News for Professional Advisors

Engaging high-net-worth clients in meaningful conversations about charitable giving requires more than technical expertise - it demands an understanding of the psychological and emotional drivers behind their decisions.

Research by Dr. Russell James highlights the importance of behavioral insights in fostering these discussions, offering advisors a roadmap to align clients’ values with their financial and estate planning goals.

One key insight is the power of simply asking the right question. Studies show that asking, “Would you like to leave any money to charity in your will?” can more than double the likelihood of a client including a charitable bequest in their estate plan. This approach brings the idea of charitable giving to the forefront of the client’s mind, making it a natural part of the planning process.

Another critical factor is timing. High-net-worth clients are more likely to consider charitable giving during “punctuation points” in their lives, such as retirement, the sale of a business, or the birth of a grandchild. Advisors who recognize these moments can position themselves as trusted partners in helping clients achieve their philanthropic goals.

Language also plays a significant role. While advisors might be comfortable with technical terms such as “estate planning” or “charitable bequests,” these phrases can feel intimidating or impersonal to clients. Instead, framing the conversation around legacy, impact and personal values creates a more engaging and emotionally resonant dialogue.

Integrating these behavioral insights into practice allows advisors to deepen client relationships and unlock transformational giving opportunities. These strategies empower clients to leave a lasting legacy while achieving their financial and philanthropic objectives.

For more insights, explore Dr. James’ book “Inside the Mind of a Bequest Donor.”