Raymond James Financial Services, a broker/dealer based in St. Petersburg, Fla., is trying charity as a new tack for selling mutual funds and other investments.

Raymond James has asked its network of 1,300 registered investment advisors to donate a quarter of their management fees or commissions to charities in their communities, making these donations in the names of their investors on a quarterly basis. The investors can donate to charities advisors suggest or select their own. However, since the financial advisors are the ones actually giving up a portion of their fees, they are entitled to deduct the donations on their taxes.

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