The alliance is an example of the kind of developments affecting donor-advised funds, a major conduit for philanthropy in the US.
TIFIN Give, a philanthropy platform that is part of TIFIN, an AI and innovation
platform for the wealth sector, has partnered with US-based
AssetMark, a
wealth management platform provider, to build a donor-advised
fund solution.
The firms said the collaboration will enable clients and advisors
to streamline the giving process and produce more impact from
their philanthropy.
TIFIN Give”s digital-first donor-advised fund technology will be
integrated into the AssetMark platform. AssetMark clients will
have access to TIFIN Give’s DAF technology.
Donor-advised funds have expanded into a major conduit for
philanthropy in North America, with private foundations the main
alternative channel for high net worth individuals. (See an
article
here.) Also, see here
for a related editorial commentary about the role of the
philanthropy advisor. Grants from DAFs increased 9 per cent
to $52.16 billion, a new high for grant dollars, according to the
National Philanthropic Trust.
Founded by Dr Vinay Nair, TIFIN creates and operates new
companies that apply data science, AI, and technology. TIFIN has
been backed by JP Morgan, Morningstar, Hamilton Lane, Franklin
Templeton, SEI, Motive Partners, and Broadridge among others.
AssetMark operates a wealth management platform that powers
independent financial advisors and their clients. It works with
affiliates Voyant and Adhesion Wealth. Founded in 1996, the firm
is based in Concord, California. It serves more than 9,200
financial advisors and 257,000 investor households. As of March
31, 2024, the company had $116.9 billion in platform assets.
In the past, this publication has tracked the debate over the
advantages
and drawbacks of DAFs – which carry certain tax advantages
–compared with private foundations.
