Fees Vary Greatly at Organizations That Operate Donor-Advised Funds

Mutual funds have long been closely connected to donor-advised funds, with the investment behemoths Fidelity Investments, the Vanguard Group, and Charles Schwab running three of the largest donor-advised funds.

The two industries also have something in common when it comes to fees: Just as the cost of mutual funds ranges widely, so do the administrative fees charged by donor-advised funds.

When buying a mutual fund, an investor can select a fund that simply tries to match the

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