- Most advisors (89 percent) discuss philanthropy with at least some of their clients, and 71 percent make it their regular practice to ask clients about their interest in charitable giving. Meanwhile, only 55 percent of HNW individuals say they discuss philanthropy with a professional advisor.
- One-third of advisors (33 percent) say they are the one to initiate these discussions with their clients, and that clients initiate them just 20 percent of the time. However, among HNW individuals who report having discussed philanthropy with an advisor, half (51 percent) say that they are typically the one to initiate the conversation, and that their advisor brings up the subject on their own just 17 percent of the time.
- What matters more to HNW individuals than who initiates the philanthropic conversation is that it be had in a meaningful way early in the relationship. Advisors indicate that they are more likely to bring up the subject of philanthropy once they have greater knowledge of a client’s personal (40 percent) or financial goals (47 percent), or when they are aware that a client volunteers or is active in the community (43 percent). However, one-third (34 percent) of HNW individuals feel the topic should be raised during their very first meeting, and virtually all (90 percent) agree that this discussion should occur within the first several meetings with their advisor.
- Among advisors who discuss philanthropy with their HNW clients, nearly all (91 percent) encourage their clients to give to charity, with 41 percent of advisors doing so regardless of a client’s asset level. However, half (50 percent) of advisors prefer to wait until a client has accumulated at least $500,000 in liquid assets before encouraging charitable giving, and one-quarter (24 percent) place the starting point at $3 million or more.
U.S. Trust Study Reveals Disconnects In Philanthropic Conversations Between HNW Individuals And Professional Advisors
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