Planting the seeds of a Legacy: When and how wealth advisers might talk legacy giving with clients
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Lucinda Frostick, Director of Remember A Charity, and Sianne Haldane, Founder of Boon Philanthropy, explore insights and practical suggestions into when and how advisers can raise the topic of charitable legacies with clients.
When it comes to long-term and intergenerational planning, wealth advisers are typically extremely well-versed in guiding clients through decisions about wealth transfer and estate structures. And yet, while our research tells us that appetite is increasing amongst advisers and their clients to talk about philanthropy, conversation about legacy giving is far from the norm.
In a workshop we ran with wealth advisers this week, we heard how clients are increasingly looking to align their financial lives with their personal values, and that many relish the option of leaving a charitable legacy For wealth advisers, raising the topic of legacy giving isn’t just a chance to offer added value; it can help clients shape a more meaningful, purpose-driven legacy, and to develop real depth within client relationships (see more on the benefits here). But the challenge is often the practicalities of it all: when and how to raise the topic with clients.
In this blog, we round up some of the insights and practical suggestions shared during the workshop.
Finding the Right Moment
There’s no singular ‘right time’ to discuss legacy giving. Like most other topics, it’s about being attuned to your clients; where they are in their journey, their approach to philanthropy, and understanding the emotional and financial beats that shape it. This might include:
1. Initial Client Meetings
The first few meetings are about building trust, understanding priorities, and exploring values. These early conversations are fertile ground for gently introducing the idea of legacy. It doesn’t have to be a deep dive, but rather an indication that you’re open to talking about the client’s broader vision for their wealth.
2. Annual Reviews and Estate Planning Meetings
These are natural touchpoints to revisit estate plans – either directly or in collaboration with a legal expert. People’s wishes change throughout their lifetime and so it’s important to check that clients are happy their estate plans continue to meet their needs and include their current wishes for beneficiaries. Reviews can cover far more than performance and allocation, but also values and purpose.
3. Key Life Events
Milestones such as marriage, divorce, or the arrival of a child or grandchild often prompt clients to re-evaluate their estate plans and long-term goals. Similarly, the loss of a loved one can shift a client’s perspective on mortality, meaning, and impact. These moments offer advisers a chance to empower clients with the opportunity of creating a charitable legacy that reflects the issues that are most important to them.
4. Major Financial Events
Receiving an inheritance, selling a business, or liquidating a large asset can lead to a re-evaluation and a significant shift of a client’s financial roadmap. This is also a time when they may be open to discussing the purpose of their wealth and fiscal matters – including how charitable legacies could help reduce their Inheritance Tax liability.
5. Focus On Philanthropy Session
At times, the portfolio may not need significant review, but a client meeting is due. A focused session or deep dive into the values and good causes they care about, and their approach to philanthropy, can be a great way to deliver something completely new, deepening rapport – providing this is something your client is open to.
Advisers who joined our workshop commented that clients typically welcome such conversations. But how do you test the waters and get those legacy conversations started?
Five Conversation Starters That Invite Reflection
Legacy giving isn’t a transactional decision – it’s one that is wrapped up in an individual’s sense of self, purpose and values. In other words, there’s no singular or ‘right’ path to open up the conversation – it’s personal and unique. So, if you’re an adviser talking legacies with clients for the first time, you’ll want to have a good understanding of charitable legacy structures and why it can be so beneficial, including the tax incentives. But you’ll also need to have the freedom to approach the topic in your own way.
When it comes to legacies, you’re certainly not expected to have all the answers, but simply by raising the topic and exploring the options, you can help clients achieve a philanthropic legacy that is empowering and impactful. That’s why it can work well to ask open, non-prescriptive questions that help clients reflect on their values. Here are five ways you might gently plant the seed:
- “Leaving a charitable legacy is important to a growing number of our clients and their families. Is that something you'd like to find out more about?”
This opens the door respectfully, aligning your client with the broader trend of purpose-led planning. It also demonstrates that legacy giving is an established way of giving.
- “Including a charitable gift in your Will or estate plans could reduce your Inheritance Tax liability. Would you like to understand how that could work while benefiting causes you care about?”
A practical entry point that blends financial strategy with emotional reward and impact.
- “I know you’ve spoken about your love of [music/art/sport etc]. Are there any organisations supporting emerging talent or causes that you’re passionate about that you’d like to support in your estate plan?”
This brings the conversation back to their personal passions – making the approach authentic and connected to their life story.
- “Is philanthropy something that’s important to you [and your family]? Is this something you’d like to discuss now or at some stage in the future?”
An inclusive way to explore their views and those of their family, while giving them scope to delay the conversation until a later date, if needed.
- “Thinking about the purpose of your wealth, what legacy would you like to leave behind?”
A reflective, values-based conversation starter that encourages clients to zoom out and consider the bigger picture.
Legacy giving isn’t for every conversation with clients – but it should be a part of the general narrative. For advisers, the role is to help clients explore the concept and help point them in the right direction to make those aspirations a reality.
Raising the topic of a charitable legacy may feel like a small step, but it can grow into something far-reaching - for your client, their family, and for the charitable causes that will carry their story forward for future generations.
To find out more, see our wealth adviser resources and look out for our best practice guide, coming soon.