While many, maybe most, advisors may believe they don’t know enough about philanthropy to bring it up, their clients are giving to charity, whether advisors work on it with them or not. In fact, "79% of high-net-worth (HNW) investors are dissatisfied with the guidance they get from their advisor about philanthropy," according to Renata Rafferty, president of Rafferty Consulting Group and author of “Smart Generosity” (Seven Word Press, 2009), a book for advisors and donors.
Many advisors are good about getting clients up to the “charitable door," Rafferty argues. But, “What's on the other side of the charitable door?” she asks. This is where clients can use much more help, she says.
During the conference on Thursday, Bank of America National Foundation Executive Claire Costello, and Schwab Charitable President Kim Wright-Violich both said that “98%” of HNW investors give to charity. If they are not talking about that with you it may be that they are working on this with someone else.
"When did you last assist a client with a non-financial matter?” Rafferty asks. “These are the things that stand out more than performance. Service trumps performance."