Advancing Philanthropy: Tapping the Potential of Legal and Financial Advisors

Throughout its 11-year history The Philanthropic Initiative (TPI) has consistently sought to increase the quantity and improve the quality of philanthropy. One of the ways it has attempted to do so is by better understanding the way in which advisors - lawyers, financial planners, accountants, insurance professionals, and others – approach the subject of philanthropy with their clients.

In 1996, TPI’s Joe Breiteneicher, working with the Counc il of Michigan Foundations, interviewed in person some 150 advisors in Michigan. Among the findings from that study (reported in Trusts & Estates, August 1996) were: (1) Few advisors routinely asked their clients about philanthropic interests. (2) A majority only discussed philanthropy if the client raised the issue first. (3) Discussions regarding philanthropy focused largely on the tax consequences of giving. (4) Many advisors felt that any inquiry into a client’s philanthropic interests was unprofessional – possibly even unethical – and could result in the loss of the client’s trust and, or even his or her business.