For many financial advisors, working with nonprofit clients is the gold standard in their industry. Because nonprofits are dependent on the generosity of donors and entities with high net worth, financial advisors who can successfully partner with foundations can often also open doors to valuable partnerships with donors. But the question for most financial advisors is: How do I attract nonprofit clients? The key lies in creating strategic alliances that result from five deliberately designed processes that attract – and cultivate – relationships of trust with these sought-after clients.


Deliver a clearly defined and differentiated client experience

Nonprofits need to choose their trusted advisor carefully. Because of that, advisors need to be able to provide a proven track record of defined and differentiated client experiences. Since nonprofits often operate with a small staff and even smaller budget, they need an advisor to help make sense of complicated financial matters. By bringing a meticulously crafted, clearly defined process to the table, you’re more likely to convince the organization’s key decision-makers to sign on enthusiastically.


Know the kind of nonprofits you want to work with

It is best for advisors to narrow down the types of non-profits they want to work with based on their own beliefs and values. When reaching out to non-profits, mention that you want to work with them because their ideals align with your own. This will encourage them to open up and be more willing to work with someone who shares their same vision.


Initiate consultative roundtable sessions

If an advisor and nonprofit choose to work together, advisors should conduct a series of meetings with all stakeholders to clarify expectations and goals. The aim of these meetings is to set the stage for maximum success and satisfaction for shareholders or to help to recognize early on if the fit isn’t right.


Present an explicit action plan

It is imperative to realize that nonprofits want to know, not just where the advisor will take them, but how they’re going to get there. For this reason, definitive action plans are critical for cultivating relationships of trust and solidifying strategic alliances. The advisor’s action plan should detail the challenges and opportunities facing the nonprofit, the benefits of partnering with the advisor, and the specific steps all stakeholders will take to serve mutual interests. By asking the right questions and listening intently, advisors stand the greatest chances of reaching an agreement and confidently moving ahead.


Track progress and keep communication open and ethics impeccable. 

Once an advisor has achieved buy-in from all stakeholders, it’s of utmost importance to continually revisit and communicate how things are going with regular check-ins and meetings.

In working with nonprofits, because they are generally considered (and scrutinized) as bastions of ethical conduct, an advisor with uncompromising ethical standards and commitment to looking out for the best interests of all stakeholders will be a valuable and trusted asset. By engaging in these five deliberately designed processes, advisors will succeed in attracting, cultivating, and sustaining long-term relationships with non-profits. 

At Ashar Group, we’re secondary market and valuation specialists who can help individuals, organizations, and businesses unlock the value of existing life insurance policies. We’re here to help you take the next step and invite you to contact us today.