Lucinda Frostick
When it comes to long-term and intergenerational planning, wealth advisers are typically extremely well-versed in guiding clients through decisions about wealth transfer and estate structures. Increasingly, however, we’re seeing a growing appetite among clients to align their financial decisions with their personal values.
In this evolving landscape, charitable legacies offer a powerful way for clients to make a lasting impact – and for advisers to strengthen and deepen client relationships (see more on the benefits here). But the challenge is often the practicalities of it all: when and how to raise the topic.
There is no single ‘perfect time’ to bring up legacy giving. Instead, it’s about tuning into the natural rhythm of your individual client relationships and identifying the moments where values, life transitions, or financial re-evaluation open the door to broader conversations. Here, we share some prime opportunities to do just that:
1. Initial Client Meetings
The first few meetings are about building trust, understanding priorities, and exploring values. These early conversations are fertile ground for gently introducing the idea of legacy. It doesn’t have to be a deep dive, but rather an indication that you’re open to talking about the client’s broader vision for their wealth.
2. Annual Reviews and Estate Planning Meetings
These are natural touchpoints to revisit estate plans – either directly or in collaboration with a legal expert. People’s wishes change throughout their lifetime and so it’s important to check that clients are happy their estate plans continue to meet their needs and include their current wishes for beneficiaries. Reviews can cover far more than performance and allocation, but also values and purpose.
3.Key Life Events
Milestones such as marriage, divorce, or the arrival of a child or grandchild often prompt clients to re-evaluate their estate plans and long-term goals. Similarly, the loss of a loved one can shift a client’s perspective on mortality, meaning, and impact. These moments offer advisers a chance to empower clients with the opportunity of creating a charitable legacy that reflects the issues that are most important to them.
4.Major Financial Events
Receiving an inheritance, selling a business, or liquidating a large asset can lead to a re-evaluation and a significant shift of a client’s financial roadmap. This is also a time when they may be open to discussing the purpose of their wealth and fiscal matters – including how charitable legacies could help reduce their Inheritance Tax liability.
5.Focus On Philanthropy Session
At times, the portfolio may not need significant review, but a client meeting is due. A focused session or deep dive into the values and good causes they care about, and their approach to philanthropy, can be a great way to deliver something completely new, deepening rapport – providing this is something your client is open to.
Legacy giving isn’t for every conversation with clients – but it should be a part of the general narrative. For advisers, the role is to help clients explore the concept and help point them in the right direction to make those aspirations a reality.
Raising the topic of a charitable legacy may feel like a small step, but it can grow into something far-reaching – for your client, their family, and for the charitable causes that will carry their story forward for future generations.
To find out more, check out Remember A Charity’s wealth adviser resources here.