Cards of Generosity on the table

Cards of Generosity on the table

A PROFESSIONAL ADVISOR’S ROLE – PRESENTING ALL THE OPTIONS AVAILABLE FOR AN INFORMED DECISION

By: Sonny Primolo

Photo supplied by: Alex Bainov

Professional advisors play a vital role in helping individuals align their financial plans with personal values. For Alex Bainov, lawyer and owner of Contrast Law, philanthropy is a natural extension of estate planning.

“Philanthropy and giving is part of a full financial picture and planning for clients,” Bainov says.

As one of the many advisors who recommend The Winnipeg Foundation to clients, Bainov integrates charitable giving into broader conversations about retirement, education, and succession planning.

“We’ve got to look at it like an integrated picture and see where different pieces of the puzzle fit in,” he explains. “Philanthropy alongside other goals. It’s not one or the other.”

In speaking to clients and understanding their goals, Bainov recommends The Foundation as a philanthropic option because of its significant community knowledge and impact.

“It’s the professional stewardship that The Foundation brings to the table,” he says. “They have a great team of advisors that can offer advice and guidance. There are several advisors on The Foundation’s giving team to whom clients can speak and discuss their goals, and its reputation and track record in terms of annual reporting and the administrative fees being very reasonable.”

He also highlights the benefits of establishing donor-advised funds.

“From an administrative standpoint, in my view, it’s a much easier process to have a fund managed through a foundation (like The Winnipeg Foundation) instead of having a private foundation and having to deal with the administrative complexity, such as CRA filings, making decisions, and making sure the compliance side is satisfied properly,” says Bainov.

“People can actually focus on their goals and what they want to do.”

When asked if he has observed generational shifts in giving, Bainov mentioned that, speaking only on his personal experience, older generations often prioritize legacy and long-term preservation, while younger donors appear to be more focused on impact and transparency, caring deeply about social justice and environmental issues.

“Some clients may not be in a position to give now,” Bainov explains. “But they’re revising their plans to give later through insurance policies or estate gifts.

He believes professional advisors have a responsibility to present charitable giving as an option, not to persuade.

“It’s about helping clients make informed decisions that reflect their values and goals,”

He says. On a personal level, Bainov sees giving as a way to strengthen the community.

“There are circumstances beyond people’s control,” he reflects. “We have a responsibility to lift each other up. The tide lifts all boats.”

The Winnipeg Foundation is honoured to collaborate with professional advisors and their clients to help achieve their philanthropic goals of generosity. Together, we are working towards a Winnipeg where community life flourishes for all.