How Advisors Are Giving Back This Holiday Season

‘Tis the giving season, but that’s not necessarily exclusive to Chrismahanukwanzakah.

The holidays are a time when many choose to lend a hand and give back. Advisors, who tend to be more financially well off than most Americans, feel a real compulsion to help out their communities. However, that commitment is often year-round. “My family relied on food assistance when I was a kid in the early 1980s, and I still remember the big blocks of cheese and sacks of rice that got us through,” said Patrick Huey, founder of Victory Independent Planning. Now, Huey is highly engaged in charity work, donating his time, money and expertise to food pantries in Florida. 

“I don’t think of this as a December-only activity,” he said. “The holidays are a natural reminder, but hunger isn’t seasonal.”

An Advisor’s Work Is Never Done

Perhaps the most natural way advisors give back is pro bono work:

• Last year, certified financial planners reported nearly 18,000 hours in pro bono work, according to the CFP Board.
• Some 17% of all CFPs volunteered their services, a 16% increase from the year prior.

Vered Frank, founder of StackWealth, divides her time between Eve Wealth and the non-profit Savvy Ladies, two groups that aim to help women build financial education and independence. Additionally, she volunteers at two dog shelters. “While the conversations and situations I encounter through volunteering — whether with people or dogs — can sometimes be difficult, the act of helping others gives me a deep sense of purpose,” she told Advisor Upside, adding she plans to do even more pro bono work next year and is currently enrolled in an IRS-sponsored program offering tax counseling for the elderly.

Practice What You Preach. Many advisors also do exactly what they recommend to their clients. Catherine Valega, founder of Green Bee Advisory, said she personally and professionally likes donor-advised funds, charitable accounts that give owners immediate tax deductions. “Each year around Thanksgiving, I ask my four daughters to research their non-profit of choice for the year, and our DAF makes gifts,” she told Advisor Upside. “That gives me so much joy, knowing that I’m instilling a sense of philanthropy early.”