Betterment Launches Online Charitable Giving Feature
"Betterment wants to help manage important financial aspects of our customers' lives—from saving for retirement to looking for ways to financially support the causes they care about," said
"Betterment customers can now utilize the tax-smart strategy of giving appreciated shares to non-profits, taking advantage of an additional tax benefit not available with cash gifts," said
The Charitable Giving service enables customers to donate to a Betterment partner charity of their choice with appreciated shares directly from their account. Customers simply decide the amount they'd like to donate, and Betterment funds it with the most appreciated shares in their portfolio. There are two main benefits of this: (1) Customers save more on taxes because, in addition to getting the deduction, they can avoid the capital gains taxes they'd typically have to pay on appreciated shares, and (2) charities get the full donation, as opposed to putting some of it toward credit card processing fees or other intermediary fees.
Giving through Betterment also means that 100 percent of charitable contributions go toward supporting the cause. Giving appreciated shares means a more valuable donation to the donor, and by eliminating intermediary fees, typically paid out to a wealth manager or for credit card processing, charities can keep the entire donation.
"Through our one-to-one mentoring programs and education initiatives, we have been able to change the lives of thousands of young people in
Sister
At launch, Betterment has several charitable partners that Betterment users can choose to donate to:
Betterment will continue to identify valuable organizations to support, and hopes to partner with all major charities and nonprofit organizations in the future.
For more information, please visit Betterment.com.
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Betterment is the largest independent online financial advisor with more than
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