Opening an Advisor Managed Account for your BlueGive DAF
This article provides a step-by-step guide on how to open an Advisor Managed Accounts for your BlueGive donor advised fund.
Invite Your Client to Join BlueGive
To get started with opening a BlueGive AMA, ensure the client has completed the set up of their BlueGive account. Follow these steps to complete the account set up.
Notify the Blue Trust & BlueGive Teams
Once your client's BlueGive account is live, contact Joni White (joni.white@bluetrust.com) and the BlueGive Support Team (care@bluegive.org) via email to notify them of the request to open a new BlueGive AMA account, using the subject line "New BlueGive AMA Request".
Complete the Paperwork
Once the request is received, Joni and the BlueGive team will respond and ask for the following items to be completed by the advisor:
Schedule 1 details for the AMA which requests account details for review and archival as stated in the GiveClear-BlueTrust Master Agreement. Below is an example of the details you'll be asked to provide:
A new account checklist (which can be found on the BlueTrust intranet site), detailing internal set up processes that includes CRM steps as well as instructions for the new account process and paperwork.
An internal BlueTrust IPS document which is required to be completed and signed by the requesting advisor and returned to Joni and the BlueGive team for additional signatures.
Funding a BlueGive AMA
Funding Your Advisor Managed Account
Following the completion of the steps above, the Support Team will notify the advisor and client confirming that the newly established AMA account is ready to be funded.
For each contribution there will always be two steps: entering the details into the platform and transferring the money from the external party. The sequence of events does not matter, but both steps must be completed
There are two ways you can fund your AMA:
Directly into the brokerage DAF account that your advisor has created for you
Directly into the cash pool for the DAF program
Funding your advisor managed account directly
Unless you need to submit a quick grant, we highly suggest that all contributions are made directly into the AMA and not into the cash pool.
Contributing securities- work with your advisor and have them journal/transfer the securities directly into your brokerage DAF account
Contributing cash- with with your advisor to wire/ACH the funds directly into your brokerage DAF account
In-kind DAF-DAF transfer- this is something that our DAF program can support but we have found that other DAF providers do not. For DAF transfers it is best to transfer those into the cash pool. Instructions to follow below
Once your advisor has completed the transfer of funds for the contribution, they will need to enter those details into the platform in order to receive the tax receipt document:
Click the Add Funds on the overview page,
Click the appropriate contribution type
Enter the required details for the contribution and click continue and complete
Funding your DAF AMA into the cash pool
If the goal is to keep most if not all your DAF balance invested, then we highly suggest avoiding making contributions directly into the cash pool. Depending on which firm you're with, transferring money from the cash pool into the AMA is cumbersome and can take some time.
There are two use cases where we do suggest contributing directly into the cash pool:
You need to get a grant out the door quickly and you do not currently have any funds in your AMA
You are funding your AMA DAF account with a DAF transfer
Cash Wire Contribution
For each contribution there will always be two steps: entering the details into the platform and transferring the money from the external party. The sequence of events does not matter, but both steps must be completed
Go to Add Funds on the overview page--> choose Wire Transfer
Enter the contribution details on the left. The right side will auto-populate the information you will need to provide to the external party to complete the wire
After clicking complete, you will see this contribution under your pending contributions within the View Recent Transaction.
ACH Contribution
Once your Bank Account is connected using Plaid, navigate back to the Add Funds > Bank Account
You’ll see your default bank account listed. From there, enter the contribution amount and choose a frequency—monthly, quarterly, or annually—to set up a recurring contribution.
To make a one-time contribution, select One Time from the drop-down options.
DAF Transfer Contribution
Submit an Intent to Contribute by entering the Existing Fund Platformfrom which you intend to transfer the funds. Include the Intended Amount and check the acknowledging box before selecting Continue.
Instructions for completing the DAF transfer from the external party are listed on the right:
Once completed, you can view your pending contribution by clicking Recent Transactions in the left sidebar and then applying the Contributions filter to your transactions table.
How do I transfer funds between my AMA or DAF and the Cash Pool?
To transfer or reallocate funds to and from an AMA or DAF into/out of the Cash Pool, please follow the steps below. Note: These changes can only be made from the advisor's side.
Navigate to "Manage Clients" on the left-hand sidebar.
On the “Manage Clients” screen, locate the desired client > click Manage Investments
Click the Adjust Allocation button
From this page, you may:
Move funds from Cash to Investments, or
From Investments to Cash
To adjust the investment allocation or transfer cash:
Enter an amount in dollars ($) or percentage (%).
View the real-time changes in the allocation graph.
Once the desired allocation is set, click Continue to proceed.
The confirmation page will allow you to review your adjustments before proceeding with the fund transfer.
Transferring funds can be completed by either the client or an advisor. Once the transfer request is complete, it will take 3-5 business days for the funds to be available on your BlueGive DAF.
Changing the Target Allocation for your AMA
To change or update the target allocation for your AMA, please contact the BlueGive Support team at care@bluegive.org and provide the following details:
DAF Name
Updated Target allocation, for example: 50% cash and 50% investments
Once the allocation has been updated, any future contributions will be allocated based on the target allocation. For example, if the allocation is 50/50 and you contribute $1,000 then $500 will go to the cash pool and $500 will go toward the AMA investments.
Note: changing the target allocation has no affect on the current allocation. You will need to submit a transfer request if you want the current allocation to align with your target allocation.
As a best practice, we suggest maintaining at least 3 months worth of giving finds in your DAF balance.
Making Grants out of the Advisor Managed Account
Each AMA is programmatically integrated with the BlueGive portal. As long as sufficient cash is available in the AMA, the system can automatically initiate fund transfers to fulfill grant disbursements- essentially making this a two step process:
Liquidate funds within the account to make cash available for granting
Once cash is made available, you will follow the normal steps for submitting grants out of the BlueGive portal