Philanthropy Platform, AssetMark Partner Over DAF Solution

Editorial Staff June 19, 2024

Philanthropy Platform, AssetMark Partner Over DAF Solution

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. 

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