Fiduciary Investment SUPPORT for Nonprofits & Associations
Investment policies, strategies, reporting, and communication built around the fiduciary and operational needs of nonprofit organizations.
Who We Serve
Serving 174 nonprofit and association clients nationwide
Raffa served 174 nonprofit and association clients as of 12/31/25. Please note that the clients listed above have only agreed to be listed as clients of Raffa and are in no way endorsing or expressing an opinion about Raffa. Please reference important disclosures at the bottom of the webpage.
WHO WE ARE
Raffa Investment Advisers
Founded more than 20 years ago, Raffa Investment Advisers was purpose-built to serve nonprofit organizations and membership associations nationwide. With this niche focus, our firm specializes in advising nonprofits with volunteer boards and investment committees, formal investment and spending policies, and board-designated reserve structures. Many of our clients maintain operating, intermediate, and long-term reserve pools with different liquidity needs and time horizons. We work directly with executive leadership and volunteer fiduciaries to align reserve structure with investment policy and portfolio implementation. Because we understand the day-to-day realities of staff-led organizations and volunteer boards, we focus on building investment programs that are straightforward, consistent with policy, and sustainable over time.
In assets under management
nonprofit and association clients
nonprofit client retention rate over the past 10 years*
Disclosures: Data as of 12/31/2025. As of that date, Raffa had assets under management of $1,698,115,468. Raffa also provides investment services to for-profit companies, individuals & families, and retirement plans. Please reference important disclosures about the calculation of Raffa’s nonprofit client retention rate at the bottom of the webpage.
WHAT WE DO
Fiduciary Investment Services for Nonprofits and Associations
Reserve Strategy & Investment Policy Development
Reserve Strategy & Investment Policy Development
Investment Management (OCIO)
Investment Management (OCIO)
Finance Committee & Board Support
Finance Committee & Board Support
Retirement Plan Advisory
Retirement Plan Advisory
Built for Nonprofits & Associations
WHY RAFFA INVESTMENT ADVISERS
BOUTIQUE FOCUS
Investing for nonprofits and associations is fundamentally different than investing as an individual or for-profit organization. For the past 20 years, we have helped nonprofit organizations navigate investment policy development and portfolio management strategy with their legal, ethical, and governance responsibilities at the forefront.
Institutional Strength
We partner with the Institutional Division of Charles Schwab & Company, Inc. (Schwab) to support operations, research, and safeguard client accounts. Additionally, Schwab provides Raffa with market insights, investment research, and analytics support recommended investments. Through Schwab, Raffa has access to a full range of trading services and client service support.
KNOWLEDGE IS MEANT TO BE SHARED
Insights & Resources
Is Your Investment Benchmark Doing Its Job? A Guide for Nonprofits and Associations
STUDY ON NONPROFIT INVESTING TOOL
Access Raffa’s all-new peer benchmarking tool to measure how your nonprofit or association compares to your peers and industry best practices on key indicators of financial health.
RAFFA LEARNING COMMUNITY
View our free upcoming webinars for nonprofit and association executives focused around all aspects of running a successful organization.
Disclosures:
Nonprofit Client Retention Rate: For purposes of this advertisement, Client includes client relationships which include multiple distinct entities under common decision-making control. Clients who went out of business or spent down their reserves are not counted as terminated clients for purposes of calculating the retention rate. Clients whose organization was bought or consolidated by or with another organization are not counted as terminated clients for purposes of calculating the retention rate. Clients with whom Raffa initiated the termination of services with are not counted as terminated clients for purposes of calculating the retention rate. Including such clients results in a 10-year nonprofit client retention rate of 98.88%. This is not meant to be an endorsement or expression of opinion about Raffa Investment Advisers and therefore it is not known if clients approve or disapprove of the investment advisory services provided by Raffa Investment Advisers. The data used to determine client retention rates was compiled exclusively by Raffa Investment Advisers and has not been audited or verified by a third-party.
Representative Client List: Please note that the clients listed on our home page have only agreed to be listed as clients of Raffa and are in no way endorsing or expressing an opinion about Raffa. The representative nonprofit client list shown is compiled as of 12/31/2025. The representative nonprofit client list is intended to show the various types of nonprofit and association clients Raffa works with. The list does not represent all of Raffa’s nonprofit and association clients. The list does not include clients that have not given Raffa authorization to be listed nor any clients that have joined Raffa subsequent to 12/31/2025, as those clients have not yet been asked to be included. Please reach out to Raffa prior to contacting any clients listed in the representative client list.
Charles Schwab & Company, Inc.: The Institutional Division of Charles Schwab & Company, Inc. (Schwab) and Raffa are not affiliated companies. Schwab serves a third-party custodian and broker-dealer for Raffa client accounts. Additional information about Schwab is available on FINRA’s website at https://brokercheck.finra.org/firm/summary/5393.