The aim of the study was to find out how, and to what extent, foundation donors engage their advisors around philanthropy.

Over half of respondents to a recent survey by Foundation Source said they have never asked their financial advisors for advice on philanthropy.

While 65 per cent of these respondents said the reason for this was, quite simply, because they don't feel that they need their advisor's help in this area, Foundation Source believes there is an opportunity for advisors to boost their philanthropic profiles in the industry.

“Professional wealth advisors often ask us whether there’s more they could be doing to support their philanthropic clients,” said Robert Chartener, Foundation Source's chief executive.

Other reasons cited by respondents for not turning to their advisors for philanthropic advice include: it “didn’t occur to me” (18.1 per cent); I'm “not confident in my advisor’s expertise” (8.4 per cent); and “he or she is more comfortable dispensing technical advice” (8.4 per cent).

“A possible interpretation of this data is that respondents don’t commonly perceive their financial advisors as potential sources of philanthropic advice,” Foundation Source said.

Reasons why respondents anticipate needing to turn to their financial advisors for philanthropic advice over the next year, however, include: engaging the next generation (30.2 per cent); impact investing (25 per cent); advice about their philanthropic goals (24.6 per cent); assistance with a major gift (21.6 per cent); and information on causes, charitable organizations or projects (16.5 per cent).

Some said their advisors “should be better informed” about philanthropic topics, including: impact investments (30.9 per cent); educating the next generation on philanthropy (28.8 per cent); facilitating a major gift (25.2 per cent); identifying effective charitable organizations (16.6 per cent); and helping shape our philanthropic agenda (13.0 per cent).

Similarly, others said they would appreciate having their financial advisor “take the lead” around next-generation development, including: mentoring younger family members (42.3 per cent) and launching a junior board (6.31 per cent). Meanwhile, 28.8 per cent would like to see their advisors “coordinating board/family meetings;” 10.8 per cent would like them to “organize site visits,” and 9 per cent would welcome help “facilitating community service projects or philanthropic activities.”

Most of the 167 respondents have private foundations with less than $50 million assets, which is notable because foundations of this size represent 98 per cent of the some 90,000 private foundations in the US, and so is representative of the sector at large in terms of size.