Fred Kaynor

High net worth clients increasingly expect philanthropy to be part of the advisory relationship, not a side conversation. As wealth grows with each generation, charitable giving becomes more central to how high net worth and ultra-high net worth families think about legacy; clients are looking to their advisors for guidance on how giving fits into their broader financial picture. Advisors who lean into this practice find it builds trust, deepens relationships, and often leads to expanded relationships across multiple generations.

HNW clients want the conversation
Charitable planning has become a priority for HNW clients, and accordingly, advisors are being more intentional about incorporating philanthropy into their broader wealth strategy. According to data from The Philanthropic Initiative, eight out of 10 HNW clients now expect their advisors to raise philanthropic planning as part of the broader relationship, and 51 per cent report wanting to learn more about giving vehicles, such as donor-advised funds . Over one third are interested in integrating charitable goals into broader wealth planning. In most cases, the advisor serves as the default educator on these topics, a responsibility that doubles as an opportunity. 

That opportunity plays out directly in client acquisition and retention. Seventy-five per cent of HNW clients say they are more likely to choose an advisor who is knowledgeable about philanthropy, a preference that has grown 40 per cent since 2018.  Yet satisfaction with philanthropic discussions remains a gap that advisors can close: only 61 per cent of clients report being highly satisfied with these conversations today. For advisors willing to build real expertise here, filling that gap is a differentiator.

Building lasting advisor-client relationships 
Beyond acquiring new clients, philanthropic conversations can strengthen and even broaden existing advisor-client relationships. Eighty per cent of advisors report that these discussions deepen existing client relationships, revealing otherwise unknown details about their clients’ goals and priorities. Ninety-two per cent say the same dynamic helps establish new client relationships, a 32 per cent jump from 2018.

Giving conversations tend to fold naturally into estate planning and family values discussions, which gives advisors an opportunity to build relationships across generations rather than with a single client. For HNW clients, they report that personal topics outweigh technical topics when discussing philanthropy with their advisor, which can help advisors deepen relationships and better understand clients’ values.

Benefits for advisors
So, why would advisors prioritize philanthropy in financial planning conversations? Lasting client relationships are a common goal for advisors, and 90 per cent say philanthropic conversations benefit their practice . Advisors increasingly see this as not just as good practice, but as a professional necessity. Ninety-nine per cent now say discussing philanthropy with HNW clients is important, and 96 per cent consider it an obligation, compared with 62 per cent in 2018. 

Clients are moving in the same direction – they are open to and excited about new giving strategies. Seventy-eight per cent now use at least one structured giving vehicle, up sharply from 43 per cent in 2018.

The Great Wealth Transfer adds urgency to all of this. Cerulli estimates that $124 trillion in wealth will transfer through 2048, and $18 trillion of that is expected to go to charity, an average of nearly $750 billion a year flowing to charitable causes over the next two decades.   That volume is reflected in how advisors position themselves. More advisors are offering charitable planning as part of their overall financial planning services, given clients’ growing charitable intentions. 

Where can advisors start on charitable conversations?
When initiating philanthropic conversations with new clients, it can be as simple as asking how they are approaching charitable giving, and if there is anything they would like to do differently. From there, a handful of relationship-building questions apply to nearly any client:

-- What are you passionate about?
-- What legacy do you want to leave?
-- What charities do you support, and why?
-- Does your giving reflect your values?

With existing clients, philanthropy is often a part of the conversation around major life events, such as family expansion, business sales, inheritance, or retirement. It also naturally ties into conversations about estate and retirement planning. 

Regarding tax planning, useful thought starters for advisors include:

-- Are income taxes a concern for you?  
-- Is capital gains tax a concern for you? 
-- Would you be interested in learning about charitable strategies to reduce your tax burden?

On the estate planning side, advisors can ask clients: 

-- Is a legacy of giving back important to you?  
-- Do you want to gift or leave assets to charity? 
-- Do you want to involve your children in your charitable giving? 
-- Do you have any family giving traditions?

For retirement planning, consider: 

-- What would you like to do in your retirement?
-- As you think about expenses and taxes, do you want to plan for any charitable giving?
-- Do you have assets you plan to sell? How do you want to use the proceeds from those assets?

Charitable conversations look different for every client, shaped as much by family history and personal values as by tax considerations or timing. What stays consistent is the payoff. When approached thoughtfully, charitable conversations help clients translate their values into action, support the causes they care about, and build stronger relationships with their advisors and families.

Footnotes

1,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 16 
2,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 16 
3,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 17
4,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 13 
5,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 18 
6,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 18 
7,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 12 
8,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 18
9,   The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 9 
10,  The Philanthropic Initiative, "2026 TPI Study of the Philanthropic Conversation", page 15 
11,  Cerulli Associates, "Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048," press release, December 5, 2024