Philanthropy is often a deeply personal priority for wealthy individuals and an important expression of their values. Advisers play a key role in their high-net-asset clients’ philanthropy. Clients are looking for an adviser who is knowledgeable about charitable giving, and are often just waiting for their adviser to bring it up in conversation. Since advisers play such a vital role in philanthropy and charitable giving, CAF America conducted research to better understand the conversations taking place today and help advisers expand their toolkit to more effectively meet the charitable giving needs of their affluent clients.

The gap between client and adviser experiences

Our research finds that advisers and affluent clients agree that philanthropic conversation is important, but advisers and clients are sometimes like ships passing in the night, unable to connect properly despite a mutual desire to do so.

While 89% of high-net-asset clients report that their adviser influenced their charitable giving in 2024 and 94% say the guidance they received was beneficial, nearly half (40%) are missing out on this expertise as they haven’t spoken with their adviser about philanthropy in the past two years.

Advisers and clients are on different pages

Clients and advisers may have different perspectives on what it means to discuss philanthropy. Nearly all advisers surveyed (99.7%) report speaking about philanthropy with clients, however only 59% of clients report having spoken to an adviser about charitable giving in the past two years. Another indication of this potential disconnect is seen in the reports of who initiates these conversations, with each thinking they are the one leading the way.

According to the advisers we spoke with, the contents of the conversation or the depth each group uses to broach the topic may add to this disconnect. For example, affluent clients are more likely to focus on values-based philanthropic topics while advisers are more attuned to technical matters.

Importance of philanthropic conversations

Conversations about philanthropy play an important role in the relationship between clients and advisers, helping clients achieve their goals and keeping assets under their management in both short and long term. And, advisers reported developing deeper relationships when they have discussed philanthropy with their high-net-asset clients. Clients walk away feeling more empowered in their giving and solidifies confidence and trust in their choice of adviser.

Philanthropic expertise is important to clients. About 70% of affluent clients expect their advisers to be well-informed about philanthropic topics, with next-gen clients placing even greater value on these skills. In fact, Millennial and Gen Z investors are nearly three times as likely as Baby Boomers and older generations to turn to their adviser for help with their charitable goals (70% vs. 24%), and roughly twice as likely to value their adviser’s support in helping them leave a positive legacy that benefits the world (71% vs. 36%).

How advisers can bridge the gap

Here are a few steps you can take to bridge the gap and better support your clients’ philanthropic goals:

1.  Ask clients about their philanthropic values and passions.

Philanthropy and conversations surrounding it are filled with emotions and values important to clients. Many clients report they would be excited to discuss if their adviser were to ask about such topics. Discussing philanthropy can help advisers form a deeper connection with their clients and better serve their needs.

2.  Use life events as a launch point into the conversation.

Both clients and advisers cite life events and milestones as natural entry points for philanthropic discussions. These moments often stir up emotions in clients, while needing financial expertise to navigate them effectively. Common examples include writing or revising their will, retirement, inheritance, or selling a business or property. Clients may not realize or recall in that moment the value of charitability – both personally and financially. Advisers who can effectively use life events as touchstones for philanthropy can better help clients achieve their charitable and financial goals.

3.  Seek out others with philanthropic expertise as needed.

Clients don’t expect advisers to know it all – but are relying on them to know who to direct them to. The most confident and effective advisers hear their clients’ passions and desires for their philanthropy and can support those endeavors by connecting them to the resources or services that can help them reach those goals.