Event Retro: DAF Giving Summit '23

Here is a recap of our experience in Florida at The DAF Giving Summit to develop our relationships with financial and philanthropic advisors as we prepared to launch Endaoment for Everyone on Oct 3.

What we did:

Team Representatives:

• Mariah Herrera, Endaoment Chief of Staff

• Alexis Miller, Head of Partnerships

As event sponsors, Endaoment hosted a table where we engaged in conversations with attendees, primarily folks from the financial sector. These attendees included DAF providers from traditional institutions such as PNC, Bank of America, Vanguard, Fidelity, as well as representatives from DAF divisions at Morgan Stanley and JP Morgan.

We had the opportunity to participate in a panel session organized by DAF providers, which delved into donor strategies, emerging trends, and best practices. We identified three distinct donor strategies:

1. Tubs (retaining funds for 1-2 years)

2. Tanks (retaining funds for 2-10 years)

3. Towers (retaining funds for 10 years or more)

We also attended an insightful panel focused on the dynamics of wealth transfer in the current era. It was noted that a substantial wealth transfer of around $1 trillion is underway from the “Baby Boomer” generation to millennials.

We discovered that the next generation of families do not want to engage with philanthropy in the same way their parents did: there are different causes, goals, and ways of participating now. This shift reflects changing attitudes and aspirations within the realm of philanthropy and financial decision-making.

Hypothesis:

This was our second DAF Giving Summit and we were excited to reconnect to Financial and Philanthropic advisors to share that we’ve stretched beyond just facilitating crypto donations, to all assets like stock and cash. We were also looking to source

Our primary objectives at the event were centered around establishing brand awareness for our own donor-advised fund services, the ease of donations with NDAO, and generating leads for potential partnerships. A key emphasis of our strategy was to develop relationships to individual financial advisors (FAs).

We advocated for giving as a “fight against consumerism”.  Our aim was to encourage a form of philanthropy that diverged from traditional paradigms, appealing to this audience's unique generational perspective.

What went well:

At most conferences we have engaging conversation and meet amazing people, but there are not always actionable steps to move forward. At this Summit, everyone spoke DAF. There was no need to explain what they are, or why they’re important. It provided a unique opportunity to connect with industry leaders, gain invaluable insights, collect data, and expand our professional network.

There is no other conference that’s this hyper-specific on DAFs. Everyone talked the talk and walked the walk.

There is no other conference that’s this hyper-specific on DAFs. Everyone talked the talk and walked the walk.

For our team, the event was equally nurturing, serving as a catalyst for reframing our focus at Endaoment. We were able to see people’s excitement about the work that we do, which was incredibly fulfilling.

Additionally, we engaged in brainstorming sessions with other companies, philanthropic advisors, and financial advisors, exploring collaborative opportunities. We came up with ideas to possibly host a summit on alternative assets, a project that could greatly benefit our team's growth and development.

An impactful talk Alexis attended at the conference on generational wealth transfer.

What was challenging:

We were not able to connect in person with everyone we’d hoped. The event was intimate enough to be able to find people, but still sizable enough that you couldn’t interact with everyone.

It was also challenging to switch the context about Endaoment from just crypto donations, as we just began accepting stock and cash. With traditional DAF providers, the conversation was focused around how we can help with accepting digital assets into their DAFs, while the conversation with philanthropic advisors centered around their clients who might be interested in a new type of DAF experience.

We could have benefited from having more team members on site to be able to go out and network, instead of having to stay at the table. In the future, it would be valuable to send at least one more person to make the most out of the event.

What did we learn:

Overall, the event was highly valuable. It reinforced the idea that DAFs are the way of the future and we need to make this giving vehicle more accessible to a broader audience who might not yet be aware of its potential. It will be crucial to keep up with the trends of giving: younger donors are looking for a more tech-forward and user friendly approach (“Not your grandmother’s DAF!”)

Next-gen donors from historically philanthropic families don’t want to engage with giving in the same way as their older family members. They don’t want to work with their community foundation in the same way. It’s not necessarily about giving them different assets, but about having an entirely different giving and granting experience.

Connect with us on Twitter, LinkedIn, or email us at partnerships@endaoment.org.

Open your own onchain DAF on Endaoment.