PhilanthPro with Nicholas Palahnuk | E313
Managing philanthropy for clients at scale.
In this episode of Fintech Impact, host Jason Pereira interviews Nicholas Palahnuk, the founder and CEO of PhilanthPro Solutions. PhilanthPro is a platform designed to assist individuals in planning and managing charitable giving at scale. The conversation highlights the challenges in catering to diverse stakeholders and expresses a shared excitement for contributing to impactful philanthropy.
Episode Highlights:
01:00: Nicholas introduces PhilanthPro as a digital platform for clients to plan and manage charitable accounts with features like financial planning, green planning, relationship management, governance, records, charitable news, and a learning hub.
03:45: Nicholas explains the challenges clients face in managing philanthropic works like private foundations, charitable trusts, or donor-advised funds and the need for effective tools.
06:10: The conversation delves into the high burden of compliance and obligations faced by charitable organizations, running it like a business with significant compliance requirements.
07:21: Nicholas outlines the initial steps after a client decides to make a sizable charitable donation, considering financial planning and multi-year contributions.
09:12: Jason emphasizes the potential risks of using tools like Excel for managing philanthropic activities and the need for purpose-built solutions.
11:59: Nicholas explains the role of the grant planning feature in PhilanthPro, providing optimal distribution amounts and real-time modification of future years based on entered grants.
13:20: Nicholas discuss on how clients use the tool to simulate scenarios, entering large grants to see the impact on future distributions and making informed decisions instantly.
14:00: Nicholas explains the multi-user functionality, allowing collaboration with tax advisors, legal advisors, and bankers. The governance and records component helps upload and store documents, facilitating smoother collaboration and reducing friction in data exchange.
16:25: Jason shifts the discussion to client feedback, and Nicholas mentions that clients appreciate the ability to track grants, the intuitive interface, and the ease of use. The platform helps them stay organized and informed about their philanthropic activities.
17:17: Discussion moves to advisor feedback, with Nicholas mentioning that advisors find value in deeper connections with their philanthropic clients. The tool helps in understanding grant plans, which can impact investments, enhancing communication and planning.
19:03: Jason inquiries about the future of PhilanthPro and where Nicholas sees it going beyond the current features. Nicholas emphasizes the importance of ongoing feedback and addressing evolving user needs. Potential future enhancements include connecting users with similar interests, benchmarking, and exploring new pain points that may arise.
20:23: Nicholas highlights the significance of waiting and observing as users engage with the platform, understanding their evolving needs, and considering additional features to enhance connectivity and collaboration within the philanthropic community.
22:42: Jason acknowledges the significant opportunity for PhilanthPro in the growing landscape of philanthropic hubs. He highlights the challenges faced by organizations managing donations, foundations, and planning around them, suggesting that PhilanthPro's technology could reinforce the value proposition of such hubs.
23:08: Nicholas agrees and mentions potential use cases, including charities interested in smoothing out donations and encouraging multi-year commitments. He notes the positive response from various pockets of the philanthropic community, financial advisors, and non-profits.
25:01: Jason acknowledges the positive impact of PhilanthPro, making it easier for people to engage in philanthropy. Nicholas emphasizes that while they assist, the frontline non-profits and philanthropists are the ones deserving recognition for their incredible work.
26:30: When asked about the biggest challenge in the company, Nicholas discusses the difficulty in synthesizing the diverse needs of different stakeholders involved in the philanthropic landscape. Building a platform that caters to various players, including advisors, accountants, clients, and non-profits, presented a significant challenge.
27:43: Nicholas shares that what excites him the most about PhilanthPro is being involved in facilitating impactful philanthropy. He finds it incredible to work with clients who have decided to use their funds to make a positive difference in the world, filling gaps where needed and making a meaningful impact.
Key Points:
Nicholas outlines how PhilanthPro Solutions' platform simplifies the management of philanthropic endeavors, covering grant tracking, legal obligations, and financial planning in a user-friendly interface.
Advisors find value in the platform as it deepens their connection with philanthropic clients, allowing better planning for grants and minimizing surprises in financial decisions tied to investments.
The goal is to enhance collaboration, encourage multi-year commitments, and provide a data-driven benchmarking tool for users.
Tweetable Quotes:
"PhilanthPro is more than a tool; it's a solution that streamlines the entire philanthropic process, connecting advisors, clients, and nonprofits for impactful giving." - Nicholas
"PhilanthPro is not just a platform; it's a tool to support those making a difference. Frontline nonprofits and philanthropists deserve the honor for their incredible work.” - Nicholas
"Our goal is to make PhilanthPro an industry standard, empowering everyone involved in philanthropy with the tools and insights they need to create positive change in the world." - Nicholas
Resource Mentioned:
Facebook – Jason Pereira's Facebook
LinkedIn – Jason Pereira's LinkedIn
Woodgate.com – Sponsor