Professional Advisor Partner: Mark-Anthony Brown, Vice President, Global Commercial Bank
Firm: Bank of America Merrill Lynch in West Palm Beach
Community Foundation connection: Member of the Philanthropic Advisory Council (PAC) since 2021
When professional advisors work with successful business founders or owners, part of their role is having difficult conversations — even though some may see those talks as morbid.
And those discussions should begin early in the relationship because if they start when the client has an offer on the table that they can’t refuse, it’s already too late, according to Mark-Anthony Brown, Vice President, Global Commercial Bank at Bank of America Merrill Lynch in West Palm Beach.
“To be a trusted advisor is to bring up things, what I call risk management, or things that are uncomfortable,” said Brown, a member of the Community Foundation’s Philanthropic Advisory Council.
Brown specializes in working with corporate clients that are looking to expand their businesses. One part of that is determining whether the owners or founders want to set aside some of their wealth for themselves and their families, he said.
In that case, he’ll typically bring in his counterparts in the private bank or Merrill Lynch who handle personal assets and initiate a legacy discussion.
“We bring up that being a part of the local community is a way to build and establish your legacy,” he said. “So that conversation then leads us into — here is the Community Foundation, and how the Community Foundation can help you to extend your personal legacy through your natural giving habits.”
Brown volunteered to join the Community Foundation’s Philanthropic Advisory Council (PAC) in 2021. Being close to the foundation provides him with a sense of satisfaction in knowing that a local, underserved community is represented and seen.
“My clients already have a commitment to enhancing the community where they live and work,” he said, “So, connecting them through the Community Foundation provides both of us with a sense of pride.”
After working with his client on the initial steps in structuring plans so that they benefit them and their families, Brown will transition them to work with the personal advisors and the Community Foundation. The foundation has the resources to vet chosen charities and philanthropic opportunities, so his clients and colleagues don’t have to spend time and money determining if a nonprofit aligns with the client’s objectives and the causes that they care about.
By starting these types of discussions with clients early, Brown and his colleagues can answer all the questions that may come up. They’ll run through the possible pitfalls, legal ramifications, and tax implications.
On a parallel path, Brown serves as both a strategic advisor to his business owner clients and to his partners within the bank so that they can bring in all the needed resources to benefit the clients, whether that’s as a CPA, an attorney, or another specialist.
“Of course, the Community Foundation is a cornerstone piece of that advice structure,” he said.
