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Ten ways to grow the legacy market and your income

Ten ways to grow the legacy market and your income. Rob Cope Director, Remember A Charity. The legacy market at a glance. Legacies account for 13% of all voluntary income and 5% of all income received by charities In 2011, the legacy ‘market’ was worth £1.85bn…

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Ten ways to grow the legacy market and your income

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  1. Ten ways to grow the legacy market and your income Rob Cope Director, Remember A Charity

  2. The legacy market at a glance • Legacies account for 13% of all voluntary income and 5% of all income received by charities • In 2011, the legacy ‘market’ was worth £1.85bn… • That represents just 3% of all the money left in estates • In all, just 7% of people die with a gift to charity in their will… • Compared to the 74% of British adults who support charities while they are alive Legacy Foresight, Inland Revenue, NCVO

  3. The legacy market has flat-lined since 2008 UK legacy market 1988 – 2011, £bn Legacy Foresight, CaritasData, NCVO, Smee & Ford

  4. Despite falling deaths, bequests keep rising Total number of charitable bequests 1988 – 2011,000s Legacy Foresight, CaritasData, NCVO, Smee & Ford 55% cash gifts 52% cash gifts

  5. ‘XL’ charities hit hard in recession aftermath Legacy income growth by size of charity, 2007/8 - 2010/11, % pa Legacy Foresight analysis of Caritas data

  6. The legacy market by sector Legacy market shares, %, general charities, 2011 Legacy Monitor 2012

  7. Nimble, contemporary causes gain ground Winners and losers by cause area Legacy Foresight analysis of Caritas data 2012 Fast growth Slow growth

  8. Longer term, rising deaths will fuel growth Projected UK deaths, 2000 – 2030, 000s OPCS, Government Actuary’s Department

  9. 615,000 deaths 7,500 additional charitable Wills

  10. Family First “For me ….and I would expect lots of people…. it’s family first, charities second” Lack of Salience Rarely discussed; rarely thought about… “It just hasn’t occurred to me…..I’ve never really thought about it” Legacies are just not on the radar ! Not the social norm • Legacies are not something that regular, everyday people do • There is a (media-driven) perception that legacy givers are: • Wealthy eccentrics; famous celebrities • People who have a grudge against their kids Legacy has to be large Strong perception that ‘a legacy’ has to be a large amount “You only hear about big legacies, don’t you…..not small ones” …because legacy giving linked with celebrities, wealthy eccentrics No flexibility with legacies Didn’t know that can leave fixed amount or % Didn’t know that can change a legacy amount …… uncertainty about future circumstances is a major barrier for some

  11. Major motivations for giving a legacy… Repaying a debt Personal relationship Knowing someone ‘Repaying’ a charity for helping someone you care for THE primary motivator for many legacy givers Helping an organisation you have a long term affinity with Knowing that another family member has left a legacy

  12. Legacy giving = powerful emotions…… Heartfelt gratitude Inner satisfaction Family values ‘Repaying’ the debt “I have put Macmillan in my will...I just had to for what they did for my friend…they were so wonderful” Deep sense of self worth “It’s a pride within yourself…it makes you proud of the way you’re living your life” Passing on the ‘family culture’ “It’s continuing the family ethics…I feel I’ve been brought up right, and I want to pass that on to my kids” The marketing / communications materials need to tap into these emotions

  13. Top 10 tips for growing your legacy income

  14. Set out your vision of where you want to be and why

  15. 2. Connect with your cause with passion, inspiration and emotion – collect, inspire, tell stories

  16. 3. Define the impact your donors make that inspires and satisfies

  17. 4. Focus on conversations – directly or indirectly, not pledges

  18. 5. Build and deliver a systematic method of engagement, follow up and stewardship – a personal experience

  19. 6. Make your whole organisation capable of legacy fundraising through – knowledge, tools, confidence

  20. 7. Integrate everything

  21. 8. Gain insight every day and act on it

  22. 9. Find and keep great people – staff, volunteers, trustees, leadership

  23. 10. Treat each legacy as a gift. Say thank you.

  24. Back to the future… The strategy is engagement The outcomes are whatever they tell us The goal is to help them make a gift

  25. Thank you for listening

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