This year’s 2012 Bank of America Study of High Net Worth Philanthropy was released and the findings were impressive and interesting.
Some of the key findings were:
There is a continued strong commitment to giving amongst the wealthiest donors.
Volunteerism is on the rise up over 10% from 2009.
Wealthy donors are motivated to give even if the estate tax or income tax reductions are reduced.
Wealthy donors have strong feelings about how the nonprofits they support should use their contributions and conduct themselves.
In addition, they have very little confidence that the government can solve societal or global problems.
The findings are in sync with what we see in our work with high net worth clients at InKnowVision. Advisors should be engaging in conversations about philanthropic giving with their high net worth clients. It is meaningful and important. It is an area of the advanced planning process that they control and can have a positive outcome.