Despite concerns that the 2017 Tax Cuts and Jobs Act would have a negative effect on charitable contributions, philanthropists increased their support for the nonprofit sector during 2019, with average gifts that were 56% greater than in 2018, according to a report by BNY Mellon Wealth Management.
Nonprofit organizations represented in the study saw an increase in planned gifts in 2019, with the number of charitable gift annuities rising 21% over the prior year.
The study revealed that 74% of donors made gifts to organizations that were located outside of the state of their primary location, up from 66% in 2018. Over half the donations (58%) came from repeat donors.
While 51% of the nonprofits surveyed indicated that COVID-19 had negatively affected their planned giving efforts, many have turned the challenges of social distancing and remote work into opportunities to strengthen donor relationships and mission-focused messaging, BNY Mellon said in a release.
[More: Why 2020 is a good year to give]
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
