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Accelerating firm growth with charitable planning

Like every industry, the wealth management landscape has been impacted by recent disasters and an emerging generation of changemakers. To keep up with the ever-expanding industry, advisors are prioritizing true holistic wealth management–which includes charitable giving. This report takes a look into current philanthropic trends and new benchmarking data. Learn what it means for your practice and steps you can take to strategically incorporate charitable planning.

Advisors who offer charitable planning:

Tended to have larger share of wallet

81% offer charitable planning, 76% Don't offer charitable planning

Tended to have a higher proportion of clients with $1M+ in managed assets1

33% offer charitable planning, 18% don't offer charitable planning
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Higher Net Promoter Scores2

Clients who receive charitable planning are more loyal and likely to recommend their advisor.

Net Promoter Score (NPS) of advisors who offer charitable planning.

Net Promoter Score (NPS) of advisors who do not offer charitable planning.

Drivers of NPS among Millionaires3:

7%
higher

Trust my primary financial advisor to make decisions that are in my best interest

13%
higher

Demonstrates that he/she is considering my unique needs/goals/preferences

27%
higher

Is a multi-generational resource to my family

Success of firms that offer charitable planning

 

Firms that offer charitable planning:

6x Assets

Firms that offer charitable planning had 6x the median assets of those that do not offer charitable planning.

3x Organic Growth

Firms that offer charitable planning had 3x the median organic growth of those that do not offer charitable planning.

 

1.3x New Money

Firms that offer charitable planning had 1.3x the median new money per investor of those that do not offer charitable planning.

Read more about how your firm can strategically integrate charitable planning to better serve your clients and grow your business.

1 The Fidelity Financial Advisor Community Background Survey 2020: The study was an online blind survey (Fidelity not identified) and was fielded during the period October 5th, 2020 through March 4th, 2021. Participants included 859 advisors who manage or advise upon client assets either individually or as a team, and work primarily with individual investors. Advisor firm types included a mix of banks, independent broker-dealers, insurance companies, regional broker-dealers, RIAs, and national brokerage firms (commonly referred to as wirehouses), with findings weighted to reflect industry composition. The study was conducted by an independent firm not affiliated with Fidelity Investments.

2 Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain and Company, Inc., and Fred Reichheld.

3 The 2019 Fidelity Investor Insights Study: The Investor Insights Study was conducted during the period August 6 through August 26, 2019. It surveyed a total of 2,026 investors, including 1,102 Millionaires. The study was conducted via a 25-minute online survey, with the sample provided by Brookmark, a third-party firm not affiliated with Fidelity. Respondents were screened for a minimum level of investable assets (excluding employer-sponsored retirement assets and primary residence), age, and income levels. Millionaires are defined as investors with $1M or more in investable assets (excluding employer-sponsored retirement assets and real estate).