Advisors are good at many things, but talking to their clients about philanthropy is not one of them. According to an August study by U.S. Trust and the Philanthropic Initiative, high net worth clients who report having discussed philanthropy with an advisor say their advisor initiated the discussion just 17% of the time. An earlier study by U.S. Trust found that 95% of wealthy investors donate to charity. That's a big gap. "Advisors could be doing much more to connect with their high net worth clients about their philanthropic goals," says Claire Costello, national philanthropic practice executive for U.S. Trust, Bank of America Private Wealth Management, who was involved in the first study.
All On Wall Street articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.