Professional Advisors Describe “Win-Win” Partnerships with CFO

A scholarship for the “underdog” students  in Branson and Hollister.

A Springfield family’s desire to give back to the community that helped their business succeed.

A fund that recognizes an outstanding teacher each year in Ash Grove.

These are some of the examples of planned gifts that a group of estate-planning leaders shared during a recent breakfast at the CFO.

The CFO hosted members of its Professional Advisors Council to discuss how estate planners, attorneys and financial advisors can partner with the CFO to help clients achieve their charitable goals through thoughtful planning about their long-term intent.

Mitch Holmes, with Edward Jones in Branson, helped clients establish a scholarship fund that targets students with ACT scores under 28 and GPAs of 3.5 or lower.

“That’s going to give a whole new group of kids the opportunity to win a scholarship,” he said.

Attorney John Courtney described a scholarship fund benefiting Ash Grove students, which stipulates that one-quarter of its annual distribution be awarded to an outstanding teacher.

“If you think outside the box, you can do some innovative things with scholarship money,” he said.

Diane Homan, with Central Trust & Investment in Springfield, recounted a client who sold his business and wanted to support specific issues in the community that helped his business succeed.

“It helps our clients to give back and makes them feel that they are part of the community,” she said, of helping him create a charitable component in his estate planning.

Randy Saul, Director with BKD Wealth Advisors, LLC, said the CFO’s willingness to work with externally managed funds offers a comfort level to clients who have long-established relationships with their financial advisors. The advisors can still manage the funds, but direct the charitable giving through the CFO’s expertise.

“It’s a win-win for us,” he said. “The ease of a donor-advised fund vs. a private foundation saves a lot of time and expertise needed to set up a private foundation.”