Charitable giving has become a standard topic in high-net-worth client relationships, but a new study from The Philanthropic Initiative (TPI) suggests advisors frequently misunderstand what drives their clients to donate. The 2026 Study of the Philanthropic Conversation, co-sponsored by DAFgiving360 and Foundation Source with support from the Boston Foundation, surveyed 300 professional advisors and 103 high-net-worth clients between December 2025 and January 2026.
According to the study, 90% of advisors now say it is standard practice to raise philanthropy with wealthy clients, up from 80% in 2018. Nearly all (99%) consider the conversation important, and 96% view it as an obligation, compared with 62% eight years ago. Clients are on board: 80% of high-net-worth respondents said advisors have a responsibility to bring up the topic, and 80% expect it. Yet only 61% of clients reported being highly satisfied with these discussions, up from 45% in 2018 but still leaving significant room for improvement.
Advisors appear to have a skewed view of client motivations. When asked to rank the top drivers of giving, advisors listed “being an inspiration to others” first (51%), followed by passion for a cause (47%). Clients, however, ranked “making an impact” first (53%), followed by “giving feels good” (50%) and “desire to give back” (49%). Inspiring others ranked 11th out of 12 reasons, cited by only 24% of clients. Advisors also overestimated the role of tax benefits: 40% of advisors identified charitable tax breaks as a key motivator, versus just 21% of clients.
The misreading extends to why clients hold back. When asked the leading reason clients hesitate to give, 32% of advisors said clients worry about not having enough money for themselves. In reality, only 9% of clients cited that concern. The top client hesitation was that gifts won’t be used wisely (24%), followed by lack of knowledge or connection to charities (19%) and worry about not leaving enough for heirs (19%).
Structured giving vehicles have surged in popularity. The study found that 78% of high-net-worth clients now use at least one formal giving vehicle, up sharply from 43% in 2018. Donor-advised funds lead at 51%, followed by charitable trusts (49%) and private foundations (48%).
Despite the widespread adoption of philanthropy conversations, many advisory practices still lack the comprehensive planning framework to integrate charitable giving effectively. Research from Cerulli Associates indicates that only 18.7% of advisory practices by assets qualify as full wealth managers—the category most likely to fold charitable giving into a holistic plan. Those top-tier practices oversee roughly $6.75 trillion in client assets, averaging $963.8 billion per practice and $192.8 billion per advisor.
Advisors recognize the need to deepen their expertise. Eighty-five percent of those surveyed by TPI 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. The business case is clear: 90% of 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. Advisors who integrate charitable discussions into client relationships are “better positioned to meet client expectations” and to drive “stronger, more enduring growth.” The findings echo broader trends in wealth management, where the $124 trillion wealth transfer is prompting families to align their financial plans with personal values, including philanthropy. Similarly, affinity groups at RIAs have shown that shared values—such as charitable giving—can boost retention and revenue.
