Tax reform changed the way advisers promote charitable giving, Fidelity survey says

The portion of clients with whom advisers discussed giving has risen to 58% from 46% in 2015, the company said.

Jun 12, 2019 @ 1:36 pm

By InvestmentNews

The 2017 Tax Cuts and Jobs Act that overhauled the American tax code has changed how advisers are promoting charitable strategies to clients, a study by Fidelity Charitable has found.

"Advisers seem to have recognized that charitable giving has become a more prominent part of providing holistic financial and wealth management services and are having more philanthropic conversations with their clients," Fidelity said in a release.

Since 2015, the number of clients with whom advisers discuss giving has risen to 58% from 46%, the company said.

More: Fidelity creates workplace charitable-giving program

In addition, nearly half of advisers report that many or most of their clients adjusted their charitable giving strategy in response to tax reform.

Specifically, 47% of advisers said that many or most clients increased giving overall due to the loss of other deductions.

More: As donor-advised funds grow in popularity, they may draw more scrutiny

In addition, 46% of advisers said their clients established a donor-advised fund, and 46% said appreciated securities were donated to maximize deductions.

Fidelity Charitable is an independent public charity and one of the nation's largest grantmakers.


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