Chatting About Planned Giving With Timothy Logan, FAHP, ACFRE
More and more it seems, fundraisers are expected to develop and utilize integrated and multi-channel campaigns rather than having a singular focus like say annual fund or planned piving. We had a chance to chat with Timothy Logan, FAHP, ACFRE about this trend and what would make the perfect Planned Giving App.
1. Are there new developments in Planned Giving? What are they?
Planned Giving gift instruments, by definition, remain largely the same. New developments today are in marketing and communicating planned gifts. We are in the midst of an explosive period of research about Planned Giving and Aging. When we better understand how people age and why our donors chose to remember us as part of their charitable financial planning, we can develop a more donor-focused Planned Giving program.
2. What do you think is the biggest misconception about Planned Giving?
I think the biggest misconception is that Planned Giving and Major Giving are cousins. In fact, Planned Giving is more related to Annual Giving than it is to Major Giving. Most development offices group Planned Giving with Major Giving based on the fact that gift officers tend to meet face to face with both Planned and Major Giving prospects. While personal meetings can be important in closing Planned Gifts, having a purposeful plan in Annual Giving or Direct Response to develop repeat annual donors is crucial.
3. Do you think the Planned Giving Officer is an “endangered species”, in other words, are there still many planned giving officers who only do planned giving or is it more and more being folded into other jobs?
At last year's national NPPP conference--(National Partners for Philanthropic Planning) one of the emerging trends announced was that Planned Giving is more about building relationships than having expertise in gift instruments. That trend started several years ago when a study showed that fewer fundraising professionals devote their time solely to Planned Giving. So, if the "traditional" Planned Giving Officer is someone who sits in a back room and calculates CRT payouts--yes, I believe that is an endangered species. On the upside, Planned Giving is becoming more integrated with Annual Fund so more fundraising professionals can be involved and, thus, need to understand Planned Giving.
4. You’ve been fundraising for over 33 years – what was the point when you thought, “Yes, this is what I’m going to spend my life doing?”
Early in my career I realized that being a fundraising professional I got to do everything I wanted to do, especially marketing and communications. Then, about five years into it, I joined NSFRE and became involved in soliciting my peers for the Every Member Campaign. That opened my eyes to how diverse and expansive our community was. After that I achieved CFRE and decided to pursue a Masters in Nonprofit Management. By then, I was pretty much "all in."
From a mission focused point of view--I spent a week at Jerry Lewis Summer Camp very early in my career. Being part of an organization that provided such a beneficial program for our clients was a very powerful emotional experience. I was truly happy knowing that part of my paycheck would be non-financial, psychological compensation.
5. If you could design an app for Planned Giving newbies what would it do?
There's a lot a PG app could do so let's stick with what would be helpful to have right at your fingertips:
- PG Definitions – key terms defined.
- PG Gift Concepts – a listing of each type of gift and an explanation of the four core characteristics of each: target age, target wealth, donor’s charitable goal, donor’s financial goal.
- PG content – apps are all about content so I would want to access off of my organization’s PG brochures.
- Gift calculator – the app would contain a PG gift calculation tool and, of course, the monthly discount rate would update automatically.
- Portfolio management: the app would allow me to upload my top (50 or so) PG prospects where I could rate them and track contact with them.
To find out more about the integration of Planned Giving into your Development work join us for Timothy’s webinar on August 12 at 1:00 PM Eastern, “What You Need to Know about Planned Giving When Planned Giving is not All That You Do”.
For more info or to register click here.