests Stewardship Distinctive Recognition • To club or not to club? • It has to be real • You must seek permission to join up a donor • Do not use it as the ask (please join the X club)
- 44. Bequests RSPCA UK – Warm Audience • Legacy Predictor Model –Age, tenure, engagement and postcode • ‘Handraiser’ packs –Identify database prospects –Strategy driven by theory that older, low value donors are great bequest prospects • ‘heritage’ focus –2 or 3 pounds ask –3 commemorative postcards - incentive
- 45. Bequests
- 46. Bequests RSPCA UK – Warm Newsletter • Twice annual newsletter • enquirers and pledgers • high scoring donors against predictor model • Keep bequests front of mind • Age specific versions • 65-75yrs and 75+ • 75+ received a more overt bequest message • Reply form and engagement device • Crossword or word sleuth • Send a message to the fundraising manager
- 47. Bequests
- 48. Bequests • 74% of people in the UK support charities – only 7% make a bequest • Will Guides are employed by most charities • Raise awareness of bequests • Explain how • Explain why • Emphasis on using a solicitor • Provided to enquirers, intenders and pledgers • ‘Rational’ and ‘emotional’ sections • Inform people how to leave a bequest and why they should choose the RSPCA • Provides people with a physical item they an take to their solicitor RSPCA Will Guide
- 49. Bequests Planning • Plan well • Plan quick • Plan to measure
- 50. Bequests Planning What to measure: • Confirms per year – Estimated value of confirms – % of confirms • Conversions per year • Bequests received – Income / value – Type – Information about the donor (work hard to find the link)
- 54. Bequests Planning • Plan well • Plan quick • Plan to measure • Actually Ask
- 55. Bequests Planning Before you ask: • Learn the basics • Be ready to efficiently and quickly accept and respond to any requests for information made by prospects or confirms – And this may not be information specifically about leaving a bequest • Be ready to efficiently and quickly accept and respond to any notices of bequests
- 56. Bequests Practicalities 1.The relationship matters – who and how and when 2.You need to ask 3.You need to remember (everything) 4.The ‘Why’ needs to be inspiring, tangible and related to why they support now 5.Show impact 6.Always remember they care about your beneficiaries
- 57. Bequests Helpful Articles • Bequest fundraising pure and simple – Why you should be investing in bequest fundraising • The must do’s of bequest fundraising – Getting started • Do you call your bequest prospects? – How the phone will impact your bequest program • Can a killer curry improve your bequest program? – For and against ‘cold’ bequest marketing
- 58. Bequests • Fiona McPhee • fiona.mcphee@paretofundraising.com • Twitter: fimcphee • Phone: +6421 336 905 • Web: www.paretofundraising.com THANK YOU QUESTIONS?