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Betterment's new feature will allow customers to select how much to donate, and the company's algorithms will fund it with the higher performing shares. There will be no processing fees and potential tax savings for customers.
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The firm, which manages $11 billion for over 300,000 customers, partnered with 11 charities for Betterment Charitable Giving, including Big Brothers Big Sisters of NYC, UNICEF, and World Wildlife Fund, according to a news release. The new feature is set to go live November 28. The company said the service provides a better way to donate than credit cards because there are no processing fees. It can also save folks money on their taxes because they might not have to pay capital gains on the shares they donate.
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