Managing the finances of a household during the coronavirus pandemic is stressful, but for a financial advisor, the word stressful does not begin to explain the amount of pressure they’ve faced. Many financial advisors have found themselves in unchartered territories, trying to help others navigate a financial landscape unlike anything most people have ever seen. Scott Goldsmith is one of those navigators. As the Senior Financial Advisor with Ronal Blue Trust*, Scott faced mounting questions from clients who wanted to get more involved at a time of great need in their communities and around the world. He described his clients as generous people who he watched “lean into who they are; becoming more extreme versions of themselves” during the pandemic.
In this video, Scott joins Eric Howard to discuss helping clients maneuver their finances in a way that is not detrimental to their long-term goals, but is still of great impact in the short-term. Scott also discusses the types of sacrifices people are making in an effort to be of more service to nonprofit organizations. While some of his clients have made the choice to tap into financial resources set aside for other personal projects, others have developed more aggressive donation habits that they are prepared to reconfigure in the years ahead.
One critical point Scott and Eric discuss is the power of nonprofits being of service to donors. Scott suggests that if a nonprofit organization can prioritize relationships, it will boost donor loyalty. One way that nonprofits can foster that relationship is to help them become more educated about their giving options. The passage of The Cares Act made it easier for some people to increase their donation amounts during the pandemic; however, not everyone was aware of the change and how it impacted them. Scott explains a bit of The Cares Act and how nonprofit organizations can work their way up to building trusting, long-term relationships with donors.
*This video is provided as a resource. It is not council or financial advice.