High-net-worth private foundation donors don’t necessarily think of their financial advisor as a philanthropic source, according to a new survey released Friday by Foundation Source.
The 1,200-member organization received 167 responses to an October poll of its private foundation clients about how they engage with their financial advisors. Or don’t.
The majority of respondents had foundations with less than $50 million in assets.
Foundation Source’s CEO, Robert Chartener, said in a statement that the survey was prompted by frequent questions from professional wealth advisors whether they could be doing more to support their philanthropic clients.
“This survey asked some compelling questions that could inform their services,” Chartener said.
Fifty-four percent of respondents said they had never asked their financial advisors for advice on charitable giving.
Why? Sixty-five percent said they didn’t need it; 18% said it had not occurred to them; 8% lacked confidence in their advisor’s expertise; and another 8% thought the advisor was better at dispensing technical advice.