Philanthropy talk is now standard in wealth advising — but advisors are still misreading client motivations

Charitable giving has become a near-universal topic in high-net-worth client relationships, but a new study finds advisors are misguided on what actually motivates their clients to give – and that gap may be limiting how deep those conversations go.

The Philanthropic Initiative's 2026 Study of the Philanthropic Conversation draws on surveys of 300 professional advisors and 103 high-net-worth clients conducted between December 2025 and January 2026.

According to the study co-sponsored by DAFgiving360 and Foundation Source, with support from the Boston Foundation, nine in 10 advisors – up from 80% in 2018 – now say it is their standard practice to raise philanthropy with wealthy clients. Nearly all (99%) call the conversation important, and 96% consider it an obligation, compared with 62% eight years ago. Clients are keeping pace: 80% of high-net-worth respondents said advisors have a responsibility to raise the topic, and eight out of 10 said they expect it.

But despite near-universal participation in these conversations, only 61% of clients reported being highly satisfied with them – up from 45% in 2018, but still leaving substantial room for growth.

Advisors appear to have a flawed picture of why their clients open their hearts and wallets. Those in the TPI survey ranked "being an inspiration to others" as the top driver of giving (51%), followed by passion for a cause (47%). But among the clients polled, making an impact came first (53%), followed by the fact that giving simply feels good (50%), and a desire to give back (49%). Inspiring others ranked 11th out of 12 reasons clients cited, at just 24%.

Advisors also overestimated the role of tax benefits by a wide margin – 40% of advisors identified charitable tax breaks as a key motivator, while only 21% of clients said the same.

Read more: Why advisors should bring up charitable planning in every client meeting

"The needs of HNW donors continue to evolve," said Fred Kaynor, managing director at DAFgiving360, adding that clients expect "robust consultative support with charitable planning as part of broader wealth management conversations."

According to Kaynor, the research confirms advisors who understand clients' personal goals and philanthropic aspirations help those clients "maximize their charitable impact."

The misread extends to why clients hold back on giving. When asked to identify the leading reason clients hesitate, the greatest share of advisor respondents (32%) said clients were worried about not having enough money for themselves. But it turned out only 9% of clients thought about that, and they were mostly concerned that their gifts won't be used wisely (24%); that was followed by a lack of knowledge or connection to charities (19%) and worry about not leaving enough for heirs (19%).

The study also highlights how client use of structured giving has surged. Seventy-eight percent of high-net-worth clients now use at least one formal giving vehicle, up sharply from 43% in 2018. Donor-advised funds were the most commonly used (51%), just ahead of charitable trusts (49%) and private foundations (48%).

Underscoring the philanthropic planning gap, research by Cerulli found that just under one-fifth of advisory practices by assets (18.7%) qualify as full wealth managers, the category most likely to fold charitable giving into a comprehensive planning conversation. Those top-caliber practices accounted for roughly $6.75 trillion in client assets, averaging $963.8 billion per practice and $192.8 billion per advisor.

Overall, advisors seem to know how much catching up they have to do. Eighty-five percent of those in the TPI survey said they plan to expand their philanthropic knowledge, with impact investing (53%), integrating charitable goals into wealth plans (44%), and familiarity with nonprofit organizations and community needs (43%) topping the list. 

Looking at the business case for charitable talks, nine in 10 advisors said philanthropic discussions benefit their practice, and 92% said they help establish new client relationships – up from 60% in 2018. Ninety-five percent said philanthropy is important to building relationships with clients' extended families, a figure that has risen from 71% since the last study.

"Philanthropy is no longer a peripheral conversation," said Gillian Howell, national philanthropy executive at Foundation Source, adding that advisors who integrate charitable discussions into client relationships are "better positioned to meet client expectations" and to drive "stronger, more enduring growth."

Correction: The ninth paragraph of this story originally suggested that 32% of clients were worried about not having enough money for themselves, when that figure actually applies to advisors who assume that about their clients. The wording has been changed for accuracy.