The donor-advised fund arms race is heating up. On Tuesday, turnkey wealth administration platform AssetMark introduced a brand new strategic collaboration with philanthropy platform TIFIN Give.
Beneath this association, TIFIN Give’s digital-first DAF expertise (constructed on the again of the platform beforehand often known as Louise by TIFIN and powered by the acquisitions of Amicus.io and Giving Place) can be built-in into the AssetMark platform. The collaboration will give Assetmark’s community of over 10,000 advisors (collectively managing roughly $116 billion in property) entry to TIFIN Give’s next-generation DAF platform, which purportedly gives a multi-custodial platform, SOC-2 safety compliance and expanded funding choices, together with customized mannequin portfolios.
“This has been a giant initiative for us,” stated AssetMark EVP and Head of Funding Options David McNatt. “With an increasing number of advisors gravitating towards extra holistic planning, we’ve seen growing curiosity in DAFs within the final 4-5 years throughout all wealth tiers.”
Nonetheless, McNatt was fast to level out this collaboration is extra than simply an effectivity play; it’s additionally about multigenerational planning and forging relationships with the following technology of purchasers’ households.
“With the ability to have interaction with the rising technology in a protected sandbox can reduce the stress of initiating wealth conversations,” stated TIFIN Give CEO Paul Lussow. “The proper expertise might help ease the following technology into the connection.”
McNatt stated that multigenerational outlook helped TIFIN Give stand out from its opponents, like Adam Nash’s Daffy and Charityvest, within the more and more crowded DAF expertise area.
“We discovered that TIFIN provides a social dynamic not current in different platforms,” McNatt stated.
AssetMark was additionally drawn to TIFIN Give’s versatility. Particularly, the potential to allow extra than simply DAF-driven giving. “We’re a wealth administration platform,” stated McNatt. “As our advisors develop, they naturally start working with extra upscale purchasers. These purchasers have charitable intentions but in addition tax issues, so we have been in search of an answer to a extra holistic drawback.”
“Whereas the DAF product is our core chassis, we additionally service different philanthropic automobiles. We’re generosity agnostic,” stated Lussow.
That the collaboration can be white labeled with the AssetMark model main the way in which possible additionally doesn’t damage.
McNatt and Lussow agree, nevertheless, that the final word aim is to make the advisor/consumer relationship much less transactional and extra nuanced and value-driven whereas additionally creating some optimistic change on the earth.
