Financial advisors want more charitable giving information
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According to Opportunities and Obstacles: the Role of Financial Advisors in Charitable Planning and Decision Making (Click here for full report - 8 pages, PDF), advisors cite a perceived lack of expertise as the most common reason they do not fully discuss charitable giving with clients. The survey, conducted by Penton Media Inc., found that 37 percent of the 318 respondents are concerned with their own level of expertise regarding charitable giving; 22 percent said clients do not expect to receive charitable giving guidance from them, so advisors are unwilling to initiate the discussion. Nearly 47 percent of respondents said that if they received more education and/or training on charitable giving and related tax issues, they would increase charitable giving discussions.
“Charitable planning and giving is integral to wealth management, but it requires a specific
base of knowledge, “ said Schwab Charitable president Kim Wright-Violich. “Advisors
increasingly need to have a bench of experts on all issues important to their clients’ financial
lives. They may not have the answers to all of the questions, but they do need to know where
to get them.”
The survey also found advisors or clients are most likely to initiate such discussions while
addressing estate and tax planning. “Triggering” events, such as a stock transfer to a charity,
a mention of non-profit work, or an invitation to a charity event also enables discussion around
charitable planning and giving. The majority of advisors have assisted clients with gifts to
charity, including donor-advised funds and charitable trusts. Financial advisors also believe
clients expect them to play an increasingly important role in charitable planning and giving.
