Prosperity Planning: Integrating strategic philanthropy into financial planning

By Courtney Castledine, Mutual Fund Representative – Worldsource Financial Management Inc., Certified Financial Planner, Certified Health Insurance Specialist – Prosperity Planning

For many, the world of finance suggests cold discussions centered on the numbers, projections, and spreadsheets. While philanthropy may not be the first word that comes to mind when thinking about wealth management and financial planning, at Prosperity Planning, we are looking to change that.

We are a female-run, independent firm led by me and Dale Collins, a mother-daughter duo of Certified Financial Planners. We strongly believe that it is our obligation to give back to our community. This belief has been at the core of Prosperity Planning’s values since its inception. As a firm, we aim to align our charitable giving not only with causes our team are enthusiastic about, but also with causes close to our clients’ hearts.

Our holistic planning approach goes far beyond collecting the quantitative information, and beyond the numbers and the projections; instead, we focus on the whole person. We strive to understand the ‘why’ behind the goals and dig into the values and beliefs. We ultimately try to advise our clients in a sustainable way to drive lasting success.

Money and wealth are deeply personal topics, whether they are a source of joy, stress, or often a combination of the two. Relationships built on trust and mutual respect are imperative to creating a successful financial plan. What better way to understand someone than to take the time to learn about their interests through talking about philanthropy. Each of us has unique experiences, which often drive our decisions, financial or otherwise. We can find connection and shared values through discussions around the causes we care about.

Charitable giving discussions are often synonymous with estate planning, enveloped in the myth that this is a conversation for later in life. It is never too early to begin discussing philanthropy as part of an overall financial plan, as there are often opportunities to create a lasting impact, while also getting clients closer to their financial goals. There are cases where charitable giving strategies may have a greater impact if they are implemented early. Life insurance as an example: the age and health of an individual will impact the ability to obtain a policy and will determine the cost. Our very own Dale Collins, founder of Prosperity Planning, gifted a $50,000 life insurance policy to Victoria Hospice.

Philanthropy is not just naming a charity as a beneficiary in your will or life insurance policy. There are many tax-efficient ways to create a lasting impact. We aim to educate clients on different charitable and tax-efficient planning methods available to them. We tailor strategies to align with the client, their overall financial goals, charitable causes, and values.

 

In 2022 Dale and I joined the Gadsden Initiative at the Victoria Foundation. Creating a fund with the Foundation through this program was a perfect opportunity for us. We can support the causes that are important to us and our clients, while the Victoria Foundation’s breadth of knowledge on the different causes in the community leads to far greater impact. Through our membership, we’ve had the opportunity to connect with likeminded individuals, learn about new (to us) initiatives, and build a greater sense of community. The Gadsden Initiative has allowed us to focus on our ‘why’ while the Foundation takes care of the ‘how’.

In connecting with both our clients and the Victoria Foundation, we aim to drive positive action, foster more philanthropy, and help create a more prosperous future for all.

To learn more about Courtney and Dale and the rest of their team, please go to www.prosperity-planning.com