Betterment, the largest independent robo-advisor, is adding a charitable-giving feature to its platform, allowing investors to donate appreciated portfolio shares directly from their accounts to a number of charities for no fee. Advisors who use Betterment’s advisory platform can also access the feature on behalf of their clients.
The feature, known as Betterment Charitable Giving, will launch on Nov. 28, aka Giving Tuesday, when people are encouraged to donate to nonprofits following what are traditionally the busiest shopping days of the year, Black Friday and Cyber Monday.
Eleven charities are initially partnering with Betterment Charitable Giving, including well-known ones such as UNICEF, Save the Children and the World Wildlife Fund and lesser known groups like GiveWell and Donors Choose. More charities will be added in the future, says Alex Benke, vice president of Advice and Investing. (A full list of the charities can be found at the Betterment website.)
The new service is being offered just in time for investors to take advantage of tax savings before the end of the year.