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Women make up the majority of planned gift donors around the world. Women control a majority of the assets in the US today and often live much longer than their male counterparts. Women planned gift donors share some similar traits, but as the Baby Boomers age up into the gift planning zone, perceptions of how they want to be solicited and remembered are changing. This session will talk about women as philanthropists and planned gift donors with top tips for getting their attention, nurturing the relationship and closing the gift. LEARNING OBJECTIVES/TAKEAWAYS: How to approach women planned gift prospects through marketing; What are the triggers for women planned gift prospects and donors; What recognition is most meaningful for women donors.
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TIPS FOR SOLICITING PLANNED GIFTS FROM WOMENPresented to the AFP Westchester
National Philanthropy Day
November 7, 2013
Margaret M. Holman, President
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The Economic Power of Women
Women are building wealth
59% The growth in the number of women-owned businesses since 1997
41% The rise in the number of businesses overall
29% The share of businesses owned by women
$1.3-trillion The estimated amount of revenue generated by women-owned businesses
Women are breadwinners40% of households with children under 18 include a female who is the primary wage earner
37% of those are married women who earn more than their husbands
$80,000 is the median income for households with children where wives earn more than their husbands
$57,100 is the median income for all households with childrenSource: The Chronicle of Philanthropy, Section B, “Tomorrow’s Donors,” August
15, 2013
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The Economic Power of Women
Nearly half of the top wealth-holders in the U.S. are women, including more that three-million women with annual incomes greater than $550,000.
Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
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The Economic Power of Women
• Women own 43% of stock portfolios with values over $500,000
• Women own 45% of investments in other markets
• Women own a majority of all stocks traded on the NY Stock Exchange
Source: Jewish Federations of North America, National Women’s Philanthropy: Philanthropic Profile, July 2011
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The Economic Power of Women• Women will inherit 70% of the intergenerational wealth in
the next 50years.• Many women will inherit twice – from their parents and
then from their husbands.
Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
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The Economic Power of Women• The average planned gift from women ranges from
$30,000 to $80,000.• Of those with the biggest estates ($5-million+), nearly half
of them leave a charitable bequest. Only a third of wealthy men do.
Source: “Fem-anthropy: Women’s Philanthropic Giving Patterns and Objectives”, Advancing Philanthropy, March-April 2010; Chronicle of Philanthropy “Fundraising and the Female Donor”, September 2013
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Women Bequest Donors
Lady Mowlson, Ann Radcliffe’s will to establish Harvard’s first endowed scholarship on May 9, 1643
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Recent Women Bequest Donors
• Muriel Block, $160-million to Yeshiva University & Albert Einstein College of Medicine
• Dorothy Clarke Patterson, $225-million to a variety of foundations
• Brooke Astor, $190-million to a variety of charities
• Virginia Bernthal Toulmin $87-million to colleges & Universities
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Factors that Encourage Women’s Gifts
Factors for Women in
Giving
Source: Chronicle of Philanthropy Webinar “Fundraising and the Female Donor”, September 2013
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Barriers to Women’s Giving
• Difficulty in accepting the responsibility and power associated with money.• Women see themselves as peacekeepers and
collaborators.
• “Male bastions” discourage female giving.• Desire for anonymity.
• Mrs. Russell Sage gave away $80 million by 1918. • She said, “It’s ill mannered to call attention to one’s self.”
• Changing in today’s world.
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Barriers to Women’s Giving• Fear of the future
• Absence of children or grandchildren.
• The more they feel secure about their financial future, the more they bequeath to charity.
• A study in 2006 found that 90% of a total of nearly 2,000 women who participated said they felt somewhat or not at all financially secure.
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Source: The Allianz Women, Money & Power Study released by the Allianz Life Insurance Company of North America
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Barriers to Women’s Giving
• Unfamiliarity with financial matters• Only 23% of women
felt “well prepared” to make financial decisions
• Offer financial seminars for women only
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Source: Prudential Study: Women & Money
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Barriers to Women’s Giving
• Lack of image as philanthropists• Women give smaller
gifts to more charities.• A common pattern is to
give $100 annually and leave a major bequest of $100,000 or more.
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Source: Bidding for Good
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Women as Planned Gift Donors
• Wally and Beaver are all grown up now.
• With Ward Clever gone, most institutions are reaching out to June.
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Developing a Gender Sensitive Fundraising Program
• Segment this diverse market• Subdivide into age
categories• Over 60: Women are
discovering the thrill of giving.• Use peer stories• Subdued colors, graphics
and copy• Larger typeface (at least 14
point)
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Developing a Gender Sensitive Fundraising Program
• Between 40 to 60• Time of reevaluation• Financial, retirement
and estate planning.• Use more colorful,
crisper graphics.
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Developing a Gender Sensitive Fundraising Program
• Focus on things women care about:• Children• The Elderly• Health care• Education• Animals
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
1. Quantify women’s giving over the past five years
• Run reports to see the total number of gifts from men and women; the total gift dollars from men and women; the level of giving by men and women.
• Organizations that do this are surprised by how much women are already giving without any special programs or expectations.
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
2. Review Donor Acknowledgement
• Pay close attention to records and make sure you know which partner in a marriage is the constituent, who was actually solicited, who made the contribution, and how the donor wishes to be acknowledged. It’s better to know than to guess.
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
3. Examine Your Record-Keeping Methods and Gift Coding
• Is your computer system gender-friendly? Can you credit spouses individually as well as in couples?
4. Review Your SOP• When you set up an appointment with a male prospect who is
married, do you ask if his wife will be there also?• Important to establish a relationship with both partners – remember
women outlive their male counterparts by at least 7 years!
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
5. Research and publicize several large gifts made by women.
• Recognizing these gifts does two things:• Gives credit to the woman philanthropist• Encourages other women to do the same.
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
6. Examine your boards and campaign leadership and how members are recruited.
• Female prospects look carefully at board composition as an indication of an institution’s commitment to gender equality.
7. Call on women and ask them to give.• Target women for 50% of your contacts.• If you don’t ask, you won’t get…
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Source: Sondra C. Shaw & Martha A. Taylor
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Eight Ways to Enhance Awareness of the Potential for Women’s Giving
8. Apply female communication methods when calling upon women.
• Remember, women use language differently than do men.
• Women use language to achieve connections, while men use it to assert their autonomy.
• Conversations with women are a way of establishing rapport and negotiating relationships.
• Men regard conversations primarily as a means to preserve independence and negotiate and maintain status in a hierarchical social order.
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Sources: Sondra C. Shaw & Martha A. Taylor; You Just Don’t Understand: Men and Women in Conversation by Deborah
Tannen
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Remember these Bequest Specific Motivations
• The lack of family need
• A desire to be remembered
• A desire to limit the amount to family
• A desire to make a difference
• Reciprocation• The need to manage
estate taxation
Source: The Center on Philanthropy at Indiana University Study: Gender Differences in Giving Motivations for Bequest Donors and Non-Donors, 11/09
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Smart Women and Money
“I am a marvelous housekeeper. Every time I leave a man, I keep his house.”
Zsa Zsa Gabor
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Thank you!
330 Madison Avenue, 9th floor
New York, NY 10017
646-495-3240
www.holmanconsulting.com