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Americans gave $484.85 billion in 2021, a 4% increase in donations from 2020, according to the Pennsylvania-based National Philanthropic Trust. That equates to nearly $1,500 donated on a per capita basis—an indication that American generosity is surging and that so many people enjoy giving to charities.
A key motivation for giving is to have meaningful impact -- to do something significant. Wealth can spread joy, according to Crown Wealth Management of Costa Mesa, California. Its trademarked motto is ‘Live Abundantly, Give Generously™.’ In short, Crown Wealth Management’s purpose is to help clients discover significance.
“Many people think that to live abundantly they must accumulate an excess of resources,” Andi Y. H. Kang, founder and president, told Advisors Magazine in a recent interview.
“I’ve found that it’s more than that,” she added. “Life is not only having those resources, but also having a heart and a spirit of abundance. Abundance truly comes when we can let go and when we realize that all the physical wealth we have is temporary.”
Kang and her team believe that true abundance and generosity happen when we are alive and in what we send forward.
“When we have a heart of abundance, we hold on to our physical wealth very loosely and we’re eager to use it to bless others,” she added. “The five main principles behind abundant living and generous giving are Family Values, Intrinsic Treasures, Resource Stewardship, Engaging Society and Legacies of Wisdom.”
Kang emphasized that the more we can give of ourselves – the 4 T’s: Time, Talents, Treasure and Ties (peer network) – the more we are able to embrace a life of abundance and generosity.
Her journey in wealth management started at the University of Cincinnati. During her time there, she received mentorship from Professor Charles Barngrover, who was the assistant dean of the graduate school of business. Recognizing her academic excellence, two deans of the school wrote her letters of recommendation. The referrals proved instrumental in awarding her a full scholarship and fellowship to graduate school.
Kang became a graduate fellow for the university’s department of education, teaching student leaders how to lead effectively even though she was only a few years older than her pupils. She continued teaching and then developed an interest in finance and investments, thanks to Professor Barngrover’s classes—one of which focused on entrepreneurship.
“I loved the skills I learned in that entrepreneurship class,” Kang recalled. “I wanted to be an entrepreneur and start my own business. So, I continued to study financial planning and wealth management.”
Soon after college, she spent time selling insurance and annuities while working for a financial planning company. Kang realized, however, that clients were not often the priority. She wanted to start her own firm with a client-centric focus, and she did just that in 2007 by founding Crown Wealth Management.
Kang and her team focus on a niche they are all passionate about, which is high-capacity donors. High-capacity donors are not synonymous with high-net-worth individuals; they are those who have grown their assets to a substantial level and are ready to experience the love that comes from giving.
“It’s about giving while living, especially should you find yourself with more than you will ever need and you wish to do something significant,” Kang said. “Such giving can change a person emotionally and spiritually, spreading good—in fact—through the broader community.”
As a firm, Crown Wealth Management also gives back to the community. Over the years it has partnered with organizations including Interval House, Junior Achievement, Mercy House, and the Ronald Simon Family Foundation.
Guiding clients toward significance
Collectively, the Crown Wealth Management team specializes in working with business owners, philanthropies, and executives by helping them make informed decisions about their wealth. While there are many ways the company helps its clients, the Crown Wealth team also concentrates on what it means to live a life of significance in the financial planning practice.
For example, clients have access to a tool called the ‘Significance Diagnostic,’ to help evaluate and determine how deeply a person is experiencing the pleasure and richness of living with significance.
Given Kang’s teaching experience, education plays a leading role at Crown Wealth.
“We are committed to helping our clients understand that the planning that we do is the integration of three different disciplines: traditional finance, neuroscience, and the psychology of behavior,” she said.
From Kang’s perspective, part of great planning is asking thought-provoking, relationship-building questions in conversations with clients. As a Behavioral Financial Advisor (BFA™), she is trained to help clients navigate the emotional, behavioral, and practical aspects of their finances.
“We educate them to make rational decisions, guiding them toward financial choices that are well thought out,” she said.
Kang also teaches Stanford PACS Effective Philanthropy material to other advisors as well as clients. The Stanford PACS Effective Philanthropy workshop is five hours of education for Certified Financial Planners™ professionals.
A value statement is an integral part of Stanford PACS Effective Philanthropy workshops. “We help our clients create value statements so that they, with their families, can understand each other’s values and acceptance in their philanthropic planning,” Kang explained. “The freedom to embrace each other’s differences and to agree to disagree is vital; I practice this with my clients as part of the education process.”
Crown Wealth Management also runs hypotheticals of living to age 120, which is based on what their clients want in terms of projections in retirement for maintaining their standard of living, according to Kang.
“The goal is to have the assets, income, and cash flow last beyond their life, enabling clients to pass those monies, assets, estate, and net worth to their children and to their children’s children,” she added.
“Every year we do longevity calculations to see how long the money will last for each client. It is part of the annual check-up. This review is part of the overall financial and estate planning that we do.”
Earlier this year, Crown Wealth Management downsized, pivoting to focus on clients who have the same heart, those who desire to share in their generous mindset.
Kang’s call to action is simple: “Join us on our mission of discovering joy and significance. Participate with us to grow your wealth to give more, give better, give now.”
For more information, visit: www.crownwm.com
Investment Advisory Services offered through Investment Advisor Representatives of Cambridge Investment Research Advisors, Inc, a Registered Investment Advisor Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, Member FINRA/SIPC, to residents of: California. Cambridge and Crown Wealth Management are not affiliated.
