Advisors Are Second Only To A Spouse or Partner as a Source for Philanthropic Information

A recent U.S. Trust Study of Philanthropic Conversation finds that discussions between advisors and clients are on the rise and clients report advisors to be a valuable source of information, second only to their spouse our partner. Other highlights of the study include:

  • A higher proportion of advisors make it their practice to ask their clients about philanthropy (80 percent today versus 71 percent in 2013).
  • High Net Worth (HNW) consumers (71 percent) agree that discussing philanthropy with their advisor is important.
  • Most consumers want to have the philanthropic conversation with their advisor earlier in the client/advisor relationship.
  • Advisors are taking a more balanced approach to initiating philanthropic conversations with a mix of technical topics (tax benefits, estate planning) and personal topics (passions, goals) which align to clients’ reported preferences.
  • Pasion, impact and desire to give back are the top reasons for giving by HNW consumers.
  • Advisors overestimate the importance of tax benefits as a motivation for giving (advisors- 46 percent, consumers 16 percent).
  • Advisors discussing philanthropy deepens client relationships and is good for business development.

Read more Highlights https://www.tpi.org/news/u-s-trust-survey-finds-positive-trends-in-the-prevalence-and-quality-of-philanthropic and the Full Study: https://www.tpi.org/sites/default/files/pdf/u.s._trust_study_of_the_philanthropic_conversation_-_2018_full_report.pdf