As a professional advisor, you have a unique opportunity to deepen your relationships with clients by guiding them in aligning their wealth with their personal values through philanthropy. However, recent findings show a disconnect between advisors and their high-net-worth (HNW) clients on how these conversations are approached.
Focus on Values, Not Just Technicalities
While most advisors (88%) recognize the importance of discussing philanthropy, less than half of HNW clients (47%) feel their advisors are adept at connecting these discussions to their personal or charitable goals. Many advisors (71%) focus on technical aspects like tax benefits, which often overlooks what truly motivates clients: a passion for causes, a desire to give back, and creating a positive impact. To better serve your clients, lead with discussions centered around their values and goals, rather than just financial implications.
Engaging the Next Generation
Engaging the next generation is another area where advisors can make a significant impact. Although only 14% of advisors bring up philanthropy to help instill charitable values among clients’ children, nearly half (45%) of HNW individuals value including their children and grandchildren in these discussions. By engaging families in philanthropic planning, advisors can help create a legacy of giving that resonates across generations, deepening the client relationship and fostering a culture of giving.
Take the Lead and Stand Out
Clients prefer that philanthropic conversations happen early in their relationship with their advisor, with 34% wanting this topic raised in the first meeting. As an advisor, taking the lead and focusing on what matters most to your clients—their values, goals, and family legacy—can transform these conversations from routine to deeply meaningful.
The Minneapolis Foundation is here to help you go deeper with your clients. Let’s connect on training and event opportunities to help you guide clients through meaningful philanthropic discussions, setting you apart as an advisor who truly understands and cares about your clients’ values. Let’s inspire your clients to create the legacy they envision and elevate your advisory practice to new heights. Reach out to mmccracken@mplsfoundation.org for more information today.
