Covid-inspired changes in charitable giving for the wealthy are becoming permanent, according to BNY Mellon Wealth Management.

Two trends are particularly telling. High-net-worth people are becoming more generous, and most are making charitable giving part of their overall financial planning, Crystal Thompkins, head of philanthropic solutions at BNY Mellon Wealth Management, said in an interview.

In the BNY Mellon Wealth Management Charitable Giving Study released today, of a total of 200 people, 160 with $5 million to $24.9 million and 40 with $25 million or more in assets, 35% said their giving strategy is going to change over the next two years with most saying the amounts they give will increase.

At the same time, 91% said that a charitable giving strategy is a part of their overall wealth strategy, which shows that charitable giving and overall wealth strategy go hand-in-hand, according to the survey, which was designed to help understand the behaviors, attitudes and experience of high-net-worth individuals toward charitable giving. Personal satisfaction and personal connections ranked as the top two motivators of charitable giving.

Nearly all investors said they are least somewhat engaged with the organizations and charities they support.

“These trends are huge,” Thompkins said. “It shows that charitable giving is not a [Covid-related] flash in the pan and it is not just driven by tax advantages. People want to have an impact.

“The role of the wealth manager in this planning process is important,” she said. “People are looking to their wealth managers—not necessarily their CPAs or attorneys—for advice. They want their wealth planning to reflect their values.”

The survey showed that 63% of the respondents worked with their advisor and 44% included their family members in developing their giving strategy.  Fifty-six percent already have a giving strategy as part of their overall wealth planning, and another 22% would consider adopting one.

Most investors, particularly younger ones, want “my wealth advisor to understand my values,” the survey said. And for many, that includes the desire to have a social or environmental impact. Forty-one percent engage in sustainable investing with the percentage increasing as the amount of assets increases and the age of the giver decreases, the survey said.

“There has really been an emphasis on making a positive impact on society in recent years,” Thompkins said. “People realize there are a lot of different kinds of problems in the world and in their communities and that it is going to take a long time to solve some of them.”

Guiding clients through their planning for charitable giving “can definitely cement the relationship with the clients, especially for millennials and Gen Z,” Thompkins said. “Understanding their values is important and (that understanding) can reach across all generations and through multiple family generations.”