The results are in! The 2011 Study of High Net Worth Women’s Philanthropy reveals some interesting differences in how women make philanthropic decisions for their households. The study was conducted by Bank of America Merrill Lynch and an excellent recap can be found here. As a financial adviser, you would be well served to address women’s needs to building philanthropy into your planning strategies.
Key findings from the study include:
- Women spend more time than men on due diligence before making decisions about giving to a charitable organization.
- Women expect a deeper level of communication with the organizations they support and place greater importance than men on the efficiency and effectiveness of the organization and hearing about the impact of their gift.
- Women want to be actively involved with an organization and its mission, with volunteering being among the most important motivations for women to give.
- Women are more likely than men to stop giving to an organization they had previously supported whereas men tend to support the same causes year after year.
If you’re interested in connecting with more influential women, consider doing some of the following:
- Use the ReferenceUSA database via your local library to identify women-owned businesses in your community. Very often, you’ll need only your library barcode number to research this source from your home or office.
- Identify local fundraising events targeted to women, buy a ticket, and go!
- Volunteer to speak for a women’s networking group on a topic related to your area of expertise that would also interest the women in the group.
- Use the power of LinkedIn to connect with more women in business. The “advanced search” tab reveals a goldmine of opportunities. If you’re not sure how to leverage LinkedIn for prospecting, reach out to me for assistance.
Maria Semple, Principal and LinkedIn Prospecting Strategist
The Prospect Finder LLC
Author of Panning for Gold: Find High Net Worth Prospects Now!