The majority of affluent investors take charitable giving seriously, and wealth managers often play a key role, according to a recent report.
Fifty-six percent of affluent investors already have a giving strategy in place, while 22% would consider adopting one. BNY Mellon Wealth Management he says found in a survey of 200 investors age 18 and older who are involved in household financial decisions and who have a minimum of $5 million in assets.
Meanwhile, 63% of respondents say they have worked with a wealth management advisor to design their giving strategy, while 44% have involved family members, 32% have worked with a charity or nonprofit, 31% hired an accountant, lawyer or consultant and 21% went with a philanthropic adviser, according to the survey.
Additionally, 94% of respondents working with a wealth manager agree that a charitable giving strategy is part of an overall wealth strategy, compared to 73% of respondents who do not work with a wealth management advisor, according to the investigation.
BNY Mellon Wealth also found that personal satisfaction with charitable giving, as well as connection to a special cause, were among the top motivators for charitable giving.
The survey also revealed that younger generations are more likely to incorporate charitable giving into their wealth planning: 81% of Baby Boomers and 86% of the Silent Generation consider giving as part of their wealth strategy. overall, which stands at 97% of millennials and 100% of Generation X.
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