Why Charitable Expertise Should Be Part of Your Practice

If you feel like helping clients give their money away is counterintuitive–or counterproductive–to the value you can provide as a financial advisor, there’s an important case to be made for why, and how, charitable expertise fits into a wealth management practice. Philanthropy is a unique and specialized area that can create many benefits for everyone involved, so it’s worth thinking more broadly about how you serve your clients today and in the future.

HNW Self-Identify as Philanthropic
As a starting point, it’s helpful to know that roughly seven out of every 10 wealthy investors self-identify as philanthropic. According to our research, these figures have been consistent for the past two decades1
and recent reports from Bank of America suggest that the percentage may be even higher. This means that if you have a HNW practice, you should expect that at least two-thirds of your clients are charitably-inclined and there’s an opportunity for you to address their interests—which is a win for your relationship. But, perhaps more importantly, if you aren’t helping your HNW clients with philanthropy, they are missing opportunities to
mitigate taxes, save money and increase their charitable impact, and may feel as if there’s something lacking in their financial program. The other side of this coin is that if you aren’t doing it, someone else might be. And, if they are and you don’t know about it, it’s most likely happening in an uncoordinated and uninformed fashion, which can have a potential downstream effect.

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