A 2018 U.S. Trust survey found that 80% of advisors reported making it a practice to ask their clients about philanthropy, yet only 45% of high net worth individuals are fully satisfied with philanthropic discussions with their advisors.


With the many demands of financial advising, philanthropic support might be a low priority, and access to information can be more difficult to obtain in a world over-saturated with information. However, advisors have many opportunities to advance clients’ giving practices to best serve them. They just need to know where to start. 

What Challenges Do Financial Advisors Face?

A 2018 TPI study found that 80% of clients asked professional advisors about philanthropic activities, and 71% considered these discussions “very important.” There is a need for individualized and informed discussions about philanthropy, but research shows wealth advisors don’t always center their clients’ experiences, nor do they have the knowledge base of charitable giving and organizations. How can wealth advisors address these information gaps? They can build their own capacities to drive philanthropic discussions by taking cues from experts already doing this work: philanthropic advisors. These advisors have laid the groundwork for conversations and can offer insight on how to talk to clients to better understand their philanthropic needs. 

Insights and Strategies From Philanthropic Advisors:

Philanthropic advising is a growing field, with more organizations dedicated to certifying advisors and building knowledge and expertise to support clients. These also serve as good resources for wealth advisors and managers who might need more support. 

How to Help Clients Interested in Equity and Impact

What’s more is the opportunity to help clients who show interest in equity, impact and social justice in philanthropy. Giving Compass embodies values of Impact-driven Philanthropy: equity, effectiveness, systems change and transparency that are a consistent thread throughout its resources. The site offers advisors (and their clients) access to more than 30,000 articles and resources that are equity-driven and coupled with trusted voices in the sector and help clients think through their philanthropic practice with a social justice lens. 

Using the site and its tools can provide advisors the knowledge they need to talk to a diverse clientele and arm them with the resources that focus on advancing equitable societal outcomes. Helping clients understand the interconnectedness of issues and inequitable systems can help usher in greater social change.

Examples of equity-based resources for donors include:

These resources help orient donors and their advisors to lead with a more intentional social-impact perspective in their giving plans. 

Advisors can find these resources seamlessly with Giving Compass’ Guide to Good, a tool that leverages AI to help donors connect with the resources they need. This advanced search offers an efficient way to research our equity-based content to spark learning and serves up nonprofit organizations related to their interest area and location. With the help of AI, advising can become more personalized and help bridge information gaps for wealth advisors looking to strengthen their philanthropic knowledge to achieve clients’ philanthropic goals. 

Try the Guide to Good today!