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

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 The legacy market at a glance

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

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

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

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

Nimble, contemporary causes gain ground Winners and losers by cause area Legacy Foresight analysis of Caritas data 2012 DisabilityChildrenConservationHospices Advancement of religion Animal welfare HealthArts/culture Domestic poverty relief Older people Armed services Education Overseas development Wildlife trusts Slow growth Fast growth

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

615,000 deaths 7,500 additional charitable Wills

Family First Lack of Salience Not the social norm Legacy has to be large No flexibility with legacies 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 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 ! 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 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 “ For me ….and I would expect lots of people…. it’s family first, charities second”

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

Heartfelt gratitude Inner satisfaction Family values 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” ‘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” The marketing / communications materials need to tap into these emotions Legacy giving = powerful emotions……

Top 10 tips for growing your legacy income

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

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

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

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

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

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

7. Integrate everything

8. Gain insight every day and act on it

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

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

1.The strategy is engagement 2.The outcomes are whatever they tell us 3.The goal is to help them make a gift Back to the future…

Thank you for listening