U.S. Trust, a private bank serving high-net-worth and ultra-high-net- worth individuals and families and with offices in Stamford, Greenwich and Westport, has released a survey on philanthropy that found nearly half of respondents groping in the dark regarding charitable giving.
The study was released recently in advance of the holiday season when “charitable giving hits a high” and wealthy clients speak more with advisers about the topic.
U.S. Trust in partnership with Boston-based The Philanthropic Initiative conducted the survey focused on how advisers approach philanthropic giving with their clients.
Based on an online survey in August of more than 300 advisers and 120 high-net-worth individuals, the findings reveal a disconnect between high-net-worth individuals and advisers when it comes to philanthropic conversation initiation, substance and fulfillment.
The survey found that only 55 percent of high-net-worth individuals say they discuss philanthropy with a professional adviser.
Meantime, most advisers (89 percent) say they discuss philanthropy with at least some of their clients, and 71 percent make it their regular practice to ask clients about their interest in charitable giving.
The survey found advisers are more likely to bring up the subject of philanthropy once they have greater knowledge of a client”™s personal (40 percent) or financial goals (47 percent), or when they are aware a client volunteers or is active in the community (43 percent). However, one-third (34 percent) of high net worth individuals feel the topic should be raised during their very first meeting, and fully 90 percent agree that this discussion should occur within the first several meetings with their adviser.
“While philanthropic conversations are taking place, unfortunately they too often fall short of their potential value and impact,” said Jim Coutre, a partner with The Philanthropic Initiative. “While many high-net-worth individuals rely on the technical expertise of their advisers in this area, they are also seeking conversations that are deeply meaningful on a personal level.”
