U.S. Trust Study of the Philanthropic Conversation (US TRUST-TPI, 2018)

Discussions between advisors and high net worth (HNW) clients about philanthropy are on the rise, finds the U.S. Trust Study of the Philanthropic Conversation, as clients report advisors to be a valuable source of information, second only to their spouse or partner. However, the study reveals several disconnects between advisors and their clients. For instance, many advisors underestimate their clients’ desire to discuss philanthropy early in their advisory relationship, and overestimate the importance of tax benefits as a motivation for giving.

To better understand advisors’ approach to and HNW individuals’ expectations of these discussions, The Philanthropic Initiative (TPI) partnered with U.S. Trust, Bank of America Private Wealth Management on a nationwide survey of more than 300 advisors – including wealth advisors, trust and estate attorneys, accountants, and other tax professionals – and a random sample of more than 100 HNW individuals with $3 million or more in investable assets who are actively engaged in charitable giving and who engage at least one of these advisor types.