Financial Advice Firms Also Contribute to Charity: Learn How and Why.

Structuring Charitable Giving Efforts: Insights from Wealth Management Leaders

When it comes to wealth management businesses, investing in charitable causes is not just a feel-good gesture—it’s a strategic business decision. Supporting charitable organizations can strengthen community ties, boost employee morale, and demonstrate a sense of social responsibility that clients appreciate. But how do advisory firms structure their charitable giving efforts? In this week’s Barron’s Advisor Big Q, we asked firm leaders to share their approach to philanthropy.

Nate Lenz, CEO of Concurrent, highlights their charitable giving program, Concurrent Cares, which aims to make a meaningful impact in the lives of clients and their communities. They involve employees and partner firms in the selection process, allocate funds annually, and prioritize transparency and impact sharing with clients. Supporting causes like child maltreatment and cancer research, Concurrent also matches donations made by their team members.

Shannon Spotswood, CEO of RFG Advisory, emphasizes the importance of selecting a charity that aligns with the values and purpose of the firm. By supporting organizations like the Boys and Girls Clubs of America and the Alzheimer’s Association, RFG Advisory ties their charitable efforts to the work advisors do daily in service of their clients. Their firmwide charity event, Crush It for Charity, engages employees in a month-long fitness challenge to raise funds.

Scott Tiras, an advisor at Ameriprise, describes their quarterly charity nomination program, where staff members nominate organizations close to their hearts, and the team decides on recipients through a majority vote. Engaging in volunteer initiatives throughout the year, Ameriprise fosters a culture of community involvement and giving back, supporting causes like animal rescue, medical research, and hunger relief.

Ed McGill, co-founder of McGill Junge Wealth Management, emphasizes the importance of supporting nonprofits that allow team members to participate in meaningful activities. By focusing on charities that resonate with their team, such as Habitat for Humanity, Make-A-Wish, and Count the Kicks, McGill Junge engages their entire team in giving back. They hold fundraisers, encourage volunteer time off, and match donations to amplify their impact.

These examples showcase the diverse approaches that wealth management businesses take to structure their charitable giving efforts. By integrating philanthropy into their business strategy, these firms not only make a positive impact on their communities but also strengthen relationships with clients and employees. Investing in charitable causes is not just about writing a check—it’s about creating lasting change and making a difference in the world.

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