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 Nearly 200 NONPROFIT ORGANIZATIONS nationwide
Raffa served 188 nonprofit clients as of June 30, 2026. That total reflects the number of nonprofit clients for which Raffa provides portfolio management, retirement plan advisory, or ongoing investment consulting services. Client count is based on unaudited internal recordkeeping and custodial data from Charles Schwab & Co., Inc. 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.
Investment Advisers Focused On the Nonprofit & Association Community
WHO WE ARE
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: Raffa served 188 nonprofit clients as of June 30, 2026. That total reflects the number of nonprofit clients for which Raffa provides portfolio management, retirement plan advisory, or ongoing investment consulting services. Client count is based on unaudited internal recordkeeping and custodial data from Charles Schwab & Co., Inc. Additionally, total client assets under management and advisement was approximately $2,004,671,414 as of June 30, 2026. These figures are unaudited and based on custodial data from Charles Schwab & Co., Inc. and calculated using Black Diamond. Regulatory AUM alone is $1,959,962,065. Please reference important disclosures about the calculation of Raffa’s nonprofit client retention rate at the bottom of the webpage.
Fiduciary Investment Services for Nonprofits and Associations
WHAT WE DO
Reserve Strategy & Investment Policy Development
Investment Management (OCIO)
Finance Committee & Board Support
Retirement Plan Advisory
WHY RAFFA INVESTMENT ADVISERS
Built for Nonprofits & Associations
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.
Insights & Resources
Created for the Nonprofit & Association Community
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.
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RAFFA LEARNING COMMUNITY
View our free upcoming webinars for nonprofit and association executives focused around all aspects of running a successful organization.
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Additional 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.
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