GIV3, in collaboration with other non-profit sector leaders, is working to help Financial Advisors engage their affluent clients in conversations about charitable giving. In 2014 they completed a ground-breaking research study on the topic. In 2015 they published a 10-part series in Wealth Professional magazine (see PDF), inspired by the research and highlighting the opportunity. In 2016 they published The Philanthropic Conversation e-Book and printed booklet as a resource for Financial Advisors. They look forward to continuing this important initiative through the distribution and development of training materials for webinars and conference sessions.
In late 2013, US Trust and The Philanthropic Initiative published American research which revealed:
- Many High Net Worth Individuals (HNWIs) would appreciate and value the advice of their financial advisor (FA) in helping them reach their philanthropic aspirations. Such philanthropic conversions are seldom taking place.
- When the philanthropic conversations do take place, FAs most often focus on the technical and tax aspects of giving, while HNWIs prefer to discuss their values and passions regarding giving.
- Contrary to the FAs’ perceptions, HNWIs would like to have a philanthropic conversation in the beginning stages of their relationship with their advisors.
- Such philanthropic discussions would likely improve the client-advisor relationship, and strengthen future business opportunities for professionals.
Anecdotal evidence has suggested that the situation in Canada is rather similar. This report explores the philanthropic conversation in Canada and assesses the opportunity for Canadian financial advisors to lead philanthropic discussions with their HNW clients.
Sector3Insights is the research arm of the GIV3 Foundation. Learn more about their insights for non-profits at sector3insights.com.