At 83, Phil Tobin isn’t done pursuing his career passions — after nearly 35 years of industry experience, he’s starting from scratch, launching yet another firm.
Tobin, co-founder and former chairman of the American Endowment Foundation (AEF) Hudson, Ohio, -- the largest independent sponsor of Donor Advised Funds (DAF) -- recently announced the launch of iGiftFund. The launch of the new independent, advisor-managed DAF comes roughly 18 months after Tobin’s retirement from AEF.
Tobin decided he wanted to focus on individual donors and financial advisors, which fueled his decision to launch iGiftFund at this stage in his career, he explained. As a part of a succession plan, Tobin’s son Tom became the current CEO of AEF which now manages more than $2 billion in assets.
Prior to founding AEF in 1993, Tobin served as the CFO of The Cleveland Foundation, one of the countries first DAFs.
“My passion is working with individuals, so we decided to set up as a boutique which allows me to connect with people on a more personal level,” he explained.
A DAF is a charitable investment account that allows investors to make contributions that are aligned with their philanthropic interests. Donors can make contributions of cash, marketable and non-marketable securities, real estate and life insurance, and other investment types.
DAFs can initially be perceived as a complicated investment; however, the funds have quickly grown to become the fastest form of planned giving in the country, according to the 2017 NPT Report.
Contributions to donor-advised funds in 2016 totaled $23.27 billion, a record high, according to the 2017 Donor Advised Fund Report from National Philanthropic Trust. Charitable assets under management in all donor-advised funds totaled $85.15 billion (a record high)— while grants from donor-advised funds to charitable organizations reached an all-time high at $15.75 billion the same year, according to the report.
“ln less than three decades, DAFs have become a primary vehicle for giving in America. It’s an exciting opportunity for donors, and for me to see my vision for DAFs come true in my lifetime,” Tobin said.
Through iGiftFund, Tobin has created a unique donor experience that promotes inter-generational financial responsibility and supporting financial advisors in developing strategies using DAFs, he said.