The role wealth advisers can play in growing legacy giving

Against a backdrop of growing global wealth, an increasing number of geopolitical and environmental crises are leading to greater focus by wealth holders on ‘legacy’ and thinking more critically about the purpose and impact of their wealth. Since the start of the 21st century, there has been a noticeable shift globally in trends of philanthropic giving, but how ambitious, strategic and holistically wealth holders wish to approach philanthropy varies enormously and often the immediate challenge is knowing where to begin and how to achieve real impact. 

As the landscape continues to evolve, the role of wealth advisers has never been more crucial in shaping and growing legacy giving. This week marks 'Remember A Charity Week' – a week aimed at celebrating the power of legacy giving and inspiring the public to consider leaving a gift in their Will. Currently, 15% of Wills at probate include a charitable gift, raising £4 billion a year for good causes, however, the charities estimates show that, if this figure were to rise to 20% of Wills at probate, it could unlock an additional £1.3 billion in vital annual funding - making a transformative difference to charities nationwide.

As part of the campaign, Remember a Charity have launched a series of resources including 'The Great Map of Willanthropy' that demonstrates the breadth and diversity of causes supported through gifts in Wills. Earlier this month, the charity also launched a new report 'Understanding the Role of Wealth Advisers in Growing Legacy Giving' detailing how wealth advisers can inspire and guide individuals and families to create lasting charitable legacies that reflect their values and aspirations. The report highlighted that over 60% of high-net-worth individuals are expressing a desire to leave a charitable gift in their will, but with many not knowing where to start, advisers play a huge part in bridging the gap between intent and action. More information on the report can be found here. 

The report from Remember a Charity reinforces the need for professionals to proactively raise the topic of legacy giving to help significantly increase the likelihood of clients including charitable gifts in their estate plans. By integrating legacy giving into broader wealth management strategies, advisers can help clients leave a lasting impact on society, ensuring that their wealth supports causes aligned with their personal values and long-term vision.

At Boodle Hatfield, we recognise the growing importance of these conversations and the need for thoughtful guidance in legacy planning. In 2022, we launched our Lessons in Legacy initiative, aimed at exploring what legacy means in the twenty-first century and you can find further details of our research findings here.