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$10 billion for Charity: Mid-Year Review


In early 2021, amidst the uncertainties of COVID-19, I took on a major public challenge: to raise $10 billion for charity. I provided a brief update on progress in my January 2022 article for WealthManagement.com but now, amid rising global tensions and soaring inflation, I want to provide a fresh reminder. There’s never been a more important time for wealth managers to add charitable planning to their roster of offerings for high-net-worth families.


Inspired by the renowned coaches, Dan Sullivan and Joe Polish, I took up the challenge of applying a 10x multiplier to helping high-net-worth clients use philanthropic strategies to do good while doing well. In 35+ years of supporting wealthy families and the financial managers who advise them, I’ve created plans resulting in over a billion dollars of charitable gifts. Starting in early 2021, I committed to 10x the amount and speed with which I influenced client philanthropy going forward.


The 10x philanthropy focus is another way to pursue purpose at work that transcends just being in it for the money. The last time I looked at the Bank of America Study of Philanthropy, it showed that at least 31% of families said they would switch advisors if they could find one that would talk to them about their philanthropic interests. I’ve discovered that, rather than moving money away from under the advisor’s management, providing philanthropic planning generally results in more capital to manage because families consolidate assets under those they trust most. Plus, you’ll often improve family dynamics while making a tangible difference in the charities supported. Last year was my biggest ever. I added another $250 million to the amount of money donated with my advisory help. Now, I’m setting my sites higher. Once I get to the $10 billion, I'm going to 10x that – aiming to influence up to a hundred billion in charitable donations from by working with advisors and the high-net-worth families they serve.


I’m not suggesting that you set a $100BN goal for charitable donations. Set a small goal. Set a goal to talk to three clients. Set a goal to learn something new about how charitable planning can boost your clients’ finances and philanthropic impact. Unsure how to start? Start by giving me a call.


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