Financial advisers have revealed how they check their clients have an up-to-date will and currently discuss the benefits of charitable giving.
A survey of 174 PFS members conducted in February showed that while most financial advisers discuss wills with clients, less than a quarter of their clients currently give cash to charity, even though such gifts can reduce their inheritance tax liability.
When asked why more clients do not give cash to charity, most financial advisers said many say they want to put their family first and were unaware they could also donate to a benevolent fund and still pass on cash to loved ones.
Several financial advisers said many clients were unaware of the benefits of charitable giving and inaccurately perceived bequests as being for ‘the rich few’, rather than something everyone can do.
The poll, conducted by the PFS to support Remember a Charity, also showed how frequently financial advisers currently discuss charitable giving with their clients.
Eight out of 10 financial advisers always ask their clients if they have an up-to-date will.
Wills are most frequently mentioned during the annual review meeting, with 83% always checking an up-to-date document exists at this point.
The findings of the research will now be used to produce good practice guidance to ensure clients fully understand the role charitable bequests can play in long-term financial planning and in supporting causes they are passionate about.