Prioritizing Donor Retention in Your Fundraising Strategy
Retaining donors is more cost-effective than acquiring new ones. Learn practical strategies nonprofits can use to improve donor retention and grow sustainably.
Just about everybody is busy. Daily life demands that our attention be focused on family, work, and the ‘to-do list” that seems never ending. Because of this, estate planning often takes a backseat. A staggering 70% of Americans do not have an up-to-date will, and that number is worse in communities of color. Not having an updated will can leave assets and loved ones vulnerable in the event of their passing. How can online providers of wills and other estate planning documents make a significant national impact to help reduce this deficit? There is a promising solution: embedding online wills into everyday American transactions and experiences. Here are three core areas where online will providers can help close the estate planning deficit.
Imagine if creating or updating your will was as easy as checking your bank account balance or making a purchase online. By embedding online will services into everyday financial transactions, such as banking, investment, or insurance transactions, individuals can seamlessly access and manage their estate planning needs.
Banks and credit unions can play a significant role in closing the estate planning gap by offering simple, online wills to their customers. Here are several ways they can help:
Big-name brokers like Schwab, Fidelity and E*Trade and online upstarts like Robinhood, Interactive Brokers and TradeStation can reach millions of “under-willed” clients with embedded offers for online wills.
Property/casualty and life insurers can embed online will planning into their business operations:
Employees are seeking new and useful benefits from their employers. Employers can offer online estate planning as part of an employee benefits package by partnering with online will providers and incorporating the service into their benefits offerings:
By offering online estate planning as part of an employee benefits package, employers can help employees take control of their financial futures and provide them with peace of mind knowing their affairs are in order.
Six out of ten (or 60%) of American households participate in some sort of charitable giving, according to The Philanthropy Roundtable. That means almost 200 million Americans can be reached through the organizations with which they provide monetary and other support. Nonprofits have a unique opportunity to “kill two birds with one stone” by helping chip away at the estate planning deficit and help their organizations drive long-term planned gifts from current donors:
Embedding is a hot distribution topic for brands who want to drive new business in ways that reduce the traditional “friction” of the sales process. Online wills can significantly help reduce the “estate planning deficit” for American households. By embedding online estate planning into other transactions, the migration to financial security can happen faster.
LifeLegacy offers a seamless online estate planning experience for financial institutions, employers and nonprofits that helps these entities build strong relationships with prospective and current audiences. And LifeLegacy is the only online will provider that customizes the customer experience for your brand, while providing expert marketing, communication and outreach support.
Interested in learning more about the tools and services LifeLegacy has to offer? Reach out to our team of experts at support@lifelegacy.io to see how your organization can benefit from offering estate planning.
Head of Partnerships
Craig@lifelegacy.io
Retaining donors is more cost-effective than acquiring new ones. Learn practical strategies nonprofits can use to improve donor retention and grow sustainably.
If you need a single, compelling reason to prioritize planned giving this year, here it is: around 46 billion dollars flows to charities every year through bequests. In fact, the latest Giving USA numbers show that bequests in 2024 totaled about $45.84 billion—roughly 8% of all U.S. charitable giving for the year. That’s not a rounding error; it’s a transformative funding stream your mission can’t afford to ignore.
One of the most interesting parts of planned giving is that you never know what is going to happen! Planned gifts will surprise you. In an earlier blog, I talked about the planned gift that I DIDN’T accept. That was not even close to the most interesting gift that I ever received.
And this one isn’t either. But it was something I never expected.
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