Altruist Adds Donor-Advised Funds via Endaoment

60 minutes ago

1 min read

Altruist, an AI-forward wealth technology and custody platform for advisors, added donor-advised funds that advisors can open, fund, invest, and manage for clients in minutes without a separate system.
Advisors can transfer an existing fund in two steps, contribute cash or appreciated securities in a few clicks, and view the fund alongside every other holding in the household view.
The feature is being powered by Endaoment, a Philanthro-Tech focused on DAFs in the wealth space based in San Francisco.
Unlike most DAF platforms that restrict investments to a fixed menu, Altruist donor-advised fund assets can be invested in any model in its marketplace, including custom portfolios and personalized-indexing strategies.
The offering has no account-opening, balance, or grant minimums, and fees start at 50 basis points a year compared with the 60 to 65 basis points typical among other sponsors.
Founder and CEO Jason Wenk said the company aims to make donor-advised funds easy to navigate and access because giving is one of the most personal things a client does with an advisor.

Knote: It makes me wonder if any of the soon-to-be millionaires will use DAFs to donate some of their pre-IPO shares.