Betterment RIAs, retail clients gain charitable giving option
By Sean Allocca
Betterment, the largest independent robo, is rolling out a charitable donations feature that can help clients — especially high-net-worth individuals — cut down on their taxes owed to Uncle Sam.
Clients can donate appreciated shares to charities directly on the Betterment platform through its new Charitable Giving feature. In addition to getting a tax deduction, they can also skirt capital gains levies.
“This has long been a practice of smart investors,” says Alex Benke, vice president of advice and investing at Betterment. “Clients can pass the taxes on to charities, and since they are non-tax-paying entities, those taxes get avoided altogether.”