afp westchester npd 2013 tips for soliciting planned gifts from women margaret m. holman

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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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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• 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.


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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.


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Women Bequest Donors

Lady Mowlson, Ann Radcliffe’s will to establish Harvard’s first endowed scholarship on May 9, 1643


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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• Unfamiliarity with financial matters• Only 23% of women

felt “well prepared” to make financial decisions

• Offer financial seminars for women only


Source: Prudential Study: Women & Money

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• 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


Women as Planned Gift Donors

• Wally and Beaver are all grown up now.

• With Ward Clever gone, most institutions are reaching out to June.



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)




• Between 40 to 60• Time of reevaluation• Financial, retirement

and estate planning.• Use more colorful,

crisper graphics.




• 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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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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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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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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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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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.


Sources: Sondra C. Shaw & Martha A. Taylor; You Just Don’t Understand: Men and Women in Conversation by Deborah

Tannen


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


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

afp westchester npd 2013 tips for soliciting planned gifts from women margaret m. holman

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