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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.
Firms that offer charitable planning:
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.
Tended to have larger share of wallet
Tended to have a higher proportion of clients with $1M+ in managed assets1
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.
Trust my primary financial advisor to make decisions that are in my best interest
Demonstrates that he/she is considering my unique needs/goals/preferences
Is a multi-generational resource to my family
“By going beyond the mechanics of giving, Brighton Jones advisors have the chance to engage clients on their values, motivations, and visions for the world... the result is deeper and more meaningful relationships between our clients and advisors.”
Co-Founder and CEO of Brighton Jones
“I spend time asking about the ways clients support the causes they believe in. It’s amazing how a simple and short question could spur so much conversation. Clients love talking about being charitable and feel proud of it.”
CFP®, CWS®, Wealth Manager at Fidelity Investments
“Charitable planning is great for intergenerational wealth transfers. Because it’s about bringing the family together. It’s about asking ‘What kind of legacy do you want to leave as a family?’ And I’ve picked up multigenerational clients that way.”
JD, CPA, CFP®, CFA, Chief Growth Officer for Sequoia Financial Group
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).