Users of Fidelity Charitable, the nation’s largest donor-advised fund, recommended a record $7.3 billion in grants from their accounts in 2019, topping the previous record of $5.2 billion in 2018.
Organizations working in veteran support, disaster relief, environmental protection and civil discourse saw increased support, Fidelity said in a release.
Noting trends in granting, Fidelity said that 74% of the 2019 grants went to a charity the donor had previously supported, and 60% of grant recommendations were designated to be used “where needed most.”
Fidelity said that millennial donors account for 13% of new giving accounts opened in 2019, more than double the portion five years ago. It also noted that while most charitable contributions in the United States are made in cash, checks or credit cards, more than 60% of Fidelity Charitable contributions in 2019 were made in the form of noncash assets, including publicly traded securities, nonpublicly traded assets, such as private stock, restricted stock and limited partnership interests, and cryptocurrency.
The financial advice industry has been facing inquiries into its cash sweep programs for years now.
Investor money allegedly went to strip clubs, exotic cars, and landscaping
Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm
With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.
Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
