A survey sponsored by Schwab Charitable showed that a perceived lack of expertise was the most common reason advisors cited for not fully discussing charitable giving with clients. Thirty-seven percent of respondents indicated they are concerned with their own level of expertise regarding charitable giving.

Interestingly, 22 percent of financial advisors said clients do not expect to receive charitable giving guidance from them, and therefore it would feel presumptuous to initiate the conversation. However, the survey found that clients are increasingly relying on financial advisors to play a role in their charitable planning and giving.

When asked what might encourage financial advisors to discuss charitable giving with their clients more frequently than they currently do, nearly half (47 percent) said that if they received more education and/or training on charitable giving and related tax issues, they would increase charitable giving discussions.

"Charitable planning and giving is integral to wealth management, but it requires a specific base of knowledge," says Kim Wright-Violich, president of Schwab Charitable. "Advisors increasingly need to have a bench of experts upon which to draw to meet their clients' needs. It is unrealistic, given the demands on their time, to be subject matter experts on all issues important to their clients' financial lives. They may not have the answers to all of the questions, but they do need to know where to get them."

The survey also found that charitable giving discussions are most commonly initiated during the financial planning process (includes estate and tax planning) by both advisors and their clients. Triggering" events, including a stock transfer to a charity, a mention of non-profit work or an invitation to a charity event, enable discussion of charitable planning and giving.