The Gift That Keeps On Giving

Giving season is squarely upon us, and during this time, many high-net-worth individuals look to make a meaningful impact while maximizing tax benefits—especially with nearly a third of annual giving occurring in December. Yet, an Edward Jones report shows that only 23% of adults discuss charitable giving with their financial advisors, even though those who do feel more successful (35% vs. 17%) and excited (34% vs. 15%) about their donations.

So, how can advisors better support clients in their efforts to be anything but Grinch-like in this season of generosity, and what benefits can they gain? Read on for the benefits of building stronger client relationships through proactive charitable planning and actionable strategies for this busy season.

Client Engagement: Building Trust and Value Alignment

The end of the calendar year is a strategic moment for optimizing tax benefits, as charitable contributions can reduce taxable income—an immediate and valuable benefit to high-net-worth clients. It also presents a perfect client engagement opportunity for wealth managers.

Discussing philanthropy allows wealth managers to talk to clients about the things that matter most to them—their values. It also helps to inform other aspects of clients’ overall wealth management plans and can more fully capture the full scope of their interests and ideals.

Research shows that clients who receive charitable planning advice are more loyal and more likely to recommend their advisor compared to those who don’t.

Differentiation: Wealth Manager as a Holistic Advisor

There is major competition in today’s advisor market, and between increasing firm consolidation and the proliferation of self-guided advice apps and digital tools, standing out in the crowd is a challenge. Wealth managers can go beyond traditional strategies by providing philanthropic advisory services to position themselves as holistic partners who understand the full spectrum of client needs.

These discussions also allow wealth managers to help clients maximize the impact of their giving through well-structured, sustainable vehicles like family foundations or donor-advised funds. This comprehensive approach not only differentiates advisors but also deepens client trust, showing they support both wealth and legacy.

Enhanced Long-Term Planning and Family Legacy Support

Helping clients establish and execute philanthropic goals fosters long-term trust and positions wealth managers as strategic partners in building a family’s enduring legacy. Engaging with a client on their philanthropic goals—during the giving season or throughout the year— often creates a unique opportunity to connect with multiple generations—notably Gen X and millennials, who may inherit wealth and take on philanthropic responsibilities down the road.

By supporting younger family members in charitable planning and financial literacy, wealth managers provide guidance on managing future inheritances, structuring giving vehicles, and making sound financial decisions. This approach reinforces a family’s legacy and provides a structured way for younger generations to engage in financial planning and charitable decision-making. It also positions the wealth manager as a trusted partner for the years ahead.

And these younger generations—33% of heirs overall and 42% of millennial heirs—are more likely to keep their business with an existing advisor if they’ve been involved with their family’s philanthropy. This is not a bad added benefit at all.

The Gift that Keeps on Giving

Helping clients navigate their philanthropic goals in a crowded advisor market isn’t just about charity—it’s about building lasting relationships and securing loyalty across generations. By proactively engaging with clients on charitable planning, wealth managers position themselves as trusted partners who understand their clients’ values and long-term goals. This holistic approach strengthens client relationships and opens doors for deeper engagement with future generations.