Episode 110
Episode 110 of Tales From the Trenches Tuesdays again features Mike Todd. Mike is a seasoned professional with extensive experience in both wealth management and philanthropy. He likes to say that he has worked on Bay Street and Hastings Street. His passion for spreading the magic of generosity is evident in his work, most recently demonstrated by his launch of Transform Philanthropy.
Mike dedicates his efforts to helping donors, wealth advisors, and charities. He does this by optimizing the giving, stewarding and receiving of philanthropic capital. He is an expert in leveraging the advantages of donor-advised funds. Furthermore, he is committed to facilitating strategic and impactful philanthropic initiatives by encouraging strategic giving.
One of Mike’s most compelling observations centres on the shifting dynamics within wealthy families around philanthropic succession. He acknowledges that intergenerational transitions don’t always go smoothly. He’s seen private foundations blow up when the next generation has different interests. However, he observes a promising evolution where older generations are increasingly encouraging their children’s distinct charitable visions. He sees families embracing philanthropic capital as a tool for change in the world, even if parents and children have different priorities. He describes this as an unfolding evolution where more people realize the power of giving may be in service of what’s important to the next generation rather than themselves.
Donor Advised Funds to the Rescue
The conversation reveals Mike’s passionate advocacy for donor-advised funds as a democratizing force in philanthropy. He challenges the outdated notion that DAFs are only for the wealthy. Digital platforms now allow people to open accounts with as little as twenty dollars. He emphasizes the accessibility of these tools, noting the simple benefit of consolidated tax receipts alongside the strategic advantages. Mike positions DAFs as powerful estate planning tools that offer flexibility traditional wills cannot match. As he explains, donors can name their DAF as the beneficiary of all charitable dollars in their will, then simply provide the DAF administrator with a list of intended charities.
I can change my mind once a week if I want and just let them know there’s no will to be rewritten and my plans are always locked solid there.
Mike highlights how this approach avoids the tragic estate disputes that sometimes plague charitable bequests. He positions DAFs as powerful estate planning tools that offer flexibility traditional wills cannot match. This is accomplished by allowing donors to avoid contested estates by naming their DAF as beneficiary and adjusting their charitable intentions as circumstances change without costly legal revisions.
Mike’s holistic approach extends to his vision of the wealth management industry itself. He observes that financial advisors, accountants, and estate planners are increasingly moving toward integrated client service. The relatively new role of philanthropic advisor serves as a convener who can get everyone at the same table working toward effective charitable impact. Throughout the conversation, Mike demonstrates what he calls his “weird passion” for donor-advised funds, making a compelling case that strategic philanthropy shouldn’t be reserved for those with millions to give, but should be accessible to anyone who wants to make charitable giving part of their financial life.
Just click on the picture of Mike below to hear our conversation.
L’chaim,
jack
