Our new report, Understanding the role of wealth advisers in growing legacy giving, explores the role that wealth advisers can play in growing high value legacy giving in the UK. It also covers the benefits for charities of taking a more holistic approach to help high value supporters maximise their philanthropic impact.

The report, developed in collaboration with Boon Philanthropy Consulting and with support from Philanthropy Impact, highlights the importance of the high value legacy giving market, and its scope for growth.

While fewer than 1% of charitable estates in recent years have included gifts of over £500,000, data from Smee & Ford indicates that these donations generate more than one quarter of the sector’s legacy income (26%)*. Based on the current UK legacy market value, this equates to around £1 billion annually.

Commenting on the growth potential for high value legacies, Lucinda Frostick, Director of Remember A Charity, said:
"Even a small increase in high value legacy gifts could significantly enhance UK charities' long-term funding, making a transformative impact on good causes. And wealth advisers are uniquely positioned to accelerate this growth. By working collaboratively, charities and wealth advisers could unlock invaluable philanthropic potential."

Sianne Haldane, founder of Boon Philanthropy Consulting, said:
“The opportunities that exist around growing high value legacy giving are really exciting. They provide not only transformational possibilities for charities that receive them, but central to these gifts are enhanced relationships with the donors who leave these gifts. For advisers, talking about values and legacy with clients gives them a deeper understanding of their clients’ overall goals...it truly is a win win win for all.”

While private client solicitors are often well versed with charitable legacies, the report emphasises the opportunity for a broader range of wealth advisers to play a more active role. Drawing on research gathered from interviews and focus groups with around 40 advisers, including wealth managers, private bankers, tax consultants, philanthropy consultants, and solicitors, it also incorporates insights from fundraisers, featuring case studies of high value legacies. 

The report highlights 5 key findings:

1. The benefit of values-led conversations: Wealth advisers recognise that their clients are increasingly values-led and want to provide a service which reflects this. They welcome the opportunity to talk to their clients about their values and beliefs, alongside their monetary goals, giving them the opportunity to fulfil their clients' needs, while developing a deeper and more trusted client-adviser dynamic.
2. Wealth advisers are well placed to seed the idea of charitable legacies: Advisers see that they have a role to play in highlighting to clients the opportunities and potential fiscal benefits of legacy giving. They recognise there is scope for them to reference gifts in Wills in ongoing discussions and at key life stages.
3. There's an appetite for knowledge: Advisers express an appetite for more knowledge and support in raising legacy conversations with their clients. They want to better understand how legacy gifts can be structured and how they can help clients realise their own charitable goals.
4. Legacy giving can play a key role in the philanthropic journey: The decision to leave a charitable legacy can be a catalyst that inspires future giving. Advisers recognise that discussing the causes that matter most to clients can strengthen the adviser-client relationship, as well as help clients approach subsequent philanthropic and investment decisions.
5. The need for a more holistic and collaborative approach: Impact is a key driver for high net worth individuals. They expect to have choice and agency, and to be well stewarded – by advisers and charities alike. Legacy and major donor fundraisers are ideally placed to support advisers in co-creating philanthropic journeys and experiences. This requires a holistic and strategic approach within charities, and closer collaboration with advisers.

John Pepin, CEO of Philanthropy Impact, said:

“At Philanthropy Impact, we believe that wealth advisers are at the forefront of a transformative movement in values-based impact investing and philanthropic giving, including in legacy giving. Their expert guidance can empower clients to make impactful decisions that resonate with their deepest values and aspirations.

“By fostering a more informed and integrated approach, we can ensure that high value legacies contribute significantly to societal advancement and create lasting change.”

* Source: Smee & Ford, analysis of charitable estates 2016-2022