Despite broad agreement that giving philanthropic advice is beneficial for advisers, the implementation is patchy, to say the least.
One of the simplest ways that advisers can broach the subject is to include philanthropy in their initial fact find. It's also the most tactful way to raise a subject that some clients may simply not be interested in.
Yet nearly three-quarters of advisers told us that they don't do this, meaning they may be missing out on the chance to build deeper, more trusted relationships with clients.
‘An incredibly personal act'
Mark Greer, Managing Director, Giving & Impact at the Charities Aid Foundation, says he feels strongly that advisers should see the value in raising philanthropy with clients.
"From a purely financial standpoint, there are tax incentives, as well as potential risks associated with giving money away, depending on the amounts, timing and type of donation," he says.
"But from a more holistic perspective, philanthropy can be an incredibly personal act, which can reveal so much about a person, their motivations and their priorities.
"By including the subject in an initial fact find, it provides a brilliant opportunity to get to know a client better and develop a relationship."
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