Betterment, the largest independent automated investing service, announced the launch of its Charitable Giving feature. Betterment Charitable Giving is a simple way for users to donate portfolio shares while making a greater impact on charitable contributions by increasing tax savings and the amount of the donation.

“Betterment wants to help manage important financial aspects of our customers’ lives -- from saving for buying a new home to saving for retirement to looking for ways to financially support the causes they care about,” said Jon Stein, CEO of Betterment. “We’re launching the Charitable Giving feature to democratize philanthropy and provide a vehicle that makes the giving process easy, accessible, and even more impactful. We hope this mutually benefits our customers and charitable partners; and potentially inspire new audiences to contribute.”

The Charitable Giving feature allows users to decide the amount they want to donate. The Betterment partner charity of their choice will then receive the most appreciated shares from their account, which cancels out capital gains tax that would have applied.

The donation is valuable to donors because it will eliminate intermediary fees paid to a wealth manager while also eliminating the overall tax liability of their portfolio, Betterment said. 100 percent of each charitable contribution will go directly to the charity.

Fitzgerald, CSJ, Executive Director at Hour Children said, “We’re thrilled to be working with Betterment and firmly believe our partnership will be mutually beneficial. Betterment’s progressive charitable giving feature enables donors to easily give donations which will positively impact the work we are doing to help incarcerated and formerly incarcerated women and their children successfully rejoin the community, reunify with their families, and build healthy, independent and secure lives.”