Financial Advisor Data

Elliot Appel
Maria Arabatzis
Andrew Bellak
Michelle Dench
Dan Flannery
James Frazier
Emilie Goldman
Julie Goodridge
Solomon Halpern
Kristin Hull
Sonia Kowal
Sheila Chen Lawrence
Sarah E. McCue
Julie McVeigh
Rachel Robasciotti
Eric Smith
Marlena Sonn
Will Tickle
Jina Penn-Tracy
David Wolf

 

 

Elliot Appel

Empirical Wealth Management

Certified Financial Planner

eappel@empirical.net

206-923-3474

www.empirical.net

1420 5th Ave Ste 3150 Seattle, WA 98101

How did you find out about Resource Generation?

My partner is part of a praxis group.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects mutual funds for investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$500,000.

What is the total amount of assets you manage directly?

$25,000,000 directly, co-manage $275,000,000 with a partner of the firm.

For how many years have you been providing financial advisory services?

4.

How many clients do you currently work with?

31 directly, 126 co-manage.

Approximately how many of your clients are under the age of 35?

Approximately eight clients are under the age of 35. Many are an extension of their parents’ investment portfolios. While we don’t work with many clients under the age of 35, I am under the age of 35 and understand what it means to work with our generation and how that differs from older generations.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?

No.

How many people are on staff?

23.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$1.1 Billion.

For how many years has your firm been providing financial advisory services?

10.

Why are you interested in working with RG members?

I would appreciate working with more clients my age who value more than the highest returning investment. Also, services at investment firms are usually driven by demand. If enough people ask for a service, the business will explore it further. Impact investing is an interest of mind, and, I would love to see our firm develop services in this area based on client demand.

Can you offer an example of an alternative investment practice you use?

We have a few funds that focus on private equity. We also use funds that focus on socially/sustainable responsible companies. These funds underweight securities that may be less sustainable/social.

What is an example of your most radical/unusual alternative investment?

We use a fund that creates a portfolio of small business loans from experienced lenders. They entered the market because big banks are making fewer loans to small businesses and pay significantly for credit. This fund provides shorter-term, smaller loans.

Does your firm have an explicit commitment to racial justice?

No, not currently. Many of our services are based on client demand and if enough clients would like more of a commitment to racial justice, it could be explored.

Does your firm have an explicit commitment to social return?

No, not currently. Many of our services are based on client demand and if enough clients would like more of a commitment to social return, it could be explored.

How do you support clients to make and increase their philanthropic contributions?

We regularly review tax planning opportunities to contribute appreciated stock directly to a charity or in particular years, donate a significant amount to a donor advised fund that can then be distributed over time. We will advise on which investments to contribute and help them complete the contribution.

What are some examples of direct investments you could support a client to make?

We don’t currently have experience in these types of investments, but it is something we could explore with clients.

How many people on your staff are people of color?

5.

How many people on your staff are women?

7.

Does your firm have an explicit commitment to economic justice?

No, not currently. Many of our services are based on client demand and if enough clients would like more of a commitment to economic justice, it could be explored.

Does your firm have an explicit commitment to gender justice?

No, not currently. Many of our services are based on client demand and if enough clients would like more of a commitment to gender justice, it could be explored.

Does your firm have an explicit commitment to environmental justice?

No, not currently. Many of our services are based on client demand and if enough clients would like more of a commitment to environmental justice, it could be explored.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

No, not currently. Many of our services are based on client demand and if enough clients would like more of a commitment to critically examining the ownership of land-based assets, it could be explored.

What is your fee structure?

Our standard fee structure is 1% of assets under management up to $2 million, 0.80% for assets between $2 million and $5 million, 0.70% for assets between $5 million and $10 million, 0.50% for assets between $10 million and $20 million, and 0.30% for assets above $20 million. This includes discretionary investment management, tax planning, insurance planning, etc. In some cases, it also includes tax preparation, depending on the amount of assets and the complexity of the tax return.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

The investments we use have their own internal fees, ranging from 0.04% to over 3%, depending on the fund. Most of our portfolios have a weighted expense of around 0.3%. These are not fees we charge, but are internal expense ratios of the funds. We are always looking for the lowest cost investments in each asset class we want exposure to. I hold many of the same funds in my personal accounts, so our interests are aligned.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

There are trading fees, but we receive none of these fees. We custody assets at Charles Schwab and TD Ameritrade, and they charge a fee to buy or sell securities. These fees vary between $7.95 and $25 a trade, depending on whether it is a mutual fund or an exchange traded fund and which custodian. We continually negotiate fees with our custodians and have worked over time to eliminate or reduce fees. One example is wire fees. At Charles Schwab, our clients are able to send wires for free, which is normally a $25 charge. There are no exit fees from Empirical.

Where do you recommend clients hold their assets?

We recommend clients hold their assets at Charles Schwab or TD Ameritrade.

Can you work with someone who wants to hold their assets elsewhere?

It is possible we can work with someone who wants to hold their assets elsewhere, but it would need to be decided on a case-by-case basis.

Do you pool your clients’ assets?

No, each account is their own.

What SRI strategies does your firm use?

Positive product and industry screens.

Are you engaged in shareholder activism?

No.

Do you vote proxies for your clients?

Yes, we have hired an independent, third-party to evaluate proxy issues and recommend a vote in our clients’ best interest. We then make a final determination and vote for our clients.

Have you advised RG members before?

No.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

Our mission is to provide the most effective, unbiased investment and financial planning advice available.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

No, I have not attended an RG event. My partner has been involved in a praxis group and really enjoys it.

Have you sponsored a RG event?

No.

How do you typically start working with a new client?

We typically have an introductory call or meeting to provide a high level overview of what we do and how we help clients. During this call, we discover what the new client is looking for in terms of an advisor, what they value, and whether there would be a good mutual fit. If the new client decides how we work is a good fit for them, we ask for current account statements and their most recent tax return. We set a time to get together, preferably in person, and learn more about their goals. What are they hoping to accomplish with their wealth? How is their tolerance for risk? How can we structure their portfolio with the least amount of risk to achieve their objectives? What is important to them about money? How is their relationship with money? The introductory meeting allows us to learn more about them and gives us an opportunity to discuss our analysis of their tax situation and current investment mix. We can then go into more detail about our proposed changes and how it will help them be more tax-efficient and accomplish their goals.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

We typically meet with clients quarterly, but we are flexible. Some clients we meet monthly and some annually. It all depends on their comfort level. We prefer meeting in person, but we work with clients across the United States through virtual methods, as well. During these meetings, we prepare customized reports showing how our investments are doing against a benchmark, the current holdings, current asset allocation, recent deposits or withdrawals, and anything else a client would want to know about their portfolio. We also discuss any planning items during these meetings (insurance coverage, estate planning, gifting, donor advised funds, retirement planning, etc.) We may bring our Director of Tax and Estate Planning or an outside expert to help with any topics where we do not have in-depth coverage. We send quarterly reports, but clients also have an online portal where they can view their accounts any time. We offer breakfast sessions a few times a year to discuss investments in general; however, most of the learning is done via the review meetings or quarterly newsletters. We believe an informed and educated client is more likely to have success with their investment experience. We continually monitor the portfolio, in the context of client goals, and make necessary changes based on our asset allocation policy statement, which is mutually agreed upon in advance and regularly reviewed.

What is your average client account size?

$800,000 directly, $2,100,000 co-manage.

Do you have experience with investing money outside of the stock market?

Yes, we have a few investment funds that focus on private equity or direct lending.

 

 

 

Maria Arabatzis

Fresh Pond Capital

Portfolio Manager and Shareholder Engagement Manager

marabatzis@freshpondcapital.com

6172269999

http://www.freshpondcapital.com/

Boston, MA

How did you find out about Resource Generation?

My colleague Julie Johnson McVeigh was a constituent and introduced me to the group.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$250,000-$30 million.

What is the total amount of assets you manage directly?

$300 million.

For how many years have you been providing financial advisory services?

7.

Why are you interested in working with RG members?

RG members values align with my own and they are often the activists at the grassroots level that are fighting for equality for all. All roles have a place in moving us towards the world we want and we strongly believe that by working with these progressive folks, this can move quicker.

Can you offer an example of an alternative investment practice you use?

I am happy to provide particular investment examples upon request, but we have many CDFI’s or community development financial institutions that provide access to capital and borrowing for undeserved communities. There are social, political and environmental focuses of these organizations that could range form sustainable fisheries to affordable housing and many more.

What is an example of your most radical/unusual alternative investment?

I am happy to provide particular examples upon request. We are involved with lending to indigenous peoples in specific geographic parts of the country.

Does your firm have an explicit commitment to racial justice?

We acknowledge and name that we have serious race issues in our country and are constantly working to find solutions to get to a more just world. We look to measure our impact and support of diversity in companies we invest in and also generating a pipeline for a diverse workforce in the financial services industry where it lags other industries. We do this by attempting to get younger folks interested in finance that are part of under-served and underrepresented communities.

Does your firm have an explicit commitment to social return?

We believe all investments have impact and look to isolate those that have the greatest positive social impact on our world. This can range from environmental to social to political impacts and more that are sometimes easily measured and often not easily measured. We look to move money into areas where organizations value and respect their employees and have progressive policies that make them leaders and are models for others. We engage companies and managers to ensure their policies are being enforced and to ask for transparency. If they aren’t we use shareholder activism to push for change collectively. Social return can be defined differently at different companies and it is our job to interpret this.

How do you support clients to make and increase their philanthropic contributions?

As part of our holistic approach to working with individuals, we often discuss giving plans and how to be a mindful giver and think about the organizations needs and how to meet them. We encourage and explain why increasing and thinking about this as part of your responsibility is important.

What are some examples of direct investments you could support a client to make?

We are always happy to review and research investments clients are interested in or hear about. We will outline risk and reward trade offs for both financial and social impacts. We have a long history of investing in community lending, cooperatives, small businesses, small one off loans, mission aligned banks, and many more. We support clients in deciding if these are the right fit and how they complement other assets in ones account.

How many people on your staff are people of color?

2.

How many people on your staff are women?

12.

Does your firm have an explicit commitment to economic justice?

We work with individuals to come up with innovative ways of giving, recycling capital and creating new models to move money all of which we believe work to eliminate economic class divides. We work through how much is enough to become personally financially sustainable then look to find ways to redistribute and provide access to capital to undeserved communities in need.

Does your firm have an explicit commitment to gender justice?

As a women owned company, Fresh Pond Capital prides itself as being gender diverse and looking to hire and maintain a workforce that represents this. We ask and engage organizations and companies we invest in to have policies for discrimination and creating safe work spaces for all.

Does your firm have an explicit commitment to environmental justice?

We track and try to offset our carbon footprint. This is implemented through a rooftop garden in our building, office plants and composting. We only use environmentally friendly products in our kitchen and supplies and do not bring in outside paper and plastic products that are harmful to the Earth. Beyond this, we look to invest in renewable energy sources and companies that are creating innovation to get us to a cleaner planet.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

This is a newer interest area for us and we are in the process of examining, researching and formalizing what this means to Fresh Pond Capital.

How many clients do you currently work with?

35.

Approximately how many of your clients are under the age of 35?

More then half, this is a primary age demographic I work with.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

23.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$1.2 billion.

For how many years has your firm been providing financial advisory services?

9.

What is your fee structure?

We charge 1% on the total assets we manage. There are additional trading costs associated with purchasing and selling investments that go to the custodian or bank that holds your assets. We do not charge for any other services that we offer. We take an all inclusive holistic approach to working with individuals and any and all services are included in this 1% fee.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No additional fees are charged outside of trading costs as mentioned, which are fairly low around $10 per trade and often more to purchase international investments.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

As mentioned, trading costs are minimal, but are incurred by clients accounts.

Where do you recommend clients hold their assets?

We can work with most custodian and banks, however the majority of our clients investments are held at Fidelity or Schwab. These are low cost providers that do not charge any fees outside of trading costs.

Can you work with someone who wants to hold their assets elsewhere?

Yes, we can work with clients are most custodians and banks.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Positive product and industry screens, customer based specific screens (company, product, industry), and Community Impact Investing.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes, we have guidelines that we share with clients and then handle this for them. We partner with a third party platform to help organize and asses each vote.

If so, who are some of your partners?

We work with non profit activist organizations, unions, religious organizations, other investors and organizations and individuals that’s values align with ours to leverage our resources for change with corporate behavior.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

My firms mission is to work with clients to bring their investments into alignment with the values.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Making Money Make Change many times. I have learned so much. I have truly been inspired by the energy and range of involvement of individuals in that space have in all sorts of social and economic justice issues.

Have you sponsored a RG event?

Yes.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

We start with a getting to know each other meeting/call/video chat to discuss needs and big picture financial planning questions as well as explaining our investment process and how we define our social and financial impact and the range of work we offer from giving plans to investment advice and more. We prefer to meet in person, but have clients all over the US and world so phone and video chatting is often used. We ask questions to get to the essence of how much is enough and how this evolves and changes for everyone so being personally financially sustainable is critical to maximize your impact and footprint. This includes conversations around what money and resources are coming in one’s life as well as going out of one’s life, retirement and family savings, access to financial resources, types of investments, particular social or environmental focus areas, health care needs, family situations and many many more.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

It is important to meet clients where they are. Individuals we work with have varying levels of interest and there are times when more communication and work is needed and times when less is needed. We will insist on reaching out at least annually to reset the compass and ensure we are headed in a direction towards clients goals. We work with individuals that we have set monthly meetings, quarterly bi-annually or annually, it is always up to the individuals. We are available for financial literacy and research questions and provide access to our internal research when asked. We outline our shareholder engagement and activism as well as proxy voting which we vote for on behalf of clients. We send quarterly newsletters and performance reports that show how investments are performing, monthly statements with listings of investments, annual impact report, annual tax reporting and can provide additional reporting upon request.

What is your average client account size?

$5 million.

Do you have experience with investing money outside of the stock market?

Yes, we have an alternative investment portfolio that expands from mission aligned credit unions to cooperative financing to community development financial institutions to early stage companies to one off investment opportunities and many more.

 

 

 

Andrew Bellak

Stakeholder’s Capital

CEO

Andrew@stakeholderscapital.com

4133063244

www.stakeholderscapital.com

321 Main Street

How did you find out about Resource Generation?

General knowledge and Adam Roberts.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, and insurance. Budget work, managing debt, and savings and other financial aspects. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$500,000-$5,000,000

What is the total amount of assets you manage directly?
$67,300,000.

For how many years have you been providing financial advisory services?

9.

Why are you interested in working with RG members?

Our mission is to improve the common good and with our skill set, we are uniquely qualified to advise people how to invest their assets to support our mission.

What is an example of your most radical/unusual alternative investment?

We invested in a small, early stage private, for-profit company called Prosperity Candle. The company employs women in areas of conflict and refugees from those areas to sell primarily candles and other hand-made products. The investment was in the form of both a promissory note and royalty financing.

Does your firm have an explicit commitment to racial justice?

No. We do use mutual funds from SRI fund companys and this is one of their screens. We have invested in the Force For Good Fund, a private VC fund with a mandate to invest in companies run by women and people of color.

Does your firm have an explicit commitment to social return?

Yes.

What are some examples of direct investments you could support a client to make?

Cooperatives, CDFI loan funds, private preferred stock, direct public offerings, private equity funds, venture capital funds, direct participation programs (DPPs), LLCs, LPs.

How many people on your staff are people of color?

0.

How many people on your staff are women?

4.

Does your firm have an explicit commitment to economic justice?

No. And we have made investments in CDFIs, and microfinance through Calvert Foundation Notes, ImpactAssets Notes, and Microvest.

Does your firm have an explicit commitment to gender justice?

No. We do make people aware of investments with a gender lens such as The Pax Ellevate Fund, Ellevest Robo Advisor, Microfinance, and The Force For Good Fund mentioned earlier.

Does your firm have an explicit commitment to environmental justice?

Yes. We have dedicated public and private funds in clean technology, alternative and renewable energy, water conservation, sustainable agribusiness, timber and forestry.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

No. And we have invested in 501c3 Root Capital and coop Equal Exchange.

How many clients do you currently work with?

119.

Approximately how many of your clients are under the age of 35?

We have 8 clients under the age of 35 and we have about 10 who are children of clients with smaller accounts. We have 12 clients between 36-45.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?

No.

How many people are on staff?

8.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$67,300,000.

For how many years has your firm been providing financial advisory services?

9.

What is your fee structure?

Tiered as follows:

$500K-$1MM = 1%

$1MM-$2MM = 0.8%

$2MM-$3MM = 0.7%

$3MM-$8MM = 0.3%

$8MM+ = 0.2%

$1,000 initial financial plan fee, money back guarantee if not satisfied on the plan.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No. It’s our specialty, core competency and passion!

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Yes, and these are set by the custodian TD Ameritrade (which is NOT TD Bank!), Charles Schwab and Pershing: there are commissions such as $25 to buy or sell an institutional share class of mutual fund. Equity and ETF trades are $15 each. Wire transfers are $25 and bond transactions are $50.

Where do you recommend clients hold their assets?

TD Ameritrade is our preferred custodian for public securities. We use IRA Services Trust Company for self-directed retirement accounts so that they can own private investments. We also use Charles Schwab and Pershing and those can be helpful for people residing outside the USA.

Can you work with someone who wants to hold their assets elsewhere?

Yes. It does make our reporting more difficult. If the account were big enough, we’d invest in a data feed connection with that custodian.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing

Are you engaged in shareholder activism?

No.

Do you vote proxies for your clients?

For those who prefer that, yes.

Have you advised RG members before?

Unsure.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes

Please share your firm’s mission/values statement

Our mission is to improve the common good by serving our clients with excellence.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event? If so, what did you learn or take away?

I attended a joint gathering of RG and Regenrative Finance.
My colleague Cynthia Rothschild Jaggi is advising the Buen Vivir Fund related to 1,000 Currents (formerly IDEXX).

Have you sponsored a RG event?

Yes.

How do you typically start working with a new client?

Conversation in person, by video call, or telephone to understand: SRI / Impact preferences, financial goals, risk profile, and how they like to work together (how hands on, best ways to communicate, etc.)

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

Yes. We send our own custom quarterly reports that show all holdings, public and private. It includes a detailed breakdown of fees and performance. We ask for an annual review and are happy to provide service on any financial planning or investing matters as needed during the year.

What is your average client account size?

$565,000.

 Do you have experience with investing money outside of the stock market?

Yes.

Can you offer an example of an alternative investment practice you use?

See other answers.

 

 

 

Michelle Dench

True Wealth Advisors

Certified Financial Planner

mdench@gmail.com

1415-342-5516

Www.soulsisterenterprises.com

10 Fourth St., Petaluma, CA 94952

 How did you find out about Resource Generation?

Attending MMMC.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. Coaching/Training on healing money and relationships.

What is the total amount of assets you manage directly?

$55M.

For how many years have you been providing financial advisory services?

7.

Why are you interested in working with RG members?

I see the RG community as a part of a larger community.

Can you offer an example of an alternative investment practice you use?

Micro – impact investment, regenerative.

What is an example of your most radical/unusual alternative investment?

We are focused on investment of seed capital to women, queer and community based ventures which are specifically impacting the environment and social or racial justice.

Does your firm have an explicit commitment to racial justice?

Yes – this is part of our primary purpose and the mission of our firm.

Does your firm have an explicit commitment to social return?

Yes – this is part of our primary purpose and the mission of our firm.

How do you support clients to make and increase their philanthropic contributions?

By helping them to prioritize values, spending and investing while understanding sustainable giving and tax planning.

What are some examples of direct investments you could support a client to make?

Private equity, community based land projects, start up funding for women, queer and community-based social enterprise.

How many people on your staff are people of color?

It’s just me.

How many people on your staff are women?

1.

Does your firm have an explicit commitment to economic justice?

Yes – this is part of our primary purpose and the mission of our firm.

Does your firm have an explicit commitment to gender justice?

Yes – this is part of our primary purpose and the mission of our firm.

Does your firm have an explicit commitment to environmental justice?

Yes – this is part of our primary purpose and the mission of our firm.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

Yes – this is part of our primary purpose and the mission of our firm.

How many clients do you currently work with?

Up to 35.

Approximately how many of your clients are under the age of 35?

Currently more of my clients are millennials then other age groups.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

1.

Are you or your firm registered with the SEC as an:

Certified Financial Planner.

What is the amount of total assets under management by your firm?

N/A.

For how many years has your firm been providing financial advisory services?

7.

What is your fee structure?

Fee only – hourly or flat fee.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

No.

Where do you recommend clients hold their assets?

Wherever they prefer.

Can you work with someone who wants to hold their assets elsewhere?

Yes.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing, Private.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

No.

If so, who are some of your partners?

As You Sow.

Have you advised RG members before?

No.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

No.

Please share your firm’s mission/values statement

We are Bridge builders – between the world we live in and the more beautiful world we know is possible. We invest in the Women, Community and LGBTQ businesses and projects which are building the new and next generation of sustainable enterprise. We invest in Land and Love, in places where community is being built and people are restoring the environment in a whole system model. We are driven by a passion to heal and restore the earth, to create community and to transform the relationship we have with money. We are the first of it’s kind – a Seed Capital investment fund and business incubator for Women driven, Soul funded companies

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Yes.

Have you sponsored a RG event?

No.

How do you typically start working with a new client?

We go through a discovery process to see if I am a good fit for the needs, set expectations for the relationship and define the planning process.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

Depending on the client needs – varies from weekly, monthly to quarterly or annual review meetings.

What is your average client account size?

$1-5M.

 Do you have experience with investing money outside of the stock market?

Yes.

 

 

 

Dan Flannery, CFA

Balanced Rock Investment Advisors

President

Dan@BalancedRockIA.com

6173796762

www.balancedrockia.com

4238 Washington Street, Suite 313, Roslindale MA 02131

How did you find out about Resource Generation? 

One of our advisors, Hendrix Berry joined the Boston RG community last year. She originally learned about the organization through economic justice work she’s involved with locally.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. Customizes portfolios to match client values using ESG research and metrics.

What is the range of your account sizes from the smallest to the largest?

$200,000 – $4,000,000.

What is the total amount of assets you manage directly?

$36,000,000.

For how many years have you been providing financial advisory services?

5.

What is an example of your most radical/unusual alternative investment?

We recently closed an investment with the Wellspring Harvest Cooperative, a startup hydroponic greenhouse in Springfield MA, worker owned, and built on a brownfield site in a low income community. They have purchasing contracts with local anchor institutions such as public schools and hospitals to sell their greens.

Does your firm have an explicit commitment to racial justice?

We only work in the best interest of our clients including understanding our clients’ values and doing our best to create a financial plan and portfolio that matches them. For many of our clients, we are able to implement racial justice values in their portfolio by supporting diversity in leadership and ownership, as well as investing in businesses that make a positive impact in communities of color.

Does your firm have an explicit commitment to social return?

The company was founded to make a better model of financial services available without regard to income or assets. We only work in the best interest of our clients including understanding our clients’ values and doing our best to create a financial plan and portfolio that matches them.

How many people on your staff are women?

1.

Does your firm have an explicit commitment to economic justice?

We only work in the best interest of our clients including understanding our clients’ values and doing our best to create a financial plan and portfolio that matches them. This includes investing with a class lens to support economic equality and democracy, including investing in low income communities and cooperatives.

Does your firm have an explicit commitment to gender justice?

We only work in the best interest of our clients including understanding our clients’ values and doing our best to create a financial plan and portfolio that matches them. For many of our clients, we are able to implement gender equality values in their portfolio by supporting diversity in leadership and ownership, as well as investing in businesses that make a positive impact for women.

Does your firm have an explicit commitment to environmental justice?

We only work in the best interest of our clients including understanding our clients’ values and doing our best to create a financial plan and portfolio that matches them. For many of our clients, we are able to implement environmental justice values in their portfolio by investing in climate risk mitigation, alternative energy, conservation and infrastructure, just transitions, sustainable food systems etc.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

We only work in the best interest of our clients including understanding our clients’ values and doing our best to create a financial plan and portfolio that matches them. We do not yet have clients who have expressed interest in indigenous land reparations. We do have clients interested in ownership of land-based assets, such as land trusts and conservation.

How many clients do you currently work with?

200.

Approximately how many of your clients are under the age of 35?

22 of our current clients.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

4.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$36,000,000.

For how many years has your firm been providing financial advisory services?

5.

What is your fee structure?

$200/hour for Financial Planning
0.75% AUM for Wealth Management

We are Fee-Only, meaning we only are paid by our clients and do not sell financial products.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

We do not have additional fees for socially responsible investing or alternative investing and we offer this service to all of our clients, no matter their net worth.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Client assets are held with an independent custodian and incur standard trading and account fees. As a Fee-Only advisor, it is our goal to keep these fees to a minimum.

Where do you recommend clients hold their assets?

Our clients’ assets are largely held at Charles Schwab. We use a separate self-directed IRA custodian, Sunwest Trust and do occasionally manage client assets at other custodians such as TIAA.

Can you work with someone who wants to hold their assets elsewhere?

Yes, especially if we are providing Financial Planning advice rather than managing assets.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing, Global Impact Investing.

Are you engaged in shareholder activism?

No.

Do you vote proxies for your clients?

No.

Have you advised RG members before?

Unsure.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

To provide high quality financial services matching each client’s financial goals to everyone who would like them without regard to income or assets.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

How do you typically start working with a new client?

Balanced Rock is a Fee Only advisor providing comprehensive financial planning and wealth management services with a focus on sustainable and values-based investing. We begin with a free introductory meeting after prospective clients have completed a secure questionnaire outlining their current financial situation and planning needs. We share with them more details about our services and process, how we would be able to help them in their particular situation and provide them with a quote for either Financial Planning or Wealth Management.

Both Financial Planning clients and Wealth Management clients start with a financial plan. Each client submits income, expense, asset, and liability information and completes a risk tolerance assessment and values survey. Wealth Management clients then continue to work with us as we implement their plan and manage their assets. A financial plan includes planning for retirement, real estate, insurance, estate, college, and other goals.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

Our Wealth Management clients receive quarterly reports and are free to schedule meetings as often as they would like. After the initial financial planning engagement, we meet with clients to adjust their plan periodically or if there has been a significant change in their investment objectives. Additionally, if the client has expressed interest in Direct, Impact, Alternative and Local investments (our DIAL-In service), we will reach out to them as good-fit opportunities arise.

What is your average client account size?

$700,000.

Do you have experience with investing money outside of the stock market?

Yes.

Can you offer an example of an alternative investment practice you use?

We help our clients invest in community funds and directly in small businesses making a positive social or environmental impact.

 

James Frazier

Natural Investments LLC

Financial Advisor

james@naturalinvestments.com

808-876-1786

www.investinsolutions.com

PO Box 901311, Kula, HI 96790

How did you find out about Resource Generation?

Current and former Resource Generation members and media coverage.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, and estate planning, insurance. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$250k – $2.5 million.

What is the total amount of assets you manage directly?

$15+ million.

For how many years have you been providing financial advisory services?

17.

Why are you interested in working with RG members?

I find that Resource Generation members are very progressive-minded, selfless, and dedicated to using their resources to create positive impacts in the world, and I am honored to help them do this.  I appreciate how my RG clients constantly push me to find the most cutting-edge impact investments out there, in a way that older clients typically don’t.  Also, I consider them my peers, as a 41-year-old myself, so I really enjoy our interactions.

What is an example of your most radical/unusual alternative investment?

I have promoted investing in local small businesses and nonprofits for many years through my Local Investing Resource Center nonprofit educational website (see local-investing.com).  These types of investments reflect the diversity, character, and culture of the local community that each of us inhabits.  I’ve had client discussions about investing in small farms, movie theaters, bike repair shops, nightclubs, small manufacturing… The works.  While these are pretty “alternative,” I’m hoping to see even more radical investments go more mainstream in the future.

Does your firm have an explicit commitment to racial justice?

Yes. Many of our investments that specifically focus on resourcing low-income communities support communities of color that have been historically under-served and discriminated against.  We are researching and intend to offer investments that support Native American communities as well.

Does your firm have an explicit commitment to social return?

Yes. Over 10% of our clients’ assets are invested in community development, including affordable housing, small business loans, community educational and healthcare facilities, microfinance, fair trade, worker-owned cooperatives, and more.

How do you support clients to make and increase their philanthropic contributions?

I can support clients with Donor Advised Funds, long-term tax planning around philanthropic contributions, and targeted giving that helps build investment and technical assistance capacity for cutting-edge emerging investments.

What are some examples of direct investments you could support a client to make?

I have supported clients in making investments in preferred stock of worker-owned cooperatives, small local businesses and nonprofits, 0% and other “below-market return” non-extractive community investments, non-collateralized loans, and I expect crowdfunded investments to join the list soon. What’s next?

How many people on your staff are people of color?

1.

How many people on your staff are women?

3.

Does your firm have an explicit commitment to economic justice?

Yes.  We offer and encourage investments that redistribute access to wealth into historically under-served communities, which along with educational and technical support, help create more prosperous, resilient communities, and foster more equal access to resources and opportunities.

Does your firm have an explicit commitment to gender justice?

Yes.  We specifically seek and encourage “gender lens” investments of all kinds which center women in management, oversight, worker/staff, and entrepreneurial positions in both corporate and small business settings, both domestically and internationally.

Does your firm have an explicit commitment to environmental justice?

Yes. We advise our clients on fossil fuel divestment and a wide variety of investments in green solutions to climate change, such as renewable energy, energy efficiency, electric vehicles, environmental remediation, pollution control, green buildings, water & waste technologies, regenerative/organic agriculture, and much more.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

No, but we do have an implicit commitment to examine these issues for any type of natural resources or community investment.

How many clients do you currently work with?

28.

Approximately how many of your clients are under the age of 35?

Three, with another four under age 40.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

13.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

Approx. $400 million.

For how many years has your firm been providing financial advisory services?

31.

What is your fee structure?

On the first $200,000: 1.35%
On the next $300,000: 1.25%
On the next $500,000: 1.10%
On the next $1,000,000: 0.95%
On the next $3,000,000: 0.85%
On the next $15,000,000: 0.65%
On the amount above $20,000,000: 0.55%

After the fifth year, clients are eligible for 10% discounted management fees.  Fees are negotiable.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No. They are fundamental to the service we provide.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Generally no.  Our broker (Charles Schwab) charges $25 for institutional mutual fund transactions, which we use when possible to keep overall expenses low.  We seek to minimize trading, fund, and custodial costs for our clients.

Where do you recommend clients hold their assets?

We handle custody and trading through Charles Schwab because they have the fullest offering of socially responsible and impact mutual funds.  Schwab has extremely low (and often no) fees and excellent service generally.

Can you work with someone who wants to hold their assets elsewhere?

Yes, though we have a very strong preference to work through Schwab if at all possible because of our systems integration, relationships and familiarity with them, and low negotiated costs.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes. I specifically look to vote for shareholder resolutions that management opposes on a wide range of issues, including disclosing political contributions and reporting on diversity and environmental impacts.  I also look to vote against the whole slate of any Board of Directors that does not include at least two women.

If so, who are some of your partners?

We specifically seek out investments in mutual funds that have dedicated shareholder advocacy departments and long-standing track records of creating successful changes in corporate behavior.  We are members and strong supporters of USSIF: The Forum for Sustainable and Responsible Investment, which is the leading organization advocating for corporate governance and disclosure policy in DC.  We also attend corporate shareholder meetings in order to present shareholder resolutions on behalf of the funds we work with.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

At Natural Investments, we believe that most people want to be helpful and kind, and that most want to leave the world a better place for their children and future generations. We believe that these qualities are “natural”, and that it is natural to include these basic human tendencies in every decision.  We define “Natural Investing” as actively seeking to balance the need for financial return with the yearning to make life a little better for others and for the Earth.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Yes.  By attending MMMC, I learned that it’s incredibly valuable for individuals to come together and push one another to do more in service of the greater good.  Everyone comes away inspired to do more and better work and investments, both in their communities and around the nation and world.  I also learned that many RG members are very new to the investing world and its concepts and terminology, and need extra support in familiarizing and educating themselves about their resources and what impact investment possibilities are at their disposal.

Have you sponsored a RG event?

Yes.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

I like to have an in-depth initial meeting, either in person or via phone/Skype, that lasts about 45-60 minutes.  I want to know about the client’s values and goals, as well as their big-picture financial situation which includes income, debt, current assets, and expected future assets.  If there are any specific issues around control of resources, large embedded capital gains, family dynamics, or other significant factors that will affect how a portfolio is transitioned and managed, I like to get those on the table from the beginning.  After hearing all of this, I typically review a few investments I have in mind that could be a good fit for the client, to give both of us a sense of how well I can help them meet their needs and goals.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

Most of my clients value a collaborative and mutually supportive relationship.  All of them are interested in maximizing the positive impact their investments have in the world, which usually requires non-publicly traded “alternative” investments, when appropriate.  This marketplace is always evolving and creating new opportunities, which I research and evaluate, and then bring to clients who may be a good fit.  I regularly keep my clients updated on the impact and financial performance of their investments.  I send quarterly performance and billing reports and a quarterly newsletter from our firm, written by me and my colleagues.

What is your average client account size?

Approx. $550k.

 Do you have experience with investing money outside of the stock market?

Yes, over 20 years.

Can you offer an example of an alternative investment practice you use?

I build diversified portfolios of stock and bond funds around alternative investments, not the other way around.  Alternative investments are core to my investment advisory services because they offer the most targeted, direct form of positive impact and they also offer valuable financial attributes such as diversification.  Our network of advisors is able to source a wide variety of alternative investments using our deep roots in the SRI/impact space.  We conduct rigorous due diligence and ongoing monitoring based on years of experience with non-publicly traded investments.

 

 

 

Emilie Goldman

Tamarind Financial Planning

Founder/Owner

emilie@tamarindfinancial.com

6503781488

www.tamarindfinancial.com

951 Mariners Island Blvd, Suite 300, San Mateo, CA 94404

How did you find out about Resource Generation?

Armando Castellano.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects other managers to select investments. Selects mutual funds for investments.

What is the range of your account sizes from the smallest to the largest?

$250,000 to $2,500,000.

What is the total amount of assets you manage directly?

$14 million.

For how many years have you been providing financial advisory services?

23.

Why are you interested in working with RG members?

The RG member I am working with is the reason I am now offering ESG portfolios vs. entertaining an intellectual interest in the space. My values-based financial planning approach resonates for clients who are passionate about social justice.

What is an example of your most radical/unusual alternative investment?

N/A.

Does your firm have an explicit commitment to racial justice?

We offer Environmental, Social, Governance (ESG) screened portfolios.

Does your firm have an explicit commitment to social return?

We offer Environmental, Social, Governance (ESG) screened portfolios.

What are some examples of direct investments you could support a client to make?

N/A.

How many people on your staff are women?

1.

Does your firm have an explicit commitment to economic justice?

We offer Environmental, Social, Governance (ESG) screened portfolios.

Does your firm have an explicit commitment to gender justice?

We offer Environmental, Social, Governance (ESG) screened portfolios.

Does your firm have an explicit commitment to environmental justice?

We offer Environmental, Social, Governance (ESG) screened portfolios.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

We offer Environmental, Social, Governance (ESG) screened portfolios.

How many clients do you currently work with?

16 investment management/+5 planning only.

Approximately how many of your clients are under the age of 35?

None currently – my clients are typically in their 40s and 50s.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

1.

Are you or your firm registered with the SEC as an:

RIA with California.

What is the amount of total assets under management by your firm?

$14 million.

For how many years has your firm been providing financial advisory services?

6.

What is your fee structure?

**$2,400 to $5,000 for a comprehensive financial plan
**$200 to $500 monthly retainer for financial planning only clients
**investment management:
1.2% on the first $250,000
1.0% on the next $250,000
0.90% on the next $500,000
0.75% on the next $1,000,000
0.55% on the portion over $2,0000,000.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

No.

Where do you recommend clients hold their assets?

Schwab.

Can you work with someone who wants to hold their assets elsewhere?

No.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive product and industry screens

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

No.

If so, who are some of your partners?

Through some of the mutual funds that are included in our ESG screened portfolios: currently Calvert, Parnassus, PaxWorld and Domini.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

Creating financial freedom for busy families.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

No.

Have you sponsored a RG event?

No.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

I start new clients out with a comprehensive financial plan, which consists of 4 meetings in which we explore financial resources, values, priorities and life and financial goals. I typically meet in-person at my office in San Mateo and offer virtual meetings as well. My process is described in detail here: http://tamarindfinancial.com/wp-content/uploads/2015/07/Tamarind_Services_Guide_2015.pdf.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

I suggest quarterly meetings for the first year or two and at least annually after that. I send quarterly investment performance reports. Clients have real-time access to their financial planning tools/dashboard. I host monthly webinars on topics of interest to families with school-aged kids, post a weekly educational blog article, send a monthly newsletter and post actively on social media.

What is your average client account size?

$875,000.

Do you have experience with investing money outside of the stock market?

No.

Can you offer an example of an alternative investment practice you use?

N/A.

 

 

 

Julie Goodridge

NorthStar Asset Management, Inc.

CEO and Founder

clientservices@northstarasset.com

617-522-2635

www.northstarasset.com

PO Box 301840, Boston, MA 02130

How did you find out about Resource Generation?

Due to our long-time working relationship with a number of the foundations and networks from which RG developed, we have essentially been involved with RG since its beginning!

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. Coordinate with other financial professionals (e.g. accountant, attorneys, etc).

What is the range of your account sizes from the smallest to the largest?

$1M to $16M.

What is the total amount of assets you manage directly?

$276M.

For how many years have you been providing financial advisory services?

32.

Why are you interested in working with RG members?

Many of our values align with the steps RG members want to take to use their assets for social change.  We have always been considerably more radical than most asset management firms, and were one of the first to specialize in estate planning and asset management for LGBT clients whose tax situations were outside the knowledge of most traditional financial institutions.

What is an example of your most radical/unusual alternative investment?

Our clients were some of the first investors in CERO (Cooperative Energy, Recycling, and Organics), a commercial composting company based out of Dorchester, MA.  CERO provides food waste pickup and diversion services for a wide range of commercial clients in the metro Boston area, and transports compostables to local farms where they are returned to the soil and used to support the local agricultural economy.

Does your firm have an explicit commitment to racial justice?

Our philosophy: Reducing bias is not only the right thing to do, but there is a fundamental economic and evidential rationale equating it with better company performance (the results are clear and unambiguous).

Our approach: We have always prioritized selection of companies that treat their employees well by offering equal treatment in hiring, promotion and pay, family friendly benefits, same sex partner benefits, healthcare and retirement benefits, profit sharing, and comprehensive anti-discrimination policies. We also look for (and encourage through engagement) company policies on diversity in hiring board members and senior management teams.

Does your firm have an explicit commitment to social return?

We believe that rigorous analysis of a company’s behaviors, in the context of its stated purpose and values, illuminates both positive and negative contributors to the long-term integrated value of the company.

Our selection process actively seeks out companies with positive practices and characteristics and eliminates companies with negative aspects that we consider unacceptable under any circumstance. We strive to identify and invest in companies with social, environmental, and governance practices that support the long-term viability and strength of the companies’ businesses. No company will meet all of our criteria, and our buy list reflects this. We believe that when we invest in a stock, we are partnering with that company and we commit to engaging with that company on evolving issues over the course of our long-term ownership. For this reason, we use shareholder proposals to engage investee companies in issue areas where we would like them to adopt different practices and policies. For example, we engage with companies in order to move Boards of Directors and management toward acknowledging, embracing, and upholding human rights; to reflect on each company’s reliance and impact on community resources; or to consider how their company’s actions may be hindering diverse staff in their rise to management positions. We believe that this is an effective tool for making real change to company policies and behavior. We consider it a fiduciary duty to engage with the companies in which we invest to improve the company’s positions and policies on environmental sustainability; human rights; diversity; employee relations; immigration; and lesbian, gay, bisexual, and transgender (LGBT) equality.

Our work is about doing good: changing corporations and business for the better. We know there are powerful negative forces at work and we choose to take a clear-eyed (but not alarmist) approach toward engaging for positive change.

How do you support clients to make and increase their philanthropic contributions?

Since its founding, NorthStar has actively encouraged and facilitated our clients’ charitable giving.  In the last ten year, we have directly processed over 1,600 donations of both stock and cash, totaling over $13M.  Our commitment goes beyond the transactions and recordkeeping, however.

We work as a staff to research and recommend organizations to clients interested in supporting a specific cause, and we manage a number of charitable foundation accounts created by our clients with a strong, long-term commitment to philanthropy.  In additional to facilitating direct donations, we can work with clients to create donor-advised funds from which they can make grants as they see fit.

What are some examples of direct investments you could support a client to make?

We are committed to working with our clients to make sure that their investments reflect their beliefs.  We have a great deal of experience in helping to facilitate loans and grants to organizations and businesses that our clients want to support (while also working to make sure that these do not result in unintended negative tax ramifications for the recipients!).

How many people on your staff are people of color?

3.

How many people on your staff are women?

10.

Does your firm have an explicit commitment to economic justice?

Our philosophy: Not only do stupendously excessive executive pay packages directly dilute the total value of firms, there is no positive correlation for companies that extract value at the expense of nearly everyone except senior management. Value is added to the company and society when a company compensates each and every employee appropriately, and works to close the income gap for all people.

Our approach: We therefore evaluate the overall magnitude of CEO and senior management compensation, as well as those levels in relation to the company’s other employees. We choose to invest in companies that treat their employees and customers fairly and generously and that support the local communities in which they do business. This includes an examination of whether and where the corporation pays taxes, as well as the community effects of corporate structuring and location. We encourage companies to embrace their influence (political, social, and otherwise) in issues such as raising the minimum wage, expanding benefits to all employees, and closing the wage gap between male and female employees.

Does your firm have an explicit commitment to gender justice?

The concept of intersectionality is deeply ingrained in NorthStar’s philosophy; we believe that it is impossible to examine or address one form of marginalization without acknowledging its connection to others.  As such, our answer to the “racial justice” question above encompasses our commitment to issues of race, gender, sexual orientation, gender identity and expression.

Does your firm have an explicit commitment to environmental justice?

Our philosophy: We are currently experiencing the confluence of population growth and ecological limits referred to by scientists as the Anthropocene period—a new geological era characterized by the influence of humans on nature. Our collective ecological footprint exceeds the capacity of the earth to regenerate, and we witness this every day in the form of climate disruption and disasters, global warming, social and political upheaval, and toxicity. As individuals and companies that use natural resources, each and every company has a duty to the environment. Humanity and all of our social, political, and cultural systems are intimately connected to the physical environment. Many of our most critical issues of inequality and discrimination are inextricably linked to exploitative and extractive practices related to material resources.

Our approach: Everything is related to the environment, be it our social, political, or economic environment. Strictly speaking about the physical environment is limiting, but many people neglect to realize that many issues of inequality are exacerbated by the fact that there is an unequal distribution of the material resources procured from the environment we inhabit. We scrutinize companies’ environmental records, sustainability policies and practices, and product/service offerings and processes. Companies that are not seriously focusing on environmental sustainability are highly vulnerable to risk at many levels. Less visible, but critical for us, is the attention and care that companies apply to questions of justice and fairness with respect to access to food and water, healthy environments, and safe products and materials. Since its inception in 1990, NorthStar has excluded companies that produce fossil fuels, other extractives, and chemical or nuclear power from its buy list. We seek to invest in companies that implement innovative environmental programs, especially with regard to the human right to water, and we seek out companies with safe, reliable products and do not invest in weapons, tobacco, alcohol or gambling.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

We are an active participant in US SIF’s Indigenous Peoples Working Group, and have pursued proposals and activism around water rights (including the Dakota Access Pipeline).

How many clients do you currently work with?

87.

Approximately how many of your clients are under the age of 35?

About a third of our individual clients (i.e. not non-profit organizations) are under 35.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

10.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$276M.

For how many years has your firm been providing financial advisory services?

26.

What is your fee structure?

NorthStar’s management fee is 1.25% on the first $1M under management, 0.9% for the next $4M, and 0.75% on all assets over $5M(All accounts belonging to one client are combined together for the purposes of this calculation).

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Most of our clients’ assets are custodied at Morgan Stanley, where they are charged a favorable wrap fee of 0.25% annually.  This wrap fee covers all trading costs; there are no commission fees or per-trade fees.

Where do you recommend clients hold their assets?

Our clients’ equities, fixed income and cash assets are held at Morgan Stanley.  Outside and alternative investments obviously vary!

Our long-standing relationship with Morgan Stanley provides a more favorable overall fee structure than clients can generally find elsewhere without restricting their transactions and holdings.

Can you work with someone who wants to hold their assets elsewhere?

This would be considered on a case-by-case basis.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes – please take a look at our website for details of our proxy voting guidelines and procedures.

If so, who are some of your partners?

We have wide-reaching cooperative relationships throughout the shareholder activism community that we leverage in order to create change and impact.

NorthStar’s CEO and founder, Julie Goodridge, was an early member of the Social Investment Forum in 1984, and has kept NorthStar at the forefront of effective shareholder activism.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

NorthStar’s mission is to provide the most integrative and effective portfolio management available today by connecting social concerns to stock selection, asset allocation, and activism.

Our investment management process begins with an analysis of the social, ecological, and political problems of our time and includes deep conversations with our clients. These steps result in the construction of personalized portfolios that integrate financial goals with carefully considered, in-depth, and thorough security analysis and selection processes while upholding a commitment to social change and environmental sustainability.

We believe that creative shareholder engagement, local investing, financial literacy, and targeted giving are positive forces for change. We also believe that intentionally and purposefully perpetuating the wealth gap and income inequality is wrong. This is a provocative statement for an investment manager to make; however, it leads us to pay particular attention to the language and definitions we use. For example, rather than using the term “shareholder value,” we talk about integrated, shared, or total value to capture the full breadth of these issues. We believe that prioritizing short-term financial returns to shareholders can compromise the fair and equitable treatment of a company’s employees, suppliers, and customers; it can compromise a company’s long-term planning, research, and development; and it can be at the expense of the environment. Rather than expecting companies to minimize expenses (including salaries and benefits) in order to leave a higher profit for shareholders, we rearrange the financial equation so that all constituents, including shareholders, are on the same side. This encourages us and the companies with which we engage to consider what a fair allocation of business revenues would look like rather than trying to minimize expenses, externalize costs, and defer capital outlays in order to increase the residual (return to shareholders).

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Yes, for a number of years!  We are always blown away by RG members’ passion for social change and their interest in learning more about how they can use their wealth to effect that change.

We have also hosted workshops and events at our office for the Boston RG chapter that were tailored to their specific interests and inquiries, including community land trusts, uncoding financial language, etc.

Have you sponsored a RG event?

Yes.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

NorthStar’s mission is to provide the most integrative approach to portfolio management available today.  After a brief conversation to confirm that we and a client are a good match, our work begins with a discussion of the social, ecological, and political issues most important to them, along with a comprehensive review of client assets (both current and expected).  Our financial planning services help ensure the construction of a portfolio (including custom asset allocations) that integrates financial goals and cash flow needs while upholding a commitment to social change.

We meet with clients in our office in Jamaica Plain, and are happy to communicate via email, phone and Skype.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

This can vary greatly depending on the client’s needs!  Every client receives a quarterly mailing which includes portfolio appraisals, performance reports and our detailed analysis of the current financial and political landscape.

Portfolios are rebalanced quarterly to ensure that they remain within the client’s specific target asset allocation; additional trades are made throughout the year based on market conditions and client needs.

In regards to ongoing client relationships, in-person and phone meetings can be scheduled as needed.

What is your average client account size?

$3.175M.

Do you have experience with investing money outside of the stock market?

Yes. We have facilitated clients’ investments in local and national community loan funds and other alternative investments for decades.

Can you offer an example of an alternative investment practice you use?

We currently have over four million dollars invested in community loan funds, housing and sustainable agriculture cooperatives, and limited partnerships created to enable forestry preservation.

 

 

 

Solomon Halpern

Highlander- A Mindful Finance Company

President

shalpern@highlanderwealth.com

3034496120

www.highlanderwealth.com

2028 17th Street

How did you find out about Resource Generation?

From my new friend Yael Greenberg who introduced me to Mac Liman.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$100k to $29M.

What is the total amount of assets you manage directly?

$50M.

For how many years have you been providing financial advisory services?

17.

How many clients do you currently work with?

30.

Approximately how many of your clients are under the age of 35?

7, including our largest clients.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?

No.

How many people are on staff?

3.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$50M.

For how many years has your firm been providing financial advisory services?

17.

Why are you interested in working with RG members?

Our firm purpose and investment approach are all about the future and changing the world for the better. This message resonates tends to resonate more with younger investors. We also take mindfulness and meditation practices very seriously. This aspect of our firm is more accepted and interesting to younger investors as well.

What is an example of your most radical/unusual alternative investment?

We recently helped a client decide to invest $100k into an artist/retreat community that does not have good prospects for financial success but is totally mission aligned for the client and is designed to create a 1244 tax loss in the future.

Does your firm have an explicit commitment to racial justice?

Nothing explicit.

Does your firm have an explicit commitment to social return?

Yes, we want to change the finance industry. https://www.highlanderwealth.com/defining-mindful-finance/

How do you support clients to make and increase their philanthropic contributions?

2 main ways: 1. Defining the capacity to give, encouraging meeting that capacity, walking the path to doing that giving with the client in a way that they find empowering and enjoyable. 2. Making it easy, taking care of all the details, helping identify and vet opportunities, etc.

How many people on your staff are people of color?

1 if you count me as 1/4 asian?

Does your firm have an explicit commitment to economic justice?

Nothing explicit, however diversity is one of the planks we view as key for advocacy. The other two are environmental stewardship and mindfulness.

Does your firm have an explicit commitment to gender justice?

Nothing explicit, however diversity is one of the planks we view as key for advocacy. The other two are environmental stewardship and mindfulness. The majority of our younger clients and the demographic that our firm approach seems most resonant with is younger women inheritors. We have a focus on this group.

Does your firm have an explicit commitment to environmental justice?

Nothing explicit, however environmental stewardship is one of the planks we view as key for advocacy. The other two are diversity and mindfulness.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

No.

What is your fee structure?

1.5% on accounts under $1MM 1.0% on accounts $1MM to $5MM 0.85% on accounts over $5MM

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

None, we specialize in these areas and love to find cool investments for/with clients.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

None, we are a fee only RIA with no Broker/Dealer affiliation and not part of a large institution so we don’t have all their conflicts of interest.

Where do you recommend clients hold their assets?

Schwab.

Can you work with someone who wants to hold their assets elsewhere?

Yes.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Customer based specific screens (company, product, industry), Community Impact Investing, Mindful Finance investing

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

No.

Have you advised RG members before?

Unsure.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

We want to put humanity back into finance. Here is something that might explain it well. https://www.highlanderwealth.com/industry-change-mindful-finance/ AND, https://www.highlanderwealth.com/improving-lives-mindful-finance/

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event? If so, what did you learn or take away?

No.

Have you sponsored a RG event?

No.

If so, would you provide them as a referral?

Unsure

How do you typically start working with a new client?

We take as much time as needed to get to know potential clients. We try to offer a professional, but low-key, safe, empowering, and even fun environment to talk about needs, responsibilities, dreams, resources and goals. From there we proceed naturally at a pace dictated by the client. We like to meet in person, and make a point of doing so as often as possible by travelling to clients if needed. We also often meet by phone and video conference. A somewhat simplified version of our process is here https://www.highlanderwealth.com/client-process/

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

We send quarterly summary reports that consolidate all the brokerage and other statements a client will receive from the custodian (Schwab). We tend to talk/meet quite often in the first year as the relationship is established. After that we are available at all times to our clients, and we like to meet at least annually. We try to spend as much time with clients as they want. We are happy to do educational and empowering coaching sessions and conversations. Some clients hire us for this purpose without making a portfolio management allocation to our firm.

What is your average client account size?

$2M.

 Do you have experience with investing money outside of the stock market?

Yes, it is a specialty of ours to find and/or vet private, angel investment deals for clients. You can learn more about our approach here: https://www.highlanderwealth.com/private-equity-much/

 

 

 

Kristin Hull

Nia Global Slutions

Founder, CEO

kristin@niacommunity.org

5103873634

www.niaglobalsolutions.com

341 El Cerrito Ave

How did you find out about Resource Generation?

I was a member of RG, and remain a big fan, having aged out. I have dealt with my own money story largely with the help of RG. My mission in life has been to help people feel great about their investments, empowered in their process and in alignment with their values. I love all of what RG is up to!

Which roles do you play for your clients?

Selects individual securities (not funds) for a portfolio. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. “money doula” work of empowerment in investing

What is the range of your account sizes from the smallest to the largest?

$100K-$100M

What is the total amount of assets you manage directly?

$80M

For how many years have you been providing financial advisory services?

4

Why are you interested in working with RG members?

I have a huge affinity for RG (as this is where I got started on my journey), and I honestly believe some RG folk are prepared to move faster than my older clients, to really and truly move their money strategically to where their heads, and hearts are.

I also know well the many challenges that many face being a young person of wealth and am able to be empathetic on a level that allows trust to develop.

**I do have a couple clients who I would like to recommend to RG, and will be doing that in the new year.

What is an example of your most radical/unusual alternative investment?

While not quite as “sexy” as private equity, loan guarantees can be incredibly impactful, and can help organizations get the capital they need, on their way to becoming “bankable.”

We also do very early stage investments with young entrepreneurs of color, trying to be the first money in the door “de-risking” for future investors.

Though all said, Nia Global Solutions is attempting to transform the way we engage with and invest in Wall Street, so taking on public equities in this way may be the most radical step we have taken.

Does your firm have an explicit commitment to racial justice?

Nia is a Swahili word meaning intention and purpose. That is a core component of who we are.
That Nia Community investments focuses on underserved communities in Oakland.
In working with clients I highlight the systemic racism and how that plays out within our institutions (for those that are not aware). To the extent possible (and to the extent it matches my clients values and investing appetite) I help them find investments that directly address this issue, help them be a part of the change.

Does your firm have an explicit commitment to social return?

Yes! We seek to accomplish this on several levels.

We see “social return” happening in the way that our clients are learning about our economic system and where they each can be agents of change.

We also seek social return with in our own community, our partners, our suppliers, and are applying for B Corps status.

We also see that each investment has impact and are working on impact metrics and measurements.

We also work with Paul Herman of HIP advisor to help assess rate our Nia Global portfolio.

How do you support clients to make and increase their philanthropic contributions?

Ideally be walking through “how much is enough” we end up in a place of abundance.
I also help clients to become more empowered about understanding all of the “tools in their tool boxes” as far as using the best “tool for the job” –be that philanthropic bucket, investment, loan guarantee, etc…

I personally am a social justice and systems change philanthropist, and always excited about sharing best practices, addressing root causes, moving more money.

What are some examples of direct investments you could support a client to make?

Yes, can assist with all of this.
Or can help primary advisor to understand the benefits of this systems change type of investing.

How many people on your staff are people of color?

1.

How many people on your staff are women?

6.

Does your firm have an explicit commitment to economic justice?

Absolutely. Please see above.

This may include looking for investments in underserved communities, diversity in leadership, lending programs, etc.

Does your firm have an explicit commitment to gender justice?

Yes, absolutely.
We are in a time when we need to double down on women in leadership.
This happens at our firm level (female CEO and primarily female staff)–as well as taking a gender lens approach to all that we do.

All Nia Global Solutions has a gender lens woven throughout the portfolio. All companies have at least 1 woman in leadership (really hard to find in publicly traded companies!), and we advocate and engage with all companies for more diversity over all. We also track all of the research on diversity in business.

Does your firm have an explicit commitment to environmental justice?

Absolutely.
We have been fossil fuel free since inception, we one of the first signatories to Divest/Invest movement, and invest in only clean energy solutions.

We also look for our own internal footprint and have a solar paneled office, wear sweaters instead of heating when possible, shop locally, etc…

I also write blog posts/articles and do public speaking frequently about the benefits of investing for environmental sustainability.

The good news, is that is where the growth is for investors—clean and renewable energy solutions.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

YES!
We are aware of the ownership class and the shifts that need to happen for a more just and sustainable planet.

Our work has focused less on real estate than other asset classes, and yet we are quite aware of ownership issues. (I have a doctorate in Education for social justice and have a firm systems analysis of our major institutions and how investors can participate in creating much needed change).

How many clients do you currently work with?

26

Approximately how many of your clients are under the age of 35?

Currently 5. I would love love love to work with more younger folks, as I believe they where my hope is and are where our future resides.

Have you ever had any customer complaints (including current)?

Yes.

If yes, what was the outcome (settlement, judgment, etc.)?

Yes, We had one customer quite upset as she was not receiving her statements. Neither of us are sure why the emails did not reach her, though we were able to correct the situation by my letting her know when to expect to hear from us, and my letting her know she could reach out to me as often as she liked. I had one other client of Nia Global whose account did not perform in a way that she expected. Despite trying to work through it, she was not convinced about “sustainable investing” (I am a proponent of the divest movement, do not invest in fossil fuels. Nia Global is completely solutions-focused with no extracting companies). So in the end we decided together that Nia was not the perfect fit for her. She is no longer a client and yet I see her at social events and we are fine. We at Nia are very much about making financial transactions personal, transparent and respectful, so I’m guessing that is why I have had so few complaints. I do anticipate some market volatility going into the new year, so this next year will certainly be a test in how I steward my clients.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

9.

Are you or your firm registered with the SEC as an:

Green Alpha is registered as an RIA.

What is the amount of total assets under management by your firm?

80M plus 72M at Green Alpha (our partner/portfolio management team).

For how many years has your firm been providing financial advisory services?

4.

What is your fee structure?

For Nia Global Solutions .70-1.5 basis points fee
For “Money Doula” advising work $200-$500/hour sliding scale depending on length of engagement, type of contract, what type of services are needed, etc.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

None, that is all I do!
My hope is to empower each client to become conscious investors, to see that all of their investments have impact, that there are no neutral investments, and to help each client more their assets into complete alignment with their own personal mission.
This often involves alternative, locally based, very personalized work.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

For Nia Global Solutions accounts, we are a “buy and hold” with limited turn over. That said each platform may have fees for trades. We make sure to investigate each one and to let our clients know ahead of time what their expected /potential trade fees could amount to.

Where do you recommend clients hold their assets?

I don’t make recommendations until I know the person. This is always a very personal decision, and sometimes it involves other family members, legacy accounts, etc.
Some clients want to “get out of the big banks.” Others want to try to affect change from within—so we strategize all of that on an individual basis.

Can you work with someone who wants to hold their assets elsewhere? 

For Nia Global Solutions, we are currently available on 4 platforms. Client demand usually helps us to get onto new platforms.

Other than that, I am completely platform agnostic, as this really is an individual journey for each client.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Community Impact Investing, as opposed to negative screens, we use a high touch “VC” like approach of going after only best in class solutions needed for people and planet.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes, always, as part of Nia Global fees.

If so, who are some of your partners?

As You Sow
HIP Advisors
Sum of Us
Rain Forest Action Network
Confluence Philanthropies

Have you advised RG members before?

Unsure.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

We are re-writing our mission and values statement this month as part of a web-update.
That said, we are all about doing money with intention and purpose, about using money and assets as financial tools to create the change we want to see, and to invest for the next fair, just and sustainable economy.
This equates to empowering clients to be the most capacitated money stewards they are able to be.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

I spoke at MMMC years ago on aligning money and personal mission and loved it.
I would absolutely enjoy participating again!

I also attended several RG dinners and alumni dinners, though am not currently as plugged in as I would like to be.

So much potential for this community to be in solidarity, to make change, particularly when we are able to work together.

Have you sponsored a RG event?

Unsure.

If so, would you provide them as a referral?

Unsure.

How do you typically start working with a new client?

My commitment is to meet each individual (or family group or non profit organization, etc) where they are at. This may be in helping to explore and discover where their current assets reside, all the way to designing specific strategies for alignment and impact. Some people are wanting impact in public equities and come to to me primarily for Nia Global Solutions (Our public markets separate account offering at a min. of $100K), others are wanting help in communicating with their current advisor or family decision makers. Others pull me in to design a “how much is enough” process assisting them to re-create their money life into a plan with value and purpose buckets. I am a big proponent of diversity in leadership, sustainability and using each investment as a tool for social change–as well as to transforming our entire economic system– and so being a part of that work is usually a draw to my clients.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

For Nia Global Solutions, we do meetings, webinars, speaking engagements as educational events for our clients. We also publish an Impact Report covering an issue or one theme of companies each quarter. Similarly, we publish a “fact sheet” each quarter, and I write a quarterly update on any new portfolio developments, highlighting our activism from the previous months (company engagement and corporate activism is a big part of what we do).
For other (non NGS) clients, it is really an “as you need me” type of arrangement, where it might be a lot of meetings and phone calls for a few weeks, and then once things are moving, there might be little contact. I do a friendly check in with all of my clients at least quarterly, though we generally establish what is needed for each individual as we begin to work together.
I also invite clients to educational or activist events that I find relevant to them, be it conferences, webinars, gatherings, etc.

What is your average client account size?

$250K in Nia Global Solutions.

Do you have experience with investing money outside of the stock market?

Absolutely.

Most of my own personal assets are in local investments, as are most of Nia Community Investments.

I am a big fan of RSF Social Finance.

I am also an advisor to Investibule.co
encouraging all individuals to make investments in their local communities (where this fits for clients).

Can you offer an example of an alternative investment practice you use?

See above.
Also a list of sample investments we have made here:

http://www.niacommunity.org/our-investments-1

 

 

 

Sonia Kowal

Zevin Asset Management, LLC

President & Director of Socially Responsible Investing

sonia@zevin.com

617-742-6666

www.zevin.com

11 Beacon St., Suite 1125, Boston, MA 02108

How did you find out about Resource Generation?

Julie Johnson, Fresh Pond Capital, John Stewart, Corporate Accountability
and through various events and conferences.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$500,000.

What is the total amount of assets you manage directly?

$600M

For how many years have you been providing financial advisory services?

20.

Why are you interested in working with RG members?

RG members have already made the connection that having privilege through wealth, class, and/or race necessitates working towards transformative change to a just, peaceful, and healthy planet. We look forward to working together with them to push a radical social-justice agenda. We are especially excited to work with young clients who are new to investing and assist in their financial education with a social change lens. We understand challenging family dynamics and are experienced at working together with family members to develop an investment policy, taking into account their environmental and social interests, and goals towards minimizing negative impacts and leveraging positive change with their investments.

What is an example of your most radical/unusual alternative investment?

As individuals and as a firm, we are concerned about rising income inequality. We have been working on solutions and are especially interested in two topics – worker-owned cooperatives which provide high-quality, secure jobs and reversing the legacy of mass incarceration as a major cause of rising income inequality. Some of our clients have invested in Wellspring Upholstery Cooperative which focuses on both of those issues. It is a worker-owned business that reupholsters furniture for public and non-profit institutions. Most of the workers are ex-prisoners from the Springfield County jail in Massachusetts, which has a long-standing program that trains prisoners in upholstery skills. Some of our clients have also invested in Wellspring Harvest, a sister organization to Wellspring Upholstery, that will bring good jobs and healthy food via hydroponic greenhouses to a disadvantaged city in Western Massachusetts.

Does your firm have an explicit commitment to racial justice?

Yes. Through our proxy voting, dialogues with companies and if necessary shareholder resolutions, we actively fight for racial justice. An example of this is through our work on reforming the prison/treatment industrial complex nor do not invest in private prisons or other corporations that profit from mass incarceration. We have written and spoken extensively on the topic. We actively engage with our portfolio companies to encourage them to use more inclusive hiring practices and to hire, retain, and promote more people of color.

Does your firm have an explicit commitment to social return?

Yes, It is one of our core missions. Our founder, Robert Zevin, was one of the US investors who laid the foundation for the boycott/divest/sanction campaign to help black South Africans living under apartheid to win their freedom. We believe that people who are fortunate enough to own or manage resources have a responsibility to listen to marginalized and disconnected communities and deploy those resources in a way that supports struggles for social justice and environmental care.

What are some examples of direct investments you could support a client to make?

Worker owned cooperatives (see above).  We also have experience in direct investments in small companies, loans to non-profits, CDs from CDFIs etc. The primary question about an impact investment should not be “how profitable is it?” but “how well designed is it to achieve necessary changes in the social-economic context?” If investment in such an undertaking is preferable to the alternative of funding social-economic change philanthropically, the only requirement should be a positive return sufficient to make the business sustainable and replicable.

How many people on your staff are people of color?

2

How many people on your staff are women?

6

Does your firm have an explicit commitment to economic justice?

Yes. We believe that deepening economic inequality is eroding the skills and spirit of workers, weakening our political institutions, and putting families on the brink of ruin. For example we demand fair pay practices, especially around minimum wage policies through our proxy voting, dialogues with companies and if necessary shareholder resolutions.

Does your firm have an explicit commitment to gender justice?

Yes. As a majority women owned firm with LGBTQ staff, issues of gender justice as important to us. For example, we joined a $2.1 trillion investor coalition that condemned North Carolina’s abhorrent law targeting transgender people (House Bill 2). We also signed investor letters around Singapore’s anti-gay law and Russia’s hostility to LGBTQ issues. And as mentioned previously, we have been pushing companies to disclose gender and racial pay gaps and have strong proxy voting policies around female board representation.

Does your firm have an explicit commitment to environmental justice?

Yes. Companies who shift the environmental costs of their activities onto marginalized communities are counting on the powerlessness of those affected communities, and the cluelessness of investors who don’t ask tough questions. We avoid companies that have a track record of abusing the communities that surround their factories, farms, plants and mines —and we use our investor voice to shine a light on injustices. The destruction of climate change will be hardest on the poorest, most marginalized, and most disconnected communities on Earth. Companies’ moral responsibility to those communities (to cease doing harm) is a central feature of our investor advocacy.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

We are sensitive to these concerns and those of indigenous rights more broadly and as a result, most of our clients do not hold extractive companies because of the inherent problems of extraction in indigenous areas.  We believe that economies and companies should respect the sovereignty of local and indigenous people in their land, energy, and food. This means consulting with and seeking the approval of those communities when making decisions about potentially-hazardous new projects and investments. In those situations, we believe companies must seek the free, prior and informed consent of affected communities and we push companies to prove to investors and the public that their FPIC systems are effective.

How many clients do you currently work with?

300+.

Approximately how many of your clients are under the age of 35?

23 of our clients are 35 or under. Your members might also be interested to know that we have “next gen” employees as senior members of our firm. For example, our president, Sonia Kowal, is under 40 and two of our portfolio managers are 40 or under.

Have you ever had any customer complaints (including current)?

No.

If yes, what was the outcome (settlement, judgment, etc.)?

We have not had any major client complaints, certainly none that resulted in legal action. We have a few minor customer complaints over the 19 years we have been in business but they were not substantive and most of the clients that made them are still clients.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

14.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$600M

For how many years has your firm been providing financial advisory services?

20.

What is your fee structure?

For model portfolios between $50,000-$1,000,000 accounts are custodied and traded at FolioFN.

Zevin Investment Management Fees: 1%
Folio custodial and trading fee: 0.2%
Total Combined Fees: 1.2%

For Separately Managed Accounts above $1,000,000 there is a tiered fee schedule:
First $1M: 1.00%
Next $9M: 0.75%
Next $40M: 0.50%
Balance over $50M: 0.45%.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No. All of our clients are invested in a socially responsible way and our fees incorporate our work on environmental & social issues as part of our investment process.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Yes. Clients are responsible for any custodial and/or trading fees.

Where do you recommend clients hold their assets?

This depends on a client’s overall financial plan and is normally determined after discussing overall financial goals.

For accounts under $1,000,000.00 accounts tend to be custodied Folio Institutional.

For clients with greater than $1,000,000.00 under management we are flexible with regard to custody and have relationships with a number of custodians. Most of our clients accounts are custodied at Schwab or UBS.

Can you work with someone who wants to hold their assets elsewhere?

YES, depending on the size of the account.

Do you pool your clients’ assets?

Not at this time.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing, ESG research.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes. All voting decisions are intended to meet our fiduciary obligations to our clients, which include support for high standards of corporate governance, shareholder rights, executive compensation and social and environmental responsibility. Voting for most clients is undertaken by the non-profit, the Tri-State Coalition for Responsible Investment using our guidelines and the results are reviewed on an annual basis. Voting records are available upon request.

If so, who are some of your partners?

We are part of many collaborative, long-term efforts to advance progressive causes and often join forces with other investors to build shareholder support for our dialogues, so that each investor’s input is amplified. We team up with other socially responsible investors, non-profits and activist groups to advocate for change at both the corporate and public policy levels. Partners include the Interfaith Center for Corporate Responsibility (ICCR), Ceres, As You Sow, CDP, Enlace, OpenMic, Union of Concerned Scientists, Lawyers’ Committee for Civil Rights and Economic Justice, National Employment Law Project, AFSCME, AFL-CIO, Corporate Accountability Coalition, Coalition for Justice in the Maquiladoras etc.

Have you advised RG members before?

Unsure.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

We are conscientious investors. Zevin Asset Management was founded with the intention of managing sustainable and responsible portfolios for individuals, families, and non-profits. Our goals are twofold: to provide competitive financial returns and to use our voice as investors to pursue social justice and protect the environmental. We are a 100% employee-owned, majority women-owned firm, which we feel has a direct impact on our clients’ success. As a Certified B Corporation™ we also hold ourselves to the same high standards to which we hold our companies.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

We have not.

Have you sponsored a RG event?

No.

If so, would you provide them as a referral?

Unsure.

How do you typically start working with a new client?

Before a potential client decides to work with Zevin we typically meet with them virtually or in person, to make sure that there is a good fit between the firm, the person that will be managing their portfolio and the client themselves. Beyond the typical financial questions, we are interested in what motivates them to invest and what plans they have for their money. We then will have a conversation about their values, what’s important for them in terms of responsible investing, and any concerns they may have about their wealth. It takes time and effort to get to know one another and we have found that every client has different preferences, issues, and ideals.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

Our policy is to meet with clients as often as they require via the medium they are most comfortable.  Whether meetings take place virtually or in person, they tend to be more frequent at the beginning of a relationship to help us get to know each other. We also stay in close written, email and telephone contact with our clients. We provide quarterly reports to clients that display and explain investment results. These reports are frequently customized to reflect unique objectives and circumstances of our client.

We hold educational events in certain geographic areas where we have concentrations of clients. We are also starting to organize more intimate gatherings for our younger clients to teach them the basics of investing with a social change agenda as well as how society, responsibility, and capitalism might work better together.

The range of services depends on the type of relationship the client has with our firm. If they are invested in one of our model portfolios accounts or working with us through another advisor they will receive quarterly performance letters that discuss and explain investment results, updates on advocacy and engagement activities, and periodic investment commentaries that focus on our political and economic outlook as well as white papers. If they are working directly with one of our portfolio managers, (typically this implies an account size greater than $1M) they have unlimited access to their manager in addition to the previously outlined updates.

We are also fairly active on Twitter and LinkedIn where we engage our clients in a public forum on different economic, environmental, social and governance issues as well as political and public policy issues. We also publish longer commentaries on on-line platforms such as Medium and Huffington Post. We have periodic educational events for clients and the public to provide a platform for open and frank dialogue. If interested, we also engage clients in our advocacy work, reaching out to them on shareholder advocacy issues

What is your average client account size?

$793,500.

Do you have experience with investing money outside of the stock market?

Yes – we have experience in sourcing and performing due diligence on private impact investment opportunities. While the bulk of our investment activities center around publicly traded securities, we are able to perform a limited amount of due-diligence on private placements. These include pooled funds managed by others as well as private placements that we help to negotiate on behalf of our clients. If a client wanted to have a significant portion of their portfolio invested in private placements, for that portion of their portfolio we would introduce them to other advisors who have more resources in that area.

Can you offer an example of an alternative investment practice you use?

Direct investments in small companies, worker owned coops, loans to non-profits, CDs from CDFIs etc.

 

 

 

Sheila Chen Lawrence

Ballentine Partners, LLC

Managing Director and Senior Client Advisor

Slawrence@ballentinepartners.com

781-314-1329

www.ballentinepartners.com

230 Third Avenue, 6th Flr, Waltham, MA 02420

How did you find out about Resource Generation?

One of my current clients is an active Resource Generation member.  She suggested that I add my name to this list.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. Provide advice on philanthropic mission and vision; provide customized financial education at all levels; plan and facilitate family meetings; provide extensive assistance for beneficiaries in establishing and maintaining successful working relationships with personal, professional, and corporate Trustees; coaching for beneficiaries on serving in co-Trustee roles; help source and vet replacement or additional advisors (e.g., attorneys, CPAs, valuation experts, HR consultants, philanthropic consultants, etc.); provide advice on balance sheet assets (e.g., residential real estate, and other non-portfolio assets).

What is the range of your account sizes from the smallest to the largest?

Our client relationship total assets range from $3m to over $1b.

What is the total amount of assets you manage directly?

$299,186,206.

For how many years have you been providing financial advisory services?

12.

Why are you interested in working with RG members?

I consider myself a near-peer to the Resource Generation membership.  I am 37 years old, and have been at Ballentine Partners for 9 years.  I am a woman of color, a working mother of young children, and an immigrant (naturalized citizen) in the white- and male-dominated field of finance.  Economic, racial, gender, and environmental justice are centrally important to me, personally.  My own charitable giving and significant volunteer work reflect this world view.  I would be honored to leverage my skills to help like-minded clients achieve their goals – both personal and social.

I firmly believe financial planning and financial education are the path to personal empowerment for all people, regardless of financial net worth, education level, or personal interests.  I am most proud of the work that I do to help clients feel in charge of their financial lives, and by extension, in charge of their lives overall.

One of the first most impactful projects that catapulted my career at Ballentine Partners was being a 20-something advisor helping a 20-something client establish financial independence from her parents.

I enjoy a collaborative working relationship with my clients, where I can partner with, coach, and mentor clients to both articulate their own goals and then execute on plans to achieve those goals.  The fee-only business model of Ballentine Partners allows me to truly be objective, to be a champion for my clients’ personal goals, and find the most appropriate solutions from all available options.  I believe I can be a powerful partner for Resource Generation members.

What is an example of your most radical/unusual alternative investment?

A client of ours was interested in preserving four season jobs in a summer resort community on the Maine coast where they live.  We worked with them to evaluate different real estate opportunities and ways to structure leases with tenants that incentivized them to employ people year round.   We ultimately helped them acquire a building that housed a business that not only provided year round employment, but served as a community gathering place as well; a lease was structured with that business that was below market rent on the basis of the business staying open year round.  That opportunity was a bull’s eye for that client’s mission and objectives.

Does your firm have an explicit commitment to racial justice?

See above answer on social return.

Does your firm have an explicit commitment to social return?

No, our firm does not have an explicit commitment to social return.

As a firm we believe deeply in the value of social return, and we pursue many philanthropic and community initiatives as a company to that end.   We do not, however, have an explicit commitment as we believe it is not our mission to impose our values upon our clients.

Our goal with respect to social return is to help families articulate their values, and achieve  impact that furthers their own objectives.

We actively support clients’ social return goals by facilitating impact investments, philanthropic donations, and activism efforts that align with issues or cause areas of importance.

How do you support clients to make and increase their philanthropic contributions?

Our financial planning practice is values-based.  We learn about our clients’ values, and then make those values the first and central guiding principles to all of our work.  Our estate planning, investment management, tax and risk management, as well as philanthropic work all align with and further our clients’ values.  Many times, those values are expressed by increased philanthropic activities.

We make sure that our clients’ philanthropic activities are strategic, and fit within the context of their overall financial lives.

I am currently Chair of the Professional Advisors Network at The Boston Foundation, where I make significant connections with both philanthropic consultants as well as leaders of local non-profit organizations and social entrepreneurial ventures.

I am also on the Public and Community Outreach Committee of the Boston Estate Planning Council, helping to cultivate a culture of giving back from the broader estate planning profession.

These activities allow me to be a valuable resource to clients interested in increasing their philanthropic contributions.

What are some examples of direct investments you could support a client to make?

We have worked with clients to structure a variety of non-traditional direct investments.  Examples include:  loan guarantees made to help scale impact of a lending organization, helping a client partner with a real estate developer to build a ground up workforce housing building, loans provided to non-profit organizations like Root Capital and Boston Community Capital, direct investments into start-up businesses, as well as primary and co-investments alongside larger private equity funds.

How many people on your staff are people of color?

7.

How many people on your staff are women?

40.

Does your firm have an explicit commitment to economic justice?

See above answer on social return.

Does your firm have an explicit commitment to gender justice?

See above answer on social return.

Does your firm have an explicit commitment to environmental justice?

See above answer on social return.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

See above answer on social return.

How many clients do you currently work with?

8 client relationships which includes 24 individual households (smaller family units).

Approximately how many of your clients are under the age of 35?

I work regularly with clients under the age of 35.

Of the 8 primary family relationships I lead, 7 are multi-generational families with numerous members under age 35.

About three-quarters of the individual households are either headed by or include clients under the age of 35.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

75.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

As of 9/30/2016, our firm has $6,213,884,163 in assets under management (AUM) and $10,691,601,989 in assets under advisement (AUA).

For how many years has your firm been providing financial advisory services?

32.

What is your fee structure?

Ballentine Partners receives compensation only from its clients; we have no fee sharing arrangements with any investment managers, product providers, or other service providers we recommend to our clients.   This eliminates a key area of potential conflicts of interest.

Our fee structure is customized to each client based on their needs.  For clients who have liquid investment assets from $3mm to $25mm, a tiered fee schedule is most common.  For clients with assets greater than $25mm or those with significant private, illiquid, or non-marketable assets, we often negotiate a fixed fee.

Our goal is to provide services at a competitive rate and to deliver value well in excess of the fees we charge.  The scope of work we perform for our clients can vary significantly, and do not always correlate to size of assets.  Please contact us to explore what fee arrangements might apply to you.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Underlying investments will typically have fees which are payable directly to the underlying manager.  Custodians may charge commissions to our clients directly.  Both of these examples are things that we try to minimize for our clients by leveraging our entire firm’s assets under management to negotiate very low fees.

Where do you recommend clients hold their assets?

We use low-cost providers of custody services which are experienced working with RIAs (Registered Investment Advisors) like us and the families we serve.  Examples of these types of custodians include Schwab, Fidelity, and Pershing.

Can you work with someone who wants to hold their assets elsewhere?

Yes.  We do so often in the instance where clients may have relationships elsewhere, may have a desire to hold assets locally or with an institution that has deep values alignment.

Do you pool your clients’ assets?

No, we believe that pooling clients’ assets can lead to conflicts of interest.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

We do not vote our clients’ proxies, but we can help them identify solutions to vote their proxies.

If so, who are some of your partners?

We facilitate our clients’ involvement in shareholder activism if they express an interest.  Ways in which we do this include connecting clients to participate in activism campaigns that align with their interests, using equity managers who actively dialogue with companies and file proxies.  Part of our investment due diligence process for impact managers is to evaluate their level of commitment to shareholder activism both by voting history as well as internal resources dedicated to the process.

Our partners are: As you sow, Aperio, Walden, Trillium.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

To help families articulate and achieve their aspirations.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

No.

Have you sponsored a RG event?

No

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

In our initial meetings and calls, our aim will be to learn about you, your family wealth or business, and your individual financial situation to gain a better understanding of your goals and the priority that you assign to each.  We will then send you a document which outlines these goals, as we understand them, to elicit your feedback and ensure we have accurately reflected your thinking as this guides the work that we subsequently will do for you.  This document goes into great detail for each individual goal you have and gives our initial recommendations and timeline for how we plan to get started.

Once we are agreed on your goals, we then begin the process of information gathering.  We like to collect information as comprehensively as possible as we often find opportunities outside of clients’ investment portfolios.  We typically ask for a complete set of financial statements, Trusts, business agreements, and any other documentation that have relevance to our clients’ financial situation.  However, we are skilled in ways to make the information gathering process as painless as possible.  Our goal is to gather and study the information necessary to make immediate and impactful progress on the goals that our initial discussions identified.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

When you become a client, one of our senior client advisors becomes your family’s wealth strategist. Your senior client advisor serves as the focal point for the full Ballentine Partners team that you will work with as well as the facilitator of teamwork amongst your various specialty advisors.

We send our clients investment performance reports at least quarterly (more often upon request). Reports for clients with only liquid securities are typically sent within two weeks after the end of each quarter. For clients with illiquid investments, the reports are typically sent by the end of the month following quarter end.

We provide extensive education about a wide range of financial topics.  We deliver education through many different channels, including:

  •         1-on-1 meetings with individual family members or groups of individuals from same family;
  •         Training and education modules we have developed on various topics for self-study;
  •         Our TH!NK Forum series; and
  •         Our website (see “White Papers”).

One of most popular training and education topics is developing sound financial skills in young adults.

What is your average client account size?

The average net worth for our client relationships, as a firm, is over $56m.

Do you have experience with investing money outside of the stock market?

Yes. For our clients we source, recommend, and oversee a wide variety of investments, including many that are not publicly traded.  These include private debt, private equity, private energy, private timber, and private real estate funds, as well as direct investments into companies and social entrepreneurs.    We help clients review opportunities they find intriguing, as well as present to them deals and funds that we are enthused about either for financial or social return potential.  After initial investment we continue to diligence and monitor the investments for our clients, whether it was sourced by us or the client.

Can you offer an example of an alternative investment practice you use?

Our practice is to help each client determine an appropriate allocation and program for investing in alternative assets.  We then aim to fill that allocation with opportunities that have passed our rigorous due diligence process, and, if applicable, align with any social impact objectives a client may articulate.  When opportunities arise that carry excess risk or a lower return expectation, we do additional measurement of impact potential, impact fit within the mission objective, and a measurement of impact risk (the likelihood the expected social impact is accomplished).

 

 

 

Sarah E. McCue

Morgan Stanley

Certified Financial Planner and Certified Divorce Financial Analyst

sarah.e.mccue@ms.com

http://www.morganstanleyfa.com/sarahmccue

617-589-3282

53 State Street, 39th Floor, Boston, MA 02109

How did you find out about Resource Generation?

I found out about Resource Generation from Alyssa Wright the Co-Director of Raising Change. She knows about the quality service I provide and suggested I submit my application.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Selects individual securities (not funds) for a portfolio. Recommends and researches community-based, impact investments. I work with individuals, families and organizations to first create a financial plan and help them implement an investment strategy tailored to their specific needs and interests.

What is the range of your account sizes from the smallest to the largest?

$500,000.

What is the total amount of assets you manage directly?

$750,000,000 (with my team at Morgan Stanley).

For how many years have you been providing financial advisory services?

7.

Why are you interested in working with RG members?

I would love to support young people in investing in the causes they believe in. As a Certified Financial Planner I know the mechanics of investing and financial planning. I would love to share this with RG members to help them be successful in their efforts. It is very gratifying helping others invest in what they care about and educating them along the way.

What is an example of your most radical/unusual alternative investment?

I do not have an example for this.

Does your firm have an explicit commitment to racial justice?

Yes our firm is committed to furthering racial, economic, gender, environmental, social justice causes. We work with our clients to ensure they are investing in what they believe is important and help them avoid investing in any industries, companies or practices they oppose.

Does your firm have an explicit commitment to social return?

Yes we have an entire devision devoted to social return. It is called the Institute for Sustainable Investing. http://www.morganstanley.com/what-we-do/institute-for-sustainable-investing.html

How do you support clients to make and increase their philanthropic contributions?

We educate them on their options for philanthropic contributions and develop a plan for them to do this in a way that is sustainable for them.

What are some examples of direct investments you could support a client to make?

I do not have this type of experience.

How many clients do you currently work with?

300.

Approximately how many of your clients are under the age of 35?

Currently we have about 30 clients under the age of 35 in our practice. I am also under the age of 35 and enjoy working with my peers.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

Our team is made up of  5 people.

Are you or your firm registered with the SEC as an:

Investment advisor, broker dealer

What is the amount of total assets under management by your firm?

Morgan Stanley has more than $2 Trillion in assets under management.

For how many years has your firm been providing financial advisory services?

81 years.

What is your fee structure?

We charge a flat fee for our clients depending on the size of our relationship. Our equity accounts are more actively managed then a fixed income account so we will adjust the fee accordingly. We are very transparent and competitive in our fee structure. In fact we win much of our business by explaining how our fee structure works.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

There are not additional fees for socially responsible or alternative investment activities.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

There are no additional fees.

Where do you recommend clients hold their assets?

Any assets that we advise on our held on our Morgan Stanley platform.

Can you work with someone who wants to hold their assets elsewhere?

We will absolutely point someone in the right direction or make referrals when appropriate.

Do you pool your clients’ assets?

No

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing.

Are you engaged in shareholder activism?

No.

Do you vote proxies for your clients?

No the client can vote their own proxies.

Have you advised RG members before?

Unsure.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

Morgan Stanley’s mission is doing business in a first class way.

As well as the following listed on the Morgan Stanley website. “We help our clients build a sustainable future. Mobilizing capital to deliver sustainable growth and long-term value.”

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

I have not yet attended a RG event.

Have you sponsored a RG event?

No.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

When I first meet with a potential client I like to find out what their biggest concerns and goals are. We first have an in depth conversation about what resources they have and what they are looking for from a financial advisor. At this initial meeting, either in phone or in person,we can start to determine if we are a good fit for what they are looking for. I then ask them to provide copies of their financial statements and any other documents relevant to their financial picture. I have a comprehensive checklist with the necessary information documents listed.

Once I have gathered all of this information I put together a financial plans. This usually takes about a week to three weeks depending on the complexity of the plan. This financial plan is complimentary and comes with no obligation it is theirs to keep.

When the plan is ready we then invite the prospective client for a meeting to go over it together. At this time we discuss what the fees would be if they decide to hire us as their financial planner and asset manager.

It is important to mention that I am part of a team at Morgan Stanley called The MacKinnon Group. A link to our website is listed here; http://www.morganstanleyfa.com/themackinnongroup/

Stuart MacKinnon is my partner and has over 33 years of experience at Morgan Stanley as a portfolio manager. He and our other partner Christopher Doucette research pick the different positions in each portfolio. This allows for us to save our clients a layer of fees and also tailor the portfolio to exactly what our clients want to invest or not invest in.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

We look to the client to set the pace. If they want to meet or communicate monthly, quarterly or annually we are always available. At a minimum our clients receive a monthly statement for each of their accounts and we are in contact by phone and email regularly. We usually try to have a phone or in person meeting at least annually.

We are also vigilant about reaching out to all of our clients when major market events happen such as Brexit and the US election. We do our best to be proactive and available during these types of events.

What is your average client account size?

$10,000,000.

Do you have experience with investing money outside of the stock market?

No, I do not.

Can you offer an example of an alternative investment practice you use?

I cannot.

 

 

Julie McVeigh

Fresh Pond Capital

Managing Director & Financial Advisor

jmcveigh@freshpondcapital.com

617-226-3339

www.freshpondcapital.com

121 High Street, 5th Fl

How did you find out about Resource Generation?

10 years ago, I was working with a client who was in RG.  She nudged me to check it out with the suspicion that I would self-identify.  I attended MMMC, and it changed my life.  I found a community of thoughtful people with a plan for how to grow in self-awareness within the context for creating community change through economic, racial and social justice.  I’ve attended many more RG conferences as a constituent, now as an alumna, a volunteer, a workshop facilitator, and a consultant, and a sponsor.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$100,000 – $30 million.

What is the total amount of assets you manage directly?

$150 million.

For how many years have you been providing financial advisory services?

16 years.

Why are you interested in working with RG members?

I am passionate about creating change in how we engage and move money.  We learn together.  The young, emerging generation are the leaders for our new practices.  It is by sharing the tools and lessons that we’ve crafted that we find the edge of our comfort zone and cut a new landscape for financial learning.

What is an example of your most radical/unusual alternative investment?

LaborX is a recent private company investment.  It’s been called the Linked-In for a marginalized, primarily people of color, work force population to provide networking and visibility in finding quality employment.  It was created by a dynamic, talented woman of color who identified a need and raised the funds to create the company.  — We also have clients invested with Working World to create new models for investment with shared financial and community returns.

Does your firm have an explicit commitment to racial justice?

Yes! We believe racial justice is an integral part of economic justice and the work to shared liberation.  Our quarterly letters explore the racial justice and its intersection with classism and money.  I am doing my own work to understand how being white shapes my approach to this work and my responsibility to raise racial awareness among my white clients.  I learn along side clients and share resources for philanthropic and movement based organizing.

Does your firm have an explicit commitment to social return?

Yes!  We believe our firm’s footprint is part of your footprint should we work together.  We are your first investment and are responsible to you to be carbon-neutral and doing our part in creating justice as well as a new presence in the financial world.  We also are responsible for voting your shareholder proxies (for stocks), providing an active voice in coalitions and work to advance corporate change, and finding new avenues for impact, community investment.  Our commitment to building whole communities is to be active charitably and with our time as a firm and as individuals.

How do you support clients to make and increase their philanthropic contributions?

Great question!

We begin by introducing the conversation if you’re not already raising it.  We then show you your current numbers.  It’s a way to take stock of where you are and to reflect on what’s possible.  We encourage you (and support you) to open a donor advised fund (DAF) when appropriate.  We explore with you which type of institution should hold the DAF including nonprofits committed to community investing.  When a client is interested in total redistribution, we support them in building a financial plan to support themselves today and a plan for their future selves in order to be personally sustainable and liberate them to pursue this goal.

What are some examples of direct investments you could support a client to make?

Yes – we have experience with all of the above: worker-owned cooperatives, untraditional small business models, 0% loans, non-collateralized loans.  We have worked with activists and clients to explore new ways to think outside the traditional box of finance.  We help propose ways to structure investments as well as ways for clients to think about these investments within their personal financial planning.

How many people on your staff are people of color?

2.

How many people on your staff are women?

13.

Does your firm have an explicit commitment to economic justice?

Yes.  We seek to understand how we can engage our resources in a healthy, holistic way to address the economic justice in our society.  We help clients invest in community credit unions and banks committed to economic justice.  We share reading and learning about how the economic wealth divide hinders us all.

Does your firm have an explicit commitment to gender justice?

Absolutely – yes!  Our founding mission was to create a woman directed financial firm that does not use jargon to distance and silence clients, that names the gender messages surrounding and shaping us with money, and that is accessible to meet clients where they are in this work.  Changing the face of finance is one of the steps we take seriously in our work to change the way individuals engage with their finances.

Does your firm have an explicit commitment to environmental justice?

We are active engaging clients to support those doing environmental justice work, and our own environmental justice work is less fleshed out.  Our own work is focused more on the environmental impact – being carbon-neutral as a firm, building portfolios that are divested from fossil fuels and finding direct investment opportunities to fund nonprofits lowering their carbon footprint as well as alternative energy direct investments.  We support clients to understand environmental justice as part the web of justice work and integral to their money work.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

Part of our work with clients can include understanding the history of their resources within a social justice framework of ownership.  We have not explored this further and have work to do here.

How many clients do you currently work with?

50.

Approximately how many of your clients are under the age of 35?

Around 25-30% of our clients are under 35 years old. (13 clients).

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

24.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$1.5 billion.

For how many years has your firm been providing financial advisory services?

11.

What is your fee structure?

1% of assets managed for the 1st $3 million. (ex: $1 million managed would cost $10,000/ year).  For accounts over $3 million, we charge 0.75% above that amount.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

None.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Trading fees: we work with the brokerage firm of your choice.  If you don’t have a preference, we recommend a low cost firm like Fidelity or Schwab.  These firms charge low trading costs (ex: $7-8.00/trade)

Where do you recommend clients hold their assets?

Trading fees: we work with the brokerage firm of your choice.  If you don’t have a preference, we recommend a low cost firm like Fidelity or Schwab.  These firms charge low trading costs (ex: $7-8.00/trade)

Can you work with someone who wants to hold their assets elsewhere?

Yes!

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing, Shareholder Proxies, resolutions and activism.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes.

If so, who are some of your partners?

Center for Responsible Wealth, United for a Fair Economy and other SRI financial firms doing this work.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

We work to empower individuals to engage and use their financial resources to create a more just, connected world through investing, giving, learning, and shareholder activism.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Yes! Our liberations are connected and interconnected.  Through working together, we learn how to be better listeners and how to move forward creating less harm and hopefully creating some good.

Have you sponsored a RG event?

Yes.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

Interview process: we get to know each other by phone or in person.  We structure it as a free advice consultation where we workshop the questions you are holding and think about how to build a plan based on your current situation.  The session provides a taste for how we engage, the questions we ask and how we think together to work toward answers.

Working together:  We understand it takes time to get to know each other.  We want to understand your goals, your time constraints/allowances for this work, and how we can support you to reach your goals.  Our ultimate goal is your peace of mind.  For many, that comes from addressing questions like how much is enough to keep for myself and how much to give to my community – and is there a middle ground where some money can be invested in my community and then return when I need it in the future.  We meet with clients and tailor our work to be responsive as well as to initiate work that moves clients toward their giving and investing goals.

We explore specifics of tax information, personal expenses, retirement planning, giving goals and current investments. We understand you might not know the answers to some questions.  We help you formulate the questions that will help you and identify the resources around you to answer those questions.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

We believe strongly in meeting you where you are as a beginning to empower you with your finances.  We recognize that emotions are part of the work and can be road blocks (or worse) when not acknowledged.

We work at a pace tailored to you.  We communicate at each step of the transition of your account to confirm you know where your account stands.  Once settled, we set goals and make a plan for communicating based on your schedule.  For some, it may be quarterly.  For others, it is more often initially.

For all, we provide quarterly (4 times a year) financial reports of your investments with details of what your portfolio holds and the financial performance.  We also provide an economic newsletter as well as a letter providing social, racial and economic justice framework around money events including personal-political reflection on money.  We provide coordinated communication with accountants and initiate tax planning to connect your investments and your gift plans.  We also help with tax payments.

We provide support on a range of issues from how to invest in your local food coop to how to structure a loan to a friend.  We are available by phone and email whenever financial questions come up for clients.

What is your average client account size?

$3.5 million.

Do you have experience with investing money outside of the stock market?

Yes – we have extensive experience investing outside the stock market – that extends back over 20 years.  We write research reports and actively pursue impact community investments (outside the stock market).  We are both responsive to clients who raise interests in specific work they identify, and we identify new opportunities.  We also work with activists in the creation of opportunities to invest differently in our world.

Can you offer an example of an alternative investment practice you use?

We meet with activists and investors in the field to provide networking support as well as sharing our space for workshops and activism.  We host round table discussions to reflect with activists and investors on how to address community issues.  In the fall of 2008, one of these tables led to the creation of a foreclosure prevention fund created by a CDFI partners (Community Development Financial Institution) and funded by many of our clients.

 

 

 

Rachel Robasciotti

Robasciotti & Philipson

Wealth Manager & Principal

rachel@robasciotti.com

415-986-5500

www.robasciotti.com

870 Market Street, Suite 1275

How did you find out about Resource Generation?

I learned about Resource Generation because many Resource Generation members are also members of my giving circle, Funding Queerly, which is the fifth largest funder of LGBTQ causes in the United States.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Cash flow and budgeting work is done in the context of a comprehensive wealth management process.

What is the range of your account sizes from the smallest to the largest?

$1,000,000.

What is the total amount of assets you manage directly?

$85,000,000.

For how many years have you been providing financial advisory services?

17.

How many clients do you currently work with?

50 wealth management clients

Approximately how many of your clients are under the age of 35?

Approximately 20% of our wealth management clients begin working at age of 35 or younger.

Have you ever had any customer complaints (including current)?

No.

If yes, what was the outcome (settlement, judgment, etc.)?

N/A.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

If Yes, please describe.

N/A.

How many people are on staff?

6.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$85,000,000.

For how many years has your firm been providing financial advisory services?

12.

Why are you interested in working with RG members?

RG feels like it’s filled with “my people” – that is, people who understand the intersectionality of oppression and are engaged in the movement for social justice, people who are self-aware and open in their conversations about money, wealth, and power and are willing to leverage their privilege to make change.

For anyone, it is incredibly challenging to build an independent financial services firm. It was even more challenging given that I started one as a 25 year-old queer woman of color. This was in no small part because, as a young queer women of color, I didn’t have the vast network of wealthy potential clients that my majority white male counterparts had. RG could be that network for my firm. In turn, my firm could provide comprehensive wealth management services to RG members that far exceed their expectations and clearly align with their values. It feels like a perfect fit.

What is an example of your most radical/unusual alternative investment?

Advising clients on impact investing via 0% non-collateralized loans.

Does your firm have an explicit commitment to racial justice?

Yes. Our commitment is reflected in Value #11:

  1. We are progressive and committed to the advancement, and wellbeing of women, people of color, and the LGBTQ (lesbian, gay, bisexual, transgender, and queer) community. We are particularly passionate about supporting the interconnectedness of these communities.

In addition, we are 50% women of color. We regularly engage clients in conversations about race and what we/they are doing to eradicate  racism both in and outside of client meetings.

This commitment can further be seen in our answers to the questions regarding economic and gender justice, below.

Does your firm have an explicit commitment to social return?

Yes. Our commitment is reflected in Value #4 and #11:

  1. We care for clients and influence the financial services industry in a way that is woman-centered, egoless, holistic, and authentically reflects who we are.
  2. We are progressive and committed to the advancement, and wellbeing of women, people of color, and the LGBTQ (lesbian, gay, bisexual, transgender, and queer) community. We are particularly passionate about supporting the interconnectedness of these communities.

How do you support clients to make and increase their philanthropic contributions?

This is very important to us and a core facet of our wealth management process. We focus, from the very beginning on the wealth management process, on identifying what amount of money is “enough” for each person. We then work with the client to attain or designate that amount, being mindful of doing so in ways that align with their life values. When a client reaches “enough”, they tend to naturally be more generous and inclined toward philanthropy. At this stage, we work with the client to clarify their philanthropic values and create an values-aligned giving plan.

What are some examples of direct investments you could support a client to make?

We enjoy advising on impact investing and determining the expected total return (financial + social + emotional) that would be required to support the investment choice.

How many people on your staff are people of color?

3.

How many people on your staff are women?

6.

Does your firm have an explicit commitment to economic justice?

Yes. Our commitment is reflected in our Vision statement. We state that what we want for our clients (that is, “…finances that are aligned with their current needs, future goals, and life values”) we also want for ourselves. This is huge. We are women, people of color, and the majority of us are from working-class to middle-class backgrounds – marginalized communities. Ensuring that women in this overwhelmingly white male-dominated industry are well-paid and able to meet their own financial needs is revolutionary and has a direct impact on economic justice for all of the marginalized communities of which we are part.

Does your firm have an explicit commitment to gender justice?

This question is somewhat answered by the question regarding our commitment to economic justice, above. In addition, we intentionally identify and recruit women of color from outside of the financial services industry to work at our firm and other progressive firms. As part of the nationwide Women’s Wealth Initiative, Rachel was recently featured in a video designed to attract women, and specifically women of color, to careers in financial services. We are a queer woman of color founded, led, and operated firm in an industry that is over 75% male. We give and encourage and support clients in giving to organizations that work for gender justice.

Does your firm have an explicit commitment to environmental justice?

Yes. Our commitment is reflected in Value #5:
“We care about our impact on the world, our clients, and each other; we are emotionally fluent and connected.”

We are conscious of the environmental impact of our choices around vendor selection, purchases, and the way we live our daily lives at work – down to the smallest of details. For example, we have an almost entirely paperless office (no small feat for a financial services firm) and we created an extensive online client portal not only so that we were easier for our clients to work with, but also to reduce the amount of paper we use to deliver reports and analysis to clients.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

This is a new area of focus for us and we’re grateful to Resource Generation for opening our eyes to this.

 

What is your fee structure?

On client assets above $10,000,000 – 0.50%
On client assets between $5,000,000 and $10,000,000 – 0.75%
On client assets between $1,000,000 and $5,000,000 – 1.00%
On client assets up to $1,000,000 – 1.25%

Our fees for the first $1,000,000 of assets under management are ~0.25% higher (~$2,500/year more) than one might find at other wealth management firms because we believe in providing extensive and comprehensive financial consulting to our clients in coordination with our investment management services. Providing clients with financial consulting advice on all aspects of their financial lives requires a substantial investment of resources from the firm. However, many clients tell us that value of this comprehensive approach far outweighs the additional cost.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No; however; the internal expenses of socially responsible investment funds may be higher than conventional funds.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

There are no exit (or entrance) fees.

Trading in investment accounts generates relatively small trading fees; however, given that our approach does not require extensive ongoing trading, these fees are usually negligible.

While we do not offer standalone financial consulting services, some clients pay hourly for financial consulting work done before investment assets are transferred to our management.

Where do you recommend clients hold their assets?

Schwab Institutional, a division of Charles Schwab & Co.

Can you work with someone who wants to hold their assets elsewhere?

Yes, depending on the situation.

Do you pool your clients’ assets?

Yes.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes! (good question)

If so, who are some of your partners?

RE shareholder activism, at present our engagement is limited to voting proxies that align with client values. However, we are interested in building capacity in this area.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

MISSION
At Robasciotti & Philipson we provide comprehensive and personalized wealth management that adds value to women’s lives by giving advice and managing investments in a way that is aligned with their life goals. We help clients identify, prioritize, and achieve their financial goals via a combination of investment management and financial consulting services.

VISION
Our clients and employees:
– feel that our services are valuable;
– enjoy their relationship with us and we enjoy them;
– are educated, informed, successful, and wealthy;
– trust and rely on our advice and management;
– feel emotionally safe and financially secure with us;
– have finances that are aligned with their current needs, future goals, and life values; and
– are understood and cared for personally because their needs are anticipated and met.

VALUES
1. We use our intelligence and creativity to produce exceptional outcomes and deliverables that give us pride and are high quality, attractive, and useful.
2. Using acquired expertise, we generate thoughtful and simple answers that efficiently, effectively, and enjoyably meet goals, educate, and solve problems.
3. We hold ourselves to rigorous and thoughtful moral standards. We are transparent and authentic; the way we behave reflects our values and who we are, which inspires trust.
4. We care for clients and influence the financial services industry in a way that is woman-centered, egoless, holistic, and authentically reflects who we are.
5. We care about our impact on the world, our clients, and each other; we are emotionally fluent and connected.
6. Our work is intentional and sustainable over the long-term, both emotionally and financially, and anticipates future needs. Our success is closely tied to the careful selection of client relationships that are mutually valuable.
7. Our choices are wholly profitable; they create increasing time, money, and freedom.
8. Our work is rewarding, appropriate for each position and skill level, efficient and smooth, and can be easily shared with co-workers and others.
9. We base our approach to wealth management on the practical application of a scientific methodology. We are open to changing perspectives in light of new or better information. We are methodical, take our time, and pride ourselves on doing a select few things very well.
10. We consistently grow and improve ourselves over time for the achievement and refining of our Mission, Vision, and Values.
11. We are progressive and committed to the advancement, and wellbeing of women, people of color, and the LGBTQ (lesbian, gay, bisexual, transgender, and queer) community. We are particularly passionate about supporting the interconnectedness of these communities.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Yes. I was a Consultant at MMMC this year and I was given special permission (mostly because I begged) to attend the retreat for a full day. The most important thing that I learned was about the importance of focusing on decolonization and land reparations. “Do you know whose land you are on?” is a question that I believe will stay with me for the rest of my life. In fact, I’ve already planted the seed of that question with others in my various communities.

Also, I was astounded by the ease with which RG members speak openly about money and their relationship to it. We encourage this with clients and it’s wonderful to experience that in a larger group context.

Have you sponsored a RG event?

Yes

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

Our first meeting is an initial consultation held in-person (or via video conferencing) at no charge. A substantial portion of that meeting is dedicated to learning about the person we’re meeting and what is important to them via a values-clarification exercise. Many clients have told us that this conversation was one of the most profound and clarifying conversations of their lives. We learn about the potential client’s hopes, concerns, assets, and debts. We leave plenty of time in that meeting to tell the story of our firm, review our comprehensive wealth management process, discuss fees, and decide with the potential client whether and how to begin the process of establishing a long-term relationship.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

We meet with our client in-person (or via video conference) to:
– Perform a full set of personal financial analysis
– Make specific, personalized financial recommendations
– Create a customized investment strategy based on our client’s goals
– Implement the strategy through direct management of investment accounts
– Provide customized financial education based on each client’s background and needs
– Help our clients coordinate all parts of their financial lives and hold the larger financial picture with them over time.

After an initial set of meetings designed to understand and provide advice for each aspect of a client’s financial life, we meet at least annually (and more frequently as needed) to survey their current financial situation, provide updated advice, and review their current investment strategy.

What is your average client account size?

$1,000,000 – $8,000,000.

Do you have experience with investing money outside of the stock market?

Yes, but we mostly recommend financial market investments for clients.

Can you offer an example of an alternative investment practice you use?

We have advised clients on the purchase of shares of private (pre-IPO) companies via angel investment rounds of funding. We have also advised clients on impact investing and the creation and management of donor advised funds.

 

 

Eric Smith

Natural Investments, LLC

Senior Financial Advisor

EricSmith@NaturalInvestments.com

206-782-1205

www.naturalinvestments.com

240 2ND AVE S, STE 200

How did you find out about Resource Generation?

Many years ago, through now defunct, More Than Money organization. Also when was on board of what is now, Social Justice Fund Northwest. US SIF, Mission Investors Exchange, etc.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Selects individual securities (not funds) for a portfolio. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. mission-aligned shareowner advocacy and proxy voting.

What is the range of your account sizes from the smallest to the largest?

$250,000 to $50,000,000.

What is the total amount of assets you manage directly?

$75,000,000.

For how many years have you been providing financial advisory services?

Since 1986.

How many clients do you currently work with?

47.

Approximately how many of your clients are under the age of 35?

Approximately 15% of investors we serve are under 35.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

3.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$300,000,000+.

For how many years has your firm been providing financial advisory services?

Since 1985.

Why are you interested in working with RG members?

We share a deep mission alignment with RG members and have a deep history and experience with sustainable, responsible, impact investing strategies.

Does your firm have an explicit commitment to racial justice?

This is supported through shareowner advocacy campaigns and impact investments.

Does your firm have an explicit commitment to social return?

Yes and always has since the firm’s founding.

How do you support clients to make and increase their philanthropic contributions?

We offer ImpactAssets Donor Advised Funds and others.

Does your firm have an explicit commitment to economic justice?

This is supported through shareowner advocacy campaigns and impact investments.

Does your firm have an explicit commitment to gender justice?

This is supported through shareowner advocacy campaigns and impact investments.

Does your firm have an explicit commitment to environmental justice?

This is supported through shareowner advocacy campaigns and impact investments.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

This is supported through shareowner advocacy campaigns and impact investments.

What is your fee structure?

Tiered management fee schedule ranging from 0.55% to 1.35% depending on account size and services provided.
Please review our Form ADV brochure and Client Service Agreement for details.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

Hour financial planning and consulting is available.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Account custodians charge asset based or transaction based fees as will be fully disclosed before any new accounts are opened.

Where do you recommend clients hold their assets?

Schwab Institutional (Advisor Services) and/or other custodians depending on the nature of the investments. When using Schwab, we are usually able to offer access to institutionally priced funds and managers.

Can you work with someone who wants to hold their assets elsewhere?

Typically not.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing, Shareowner advocacy and proxy voting.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes, we and/or our managers do so if the client wishes.

If so, who are some of your partners?

US SIF, FAFN, MIE.

Have you advised RG members before?

Unsure.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

This is found at https://www.naturalinvestments.com/about/ and updated from time to time.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Many years ago was a guest at an RG event. Some of my other NI colleagues have also participated in RG retreats.

Have you sponsored a RG event?

Unsure

How do you typically start working with a new client?

We like to have an initial phone conversation/consultation. If you are local, you might want to visit our Seattle, Bellevue, or Duluth offices next. Otherwise, we continue by phone, skype, email, etc. We like to know a lot about the people we serve so we can serve them well and build a solid long-term relationship.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

You receive monthly statements from the account custodian. We also prepare consolidated quarterly portfolio appraisals and market reports and quarterly newsletters about sustainable, responsible, impact investing. There may also be periodic blog and social media updates and seminars.

What is your average client account size?

Over $1,000,000.

Do you have experience with investing money outside of the stock market?

Yes.

Can you offer an example of an alternative investment practice you use?

We maintain due diligence on a number of illiquid private placement debt and equity “impact” investments. We are discerning and careful, but of course these investments typically entail significant risk of loss.

 

 

 

Marlena Sonn

Treebeard Financial

Certified Financial Advisor

marlena@treebeardfinancial.com

212-677-5200

www.treebeardfinancial.com

134 North 4th Street, Suite 2067, Brooklyn, NY, 11249

How did you find out about Resource Generation?

Board Member Braeden Lentz.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Selects individual securities (not funds) for a portfolio. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments.

What is the range of your account sizes from the smallest to the largest?

$2 Million.

What is the total amount of assets you manage directly?

$20 Million.

For how many years have you been providing financial advisory services?

8 years.

Why are you interested in working with RG members?

I work primarily with young inheritors with a progressive worldview, so its a good fit in that regard.

Does your firm have an explicit commitment to racial justice?

Yes. For clients for whom this is a particular issue, we can exclude companies who are engaged in egregious activities.  We always exclude private prisons from every portfolio.

Does your firm have an explicit commitment to social return?

Yes, Treebeard Financial is 100% socially responsible portfolios only.

How many people on your staff are people of color?

1 – myself.

How many people on your staff are women?

1 – myself.

Does your firm have an explicit commitment to economic justice?

Yes. For clients for whom this is a particular issue, we can tilt portfolios towards companies who are leader in workplace practices.

Does your firm have an explicit commitment to gender justice?

Yes. For clients whom this is a particular issue, we can tilt portfolios with a gender lens.

Does your firm have an explicit commitment to environmental justice?

Yes, if there is one issue that defines Treebeard Financial, it is the environment. All portfolios are measured for carbon footprint, and offset through a direct project in the Amazon Rainforest. Additionally, portfolios can either be low-carbon or fossil fuel free, depending on the conviction of the investor. I advocate strongly for being oil and gas divested, no matter what an individual investor’s particular primary cause may be.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

After DAPL and participating in the bank divestiture campaign of late 2016, indigenous rights is a new focus area for myself personally. in 2017, Treebeard is committed to joining US-SIF’s indigenous peoples’ working group.

How many clients do you currently work with?

11.

Approximately how many of your clients are under the age of 35?

Over half.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

1 – Sole Practitioner.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$20 Million.

For how many years has your firm been providing financial advisory services?

3 years.

What is your fee structure?

1-1.35% Assets Under Management depending on the size of the account.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No. Carbon offset via direct project in the Amazon is included in Advisory Fees.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Expense Ratio on Mutual Funds, management fees on SMA, and incidental custodial fees of $25 per account.

Where do you recommend clients hold their assets?

SEI Private Trust.

Can you work with someone who wants to hold their assets elsewhere?

I would consider working with Folio for a greater range of customized socially responsible SMA accounts, otherwise I would ask clients to hold at SEI Private Trust.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing

Are you engaged in shareholder activism?

No.

Do you vote proxies for your clients?

No.

Have you advised RG members before?

No.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

Treebeard Financial’s mission is to help progressives create a more beautiful, humane and sustainable world through investments. Our vision is to successfully steward the environment and society, so that all future generations can enjoy peace and prosperity.

Treebeard is the first Wealth Management practice to offer carbon offsets on individual investors’ portfolios. We are piloting our first year of offsets in 2016 with a non-profit partner, which will plant 10,000 trees on behalf of our clients.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Yes, I participated in the Bainbridge Island MMMC last November 2016. I really enjoyed meeting both aligned colleagues and RG members! It was inspiring to see so many investors who were primarily interested in labor/workplace issues as their number one portfolio criteria.  Most of my clients put the environment in first place (although obviously these issues are very interrelated, and start with good governance on a company level.) So very interesting to hear that perspective.

Have you sponsored a RG event?

Yes.

If so, would you provide them as a referral?

Unsure.

How do you typically start working with a new client?

I prefer an in-person meeting to see if its a fit, and then will do a vision plan with a new client – determining whether or not the person needs to save additionally for retirement or other personal goals. Some people already have their personal financial needs reasonably met for life, so then we shift the vision primarily to charitable causes, and legacy. From that blueprint, we align investments with the values and future world that the investor would like to co-create.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

Usually I will meet with clients at least once a year, up to once a quarter regularly, depending on the scope of work and needs of the client. Often we will meet more often depending on life events of the client, ie. a wedding, birth of child, inheritance, etc. Statements can be delivered either monthly or quarterly.

What is your average client account size?

$1.75 Million.

Do you have experience with investing money outside of the stock market?

Yes, I work with clients who would like to persue private investments in their donor advised funds. I have relationships with Impact Assets and Investors’ Circle to facilitate these deals.

 

Will Tickle

Ballentine Partners, LLC

Partner, Senior Investment Advisor, and Director of Impact Investing

wtickle@ballentinepartners.com

781.314.1333

www.ballentinepartners.com

230 3rd Ave, Ste 6  Waltham, MA 02451

How did you find out about Resource Generation?

I met a RG member, Sonja Swift, while working on a Native American loan fund investment opportunity.  She invited me to present to a MMMC panel on impact investing back in 2011, and then I was involved with RG as a member in 2012.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects other managers to select investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. Provide advice on philanthropic mission and vision; provide customized financial education at all levels; plan and facilitate family meetings; provide extensive assistance for beneficiaries in establishing and maintaining successful working relationships with personal, professional, and corporate Trustees; coaching for beneficiaries on serving in co-Trustee roles; help source and vet replacement or additional advisors (e.g., attorneys, CPAs, valuation experts, HR consultants, philanthropic consultants, etc.); provide advice on balance sheet assets (e.g., residential real estate, and other non-portfolio assets).

What is the range of your account sizes from the smallest to the largest?

Our client relationship total assets range from $3m to over $1b.

What is the total amount of assets you manage directly?

$924,781,334.

For how many years have you been providing financial advisory services?

13.

Why are you interested in working with RG members?

My past experience with Resource Generation endeared the organization to me because of the commitment to social justice of its members.   As a Brandeis graduate, and someone who has worked in the impact investing field for over ten years, social justice is very near and dear to my heart.
For me, working in the field of finance enables me to take a toolkit that I have developed and use it to further my clients’ visions for a better society.  It is fun working on problems in partnership with my clients that resemble RG members who are young, energetic, and hungry for change.  Using my network and investment experience in partnership with RG members’ visions can help further a number of social and environmental justice initiatives, and that is why this is exciting.

What is an example of your most radical/unusual alternative investment?

A client of ours was interested in preserving four season jobs in a summer resort community on the Maine coast where they live.  We worked with them to evaluate different real estate opportunities and ways to structure leases with tenants that incentivized them to employ people year round.   We ultimately helped them acquire a building that housed a business that not only provided year round employment, but served as a community gathering place as well; a lease was structured with that business that was below market rent on the basis of the business staying open year round.  That opportunity was a bulls’ eye for that client’s mission objectives.

Does your firm have an explicit commitment to racial justice?

See below answer on social return.

Does your firm have an explicit commitment to social return?

No, our firm does not have an explicit commitment to social return.

As a firm we believe deeply in the value of social return, and we pursue many philanthropic and community initiatives as a company to that end.
We do not, however, have an explicit commitment as we believe it is not our mission to impose our values upon our clients.

Our goal with respect to social return is to help families articulate their values, and achieve  impact that furthers their own objectives.

We actively support clients’ social return goals by facilitating impact investments, philanthropic donations, and activism efforts that align with issues or cause areas of importance.

How do you support clients to make and increase their philanthropic contributions?

We want our clients to utilize their resources in a way that is consistent with their values – both today and in the future.  We typically start with some exercises to track how money is being used today and test whether or not that reflective of what one’s values would suggest.  In many cases this discovery will prompt a change in spending, gifting, or philanthropic activity.

Where it makes sense to get involved as a philanthropic consultant in a specific area of interest, or as a resource to help formalize a philanthropic plan, we jump right in.  Some of the areas we have been involved are in reviewing granting requests, developing family wide guidelines for foundations, evaluating PRIs, researching organizations for granting, and structuring multi-year philanthropic commitments based on specific milestones.

We want our clients’ philanthropic activity to be programmatic and strategic, while also fitting in the context of their financial plan.

What are some examples of direct investments you could support a client to make?

We have worked with clients to structure a variety of non-traditional direct investments.  Examples include:  loan guarantees made to help scale impact of a lending organization, helping a client partner with a real estate developer to build a ground up workforce housing building, loans provided to non-profit organizations like Root Capital and Boston Community Capital, direct investments into start-up businesses, as well as primary and co-investments alongside larger private equity funds.

How many people on your staff are people of color?

7.

How many people on your staff are women?

40.

Does your firm have an explicit commitment to economic justice?

See above answer on social return.

Does your firm have an explicit commitment to gender justice?

See above answer on social return.

Does your firm have an explicit commitment to environmental justice?

See above answer on social return.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

See above answer on social return.

How many clients do you currently work with?

18 client relationships which includes 40 individual households (smaller family units within a larger family that is my client).

Approximately how many of your clients are under the age of 35?

I often work with the second and third generations of my client relationships which involves working with approximately a dozen individuals and couples under 35 years old.  There are a lot of unique challenges when clients are in their early professional years like incorporating new spouses into the family and their finances, more frequent career changes, moves from state to state or even internationally that require tax planning.   Many inheritors also gain outright control over their assets in the age 30-35 range, which presents another set of challenges and opportunities that are unique to that age range.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

75.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

As of 9/30/2016, our firm has $6,213,884,163 in assets under management (AUM) and $10,691,601,989 in assets under advisement (AUA).

For how many years has your firm been providing financial advisory services?

32.

What is your fee structure?

Ballentine Partners receives compensation only from its clients; we have no fee sharing arrangements with any investment managers, product providers, or other service providers we recommend to our clients.   This eliminates a key area of potential conflicts of interest.

Our fee structure is customized to each client based on their needs.  For clients who have liquid investment assets from $3mm to $25mm, a tiered fee schedule is most common.  For clients with assets greater than $25mm or those with significant private, illiquid, or non-marketable assets, we often negotiate a fixed fee.  [{, although we can also use a flat or tiered percentage fee.}

Our goal is to provide services at a competitive rate and to deliver value well in excess of the fees we charge.  The scope of work we perform for our clients can vary significantly, and do not always correlate to size of assets.  Please contact us to explore what fee arrangements might apply to you.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Underlying investments will typically have fees which are payable directly to the underlying manager.  Custodians may charge commissions to our clients directly.  Both of these examples are fees that we try to minimize for our clients by leveraging our entire firm’s assets under management to negotiate very low fees.

Where do you recommend clients hold their assets?

We use low-cost providers of custody services which are experienced working with RIAs (Registered Investment Advisors) like us and the families we serve.  Examples of these types of custodians include Schwab, Fidelity, and Pershing.

Can you work with someone who wants to hold their assets elsewhere?

Yes.  We do so often in the instance where clients may have relationships elsewhere, may have a desire to hold assets locally or with an institution that has deep values alignment.  .

Do you pool your clients’ assets?

No, we believe that pooling clients’ assets can lead to conflicts of interest.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

We do not vote our clients’ proxies, but we can help them identify solutions to vote their proxies.

If so, who are some of your partners?

We facilitate our clients’ involvement in shareholder activism if they express an interest.  Ways in which we do this include connecting clients to participate in activism campaigns that align with their interests, using equity managers who actively dialogue with companies and file proxies.  Part of our investment due diligence process for impact managers is to evaluate their level of commitment to shareholder activism both by voting history as well as internal resources dedicated to the process.

Our partners are: As you sow, Aperio, Walden, Trillium

Have you advised RG members before?

No

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

To help families articulate and achieve their aspirations.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Yes. MMMC was a very special space; I was amazed at the level of engagement from all who attended and the safety of the space and the genuineness of the thoughts and feelings that were shared.  It is very refreshing to see the next generation family members taking ownership over the direction of their lives, their family’s resources, and the direction our society as a whole is headed.

Have you sponsored a RG event?

No.

How do you typically start working with a new client?

In our initial meetings and calls, our aim will be to learn about you, your family wealth or business, and your individual financial situation to gain a better understanding of your goals and the priority that you assign to each.  We will then send you a document which outlines these goals, as we understand them, to elicit your feedback and ensure we have accurately reflected your thinking as this guides the work that we subsequently will do for you.  This document goes into great detail for each individual goal you have and gives our initial recommendations and timeline for how we plan to get started.
Once we are agreed on your goals, we then begin the process of information gathering.  We like to collect information as comprehensively as possible as we often find opportunities outside of clients’ investment portfolios.  We typically ask for a complete set of financial statements, Trusts, business agreements, and any other documentation that have relevance to our clients’ financial situation.  However, we are skilled in ways to make the information gathering process as painless as possible.  Our goal is to gather and study the information necessary to make immediate and impactful progress on the goals that our initial discussions identified.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

When you become a client, one of our senior client advisors becomes your family’s wealth strategist. Your senior client advisor serves as the focal point for the full Ballentine Partners team that you will work with as well as the facilitator of teamwork amongst your various specialty advisors.
We send our clients investment performance reports at least quarterly (more often upon request). Reports for clients with only liquid securities are typically sent within two weeks after the end of each quarter. For clients with illiquid investments, the reports are typically sent by the end of the month following quarter end.
We provide extensive education about a wide range of financial topics.  We deliver education through many different channels, including:
• One-on-meetings with individual family members or groups of individuals from the same family;
• Training and education modules we have developed on various topics for self-study;
• Our TH!NK Forum series; and
• Our website (see “White Papers”).
One of most popular training and education topics is developing sound financial skills in young adults.

What is your average client account size?

The average net worth for our client relationships, as a firm, is over $56m.

Do you have experience with investing money outside of the stock market?

Yes.  For our clients we source, recommend, and oversee a wide variety of investments, including many that are not publicly traded.  These include private debt, private equity, private energy, private timber, and private real estate funds, as well as direct investments into companies and social entrepreneurs.    We help clients review opportunities they find intriguing, as well as present to them deals and funds that we are enthused about either for financial or social return potential.  After initial investment we continue to diligence and monitor the investments for our clients, whether it was sourced by us or the client.

Can you offer an example of an alternative investment practice you use?

Our practice is to help each client determine an appropriate allocation and program for investing in alternative assets.  We then aim to fill that allocation with opportunities that have passed our rigorous due diligence process, and, if applicable, align with any social impact objectives a client may articulate.  When opportunities arise that carry excess risk or a lower return expectation, we do additional measurement of impact potential, impact fit within the mission objective, and a measurement of impact risk (the likelihood the expected social impact is accomplished).

 

 

 

 

Jina Penn-Tracy

Raeheart Financial and Centerpoint Investment Strategies

Conscious Wealth Advisor

jpenn-tracy@fwg.com

612-267-2257

www.RaeheartFinancial.com

4316 S. Upton Ave. Suite 205

How did you find out about Resource Generation?

Through a client who is also a member of RG.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects individual securities (not funds) for a portfolio. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments. Small Business Planning and Benefits, Charitable Planning.

What is the range of your account sizes from the smallest to the largest?

We have no minimum or maximum. We decide, with the client, if it makes sense to work together.

What is the total amount of assets you manage directly?

$47,300,000.

For how many years have you been providing financial advisory services?

12.

Why are you interested in working with RG members?

The next hundred years on this planet will be created by the millennial generation. I want to do what I can to assist that creation being a loving one.

What is an example of your most radical/unusual alternative investment?

Our firm has put forward offerings for cooperative fair-trade chocolate. Cooperative ownership is often difficult to raise funding for, so we were happy when that offering was a success.

Does your firm have an explicit commitment to racial justice?

We do not have an explicit commitment as a firm; rather we commit to our clients’ goals and agendas. We see ourselves as a resource and a conduit to help our clients act on their own commitments.

Does your firm have an explicit commitment to social return?

We do not have an explicit commitment as a firm; rather we commit to our clients’ goals and agendas. We see ourselves as a resource and a conduit to help our clients act on their own commitments.

How do you support clients to make and increase their philanthropic contributions?

Too often in our business, philanthropy is tightly webbed to estate and tax strategy planning, sometimes delaying philanthropy for decades. We believe that living in a place of gratitude is healthy and that is what best motivates philanthropy. Good comprehensive planning allows our clients to know how much they need to keep for their own future, and also how much they can give away. This is an ever changing balance.

What are some examples of direct investments you could support a client to make?

As a part of comprehensive financial planning, we encourage clients to explore investment options that are not offered through our platform. Due to securities regulations, we cannot give specific advice on offerings not directly overseen by our compliance group, but we can comment on the appropriateness of an investment for the risk-tolerance and values agenda of a client.

How many people on your staff are women?

2.

Does your firm have an explicit commitment to economic justice?

We do not have an explicit commitment as a firm; rather we commit to our clients’ goals and agendas. We see ourselves as a resource and a conduit to help our clients act on their own commitments.

Does your firm have an explicit commitment to gender justice?

We do not have an explicit commitment as a firm; rather we commit to our clients’ goals and agendas. We see ourselves as a resource and a conduit to help our clients act on their own commitments.

Does your firm have an explicit commitment to environmental justice?

We do not have an explicit commitment as a firm; rather we commit to our clients’ goals and agendas. We see ourselves as a resource and a conduit to help our clients act on their own commitments.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

We do not have an explicit commitment as a firm; rather we commit to our clients’ goals and agendas. We see ourselves as a resource and a conduit to help our clients act on their own commitments.

How many clients do you currently work with?

208.

Approximately how many of your clients are under the age of 35?

19 – roughly 10%.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

3.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

Approx. $69,000,000.

For how many years has your firm been providing financial advisory services?

12.

What is your fee structure?

We generally charge a fee for assets that we manage directly.

Our fee schedule is (annually):
Under $250,000     1.25%
$250,000-1 Mil       1.00%
Over $1 Mil             0.85%

We can also bill hourly or as an annual planning fee.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

There are some private placement offerings that are only offered on a commission basis. If these are appropriate and optimal for the client, we discuss the commission openly and decide if it is a good match.

Additionally, because we offer comprehensive planning, if insurance is needed there is likely a commission associated with the policy. There are very few fee-based insurance options available and often the most cost-effective for the client pays us a commission. We discuss this openly and decide if it makes sense.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

Most accounts are held at National Financial Services.

They charge $35 annually for retirement type accounts (IRAs, Roths etc).

There may occasionally be a trading fee for a specialty investment of $10-$18 but most socially responsible options do not charge this fee.

Currently, their account closing fee is $95.

Where do you recommend clients hold their assets?

Most of our accounts are held at National Financial Services, which is a division of Fidelity. It is a large stable brokerage firm that weathered the 2008 crash very well.

Can you work with someone who wants to hold their assets elsewhere?

We can do financial planning with client holding assets elsewhere, but cannot make specific investment recommendations. This is an SEC rule.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing, Shareholder activism is BY FAR the best tool.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

Yes.

If so, who are some of your partners?

Mutual funds: Parnassus, Pax, Green Century, Domini. Calvert, DFA, etc.

Organizations: As You Sow, Ceres, UN PRI.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes.

Please share your firm’s mission/values statement

Our goal is not only to build financial wealth for our clients, but to also enhance their experience of True Wealth. True Wealth represents a quality of living that, while including material safety, also incorporates the health and well-being of our body, heart, mind, spirit, community and world.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

Unfortunately, I have not been able to attend yet.

Have you sponsored a RG event?

No.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

The first meeting is informal, complimentary and meant to begin to develop a long-term relationship. We do this by Skype, Google+ or in person. In this meeting we like to find out what is most important to our clients, their concerns and their aspirations, both personally and for the world at large.

If we all decide we are a good fit, we begin with opening accounts and gathering information for financial planning. We use an online portal to gather information, securely transmit and store documents, and to do financial planning. A demo can be viewed here https://youtu.be/m5jKbxw7nk0

The comprehensive planning can take one to several months. This can include conversations with attorneys, CPAs and other family members so that all aspects of a clients’ financial life are attended to and feel up-to-date.

Then, we meet at least semiannually to review both the portfolio investments and overall financial goals. If things change in the market, or in the investments, we reach out to clients. If something changes in a client’s life, we welcome contact at anytime.

Socially Responsible and Impact Investing are at the heart of what we do investment-wise for our clients. That does not, however, mean we neglect the personal aspects of financial planning. We believe the two things compliment each other. If you feel comfortable with the investments you are making in the world, you are more likely to have a good flow of money in your life, and if you are attending to your personal financial health, you are more able to invest in a way that aligns with your values.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

We generally meet every six months with clients. We review both investment performance and financial planning goals.

What is your average client account size?

Approx $250,000.

Do you have experience with investing money outside of the stock market?

We do offer direct and private placement options to accredited and qualified investors.

Can you offer an example of an alternative investment practice you use?

We have recently offered an alternative investment which helps to develop small to mid-scale solar projects across the US.

 

 

 

David Wolf

BSW Wealth Partners

Managing Principle & Chief Investment Officer

David@bsw.com

3034449696

www.bsw.com

2336 Pearl Street

How did you find out about Resource Generation?

BSW was introduced to Resource Generation by our client families in early 2006. Over the course of our relationship RG has selected BSW to participate in events as consultants and advisors. In 2014, we became a significant partner by committing to a three-year sponsorship with RG.

Which roles do you play for your clients?

Provides overall planning to coordinate different financial aspects including investments, taxes, giving, estate planning, insurance. Budget work managing debt and savings and other financial aspects. Selects other managers to select investments. Selects mutual funds for investments. Recommends and researches community-based, impact investments. Recommends non-market, alternative investments.

What is the range of your account sizes from the smallest to the largest?

$500,000- $200 million.

What is the total amount of assets you manage directly?

$850 million.

For how many years have you been providing financial advisory services?

25.

What is an example of your most radical/unusual alternative investment?

BSW has facilitated our clients in investing in:

-a bike-cargo transportation system (sustainability and healthy communities)
-a 100% organic, farm-to-table restaurant (sustainability)
-a downtown cafe and cinema in the rural Midwest (community revitalization)
-an organic skin care line (sustainable business and natural products).

Does your firm have an explicit commitment to racial justice?

BSW focuses on racial justice in two of our three pillars: Economic Empowerment and Healthy Communities. The impact portfolio overlay includes; Micro, Small & Medium Size, Business Lending,Urban Revitalization, Democratization of Financial Services, Wellness Oriented Infrastructure, Health Care Services, and Education.

Does your firm have an explicit commitment to social return?

With more than two decades of experience in impact investing, BSW has a successful track record in helping clients align their investment portfolios with their values. We do this through a systematic and reportable approach.

As a pioneer in impact investing, we view values-based strategies as the natural intersection between philanthropic giving and investing. Our capabilities in this area span all major asset classes and values-based strategies including impact and screening for environmental sustainability, economic empowerment, and health communities. We are able to incorporate a wide-range of client-specific values into traditional portfolio construction and management.

We have three pillars that we focus our impact investing: Economic Empowerment, Environmental Sustainability, and Healthy Communities.

How do you support clients to make and increase their philanthropic contributions?

Discussions around philanthropic contributions are a natural part of our process. We As you BSW help clients develop a framework, demystify, and evaluate strategic opportunities by asking the right questions. What are the organization’s unique mission and programs? How does this align with your goals and objectives?

Once we have determined your interest and capacity we help you leverage your privilege, resources, and community to support movements for change. A good strategy has so much to do with having an accurate understanding of the circumstances. Now more than ever, social justice movements need resources and we are here to support your journey.

What are some examples of direct investments you could support a client to make?

BSW facilitates investments in:Program Related Investments (PRIs), 0% loans, etc.

How many people on your staff are people of color?

Three.

How many people on your staff are women?

Nine.

Does your firm have an explicit commitment to economic justice?

BSW focuses on economic justice in our Economic Empowerment pillar.  The impact portfolio overlay includes: Micro, Small & Medium Size Business Lending, Urban Revitalization, and Democratization of Financial Services.

Does your firm have an explicit commitment to gender justice?

BSW has a gender justice portfolio overlay that includes investments in corporate leadership, women-owned businesses, and gender diversity. We work with funds like NIA Global Solutions and Ours to Own to offer gender justice opportunities to our clients.

Does your firm have an explicit commitment to environmental justice?

BSW’s impact in environmental justice is demonstrated by our environmental sustainability pillar.  The impact portfolio overlay includes Renewable Energy, Sustainable Land Use, Transit Solutions, and Human Rights.

Does your firm have an explicit commitment to critically examining the ownership of land-based assets and original indigenous ownership?

Unfortunately, the impact investing universe is still young and we have not sourced impact options that are in line with BSW’s financial return benchmarks.

We do provide actionable items to our clients, for example: Standing Rock and the Dakota Access pipeline. We help educate our clients allowing them to understand how to stand in solidarity with indigenous communities if they so choose.

 

 

Why are you interested in working with RG members?

The young people of RG support many of the most important social justice movements of our time. Members of RG will come of age with an understanding of how to take control of their resources to build a more just world. The RG community understands we are all connected through community and what one does affects all others. We act as a stable epicenter for the next generation and provide them with the tools, structure, and expertise to take their social justice lens to the next level.

How many clients do you currently work with?

225.

Approximately how many of your clients are under the age of 35?

43 of our clients are under the age of 35.

Have you ever had any customer complaints (including current)?

No.

Have you ever been cited or sanctioned by a professional or regulatory body for any reason?  

No.

How many people are on staff?

22.

Are you or your firm registered with the SEC as an:

Investment advisor.

What is the amount of total assets under management by your firm?

$850 million.

For how many years has your firm been providing financial advisory services?

25.

What is your fee structure?

BSW fees are based on assets under management. The first $2 million: 1%, the next $3 million: 0.75%, above $5 million: .50%.

Our minimum fee is $2500 per quarter.

Since BSW is independently owned, we decide who we work with and “fit” is more important to us than assets.

Are there any additional fees for socially responsible investing/alternative investing activities? If so, please describe.

No, there are no fees associated with SRI/alternative investing.

Are there any additional fees (trading, exit or otherwise)? If so, please describe.

BSW is independently owned and does not collect commissions or sell products. There are fees imposed on trading and BSW ensures the lowest rates for our clients.

Where do you recommend clients hold their assets?

BSW recommends our clients place their asset with two custodians: Charles Schwab or Fidelity.

However, we do have clients with assets at BNY Mellon, JP Morgan, etc.

Can you work with someone who wants to hold their assets elsewhere?

BSW will work with someone who wants to hold their assets elsewhere.

Do you pool your clients’ assets?

No.

What SRI strategies does your firm use?

Negative product and industry screens, positive  product and industry screens, customer based specific screens (company, product, industry), Community Impact Investing.

Are you engaged in shareholder activism?

Yes.

Do you vote proxies for your clients?

In certain circumstances, BSW may vote proxies on behalf of its clients. In such instances, BSW will cast proxy votes in a manner consistent with our determination of the best interests of BSW clients, with voting decisions determined by BSW’s Investment Policy Committee (IPC) and/or BSW’s Director of Public Investments.

If so, who are some of your partners?

BSW partners include Trillium, PAX World, NIA Global Solutions funds, etc.

Have you advised RG members before?

Yes.

Are you interested in speaking to an RG staff member about ways you can participate and/or sponsor RG events?

Yes

Please share your firm’s mission/values statement

Our Ethos: BSW is an independent multi-family office and wealth advisory firm that is Built To Last and Makes Life Better for current and future clients, staff, and their families.

At BSW, our manifesto is Make Life Better, you’ll see it in all we do. At the end of the day, we all want to live lives full of meaning, abundance, adventure, and fulfillment. Money and wealth are really just wampum – a store of value we trade for those qualities. What we do goes beyond just investments or financial planning. We work side-by-side with our clients so that their wealth empowers and enhances all aspects of their lives.

Would you be willing to provide contact information for clients who would serve as references for you? Preferably clients who are 35 or younger.

Yes.

Have you attended Making Money Making Change, Transforming Family Philanthropy, or another RG event?  If so, what did you learn or take away?

BSW staff has attended Making Money Make Change and Transforming Family Philanthropy and other RG partner and affiliate events. Each event we attend influences our views and understanding of social justice.  During that time we have sharpened and clarified what RG members want and incorporate items like “Best and Worst Practice by Donors” into our vernacular.

Have you sponsored a RG event?

Yes.

If so, would you provide them as a referral?

Yes.

How do you typically start working with a new client?

We start with questions.  What would you do if money were no object? How would you really enjoy spending your life? What is your CURRENT family money story? What do you WANT your family money story to be? What are your goals and objectives?

We listen. We care. We understand.

At the onset of our relationship, we like to have quarterly meetings while we uncover your full financial picture. While we have offices in Boulder and Denver, we have clients throughout the US and internationally. BSW advisors frequently visit clients in other cities believing nothing beats a face-to-face discussion; however we do utilize video conference and the trusty old phone when required. Once our relationship picks up steam, we meet semi-annually, but as each engagement is unique, we do what is best for you.

Once you have established a client relationship, how do you typically work with a client on an ongoing basis?

We have an open dialog with our clients and are ready, willing, and able answer any questions you have.

Each quarter we provide a report that outlines not only assets overseen by BSW, but ALL your assets held in their entirety.

Additionally, our annual BSW Impact Report highlights societal issues and impact strategies within the BSW portfolios.

BSW hosts an Annual Client Meeting where our managers, philanthropic partners, and colleagues present on items like; environmental sustainability and investing in B Corps. Additionally, we facilitate ad hoc family meetings and provide opportunities to advance your financial literacy at any level.

What is your average client account size?

$5 million.

Do you have experience with investing money outside of the stock market?

Yes, BSW offers a Private Market Impact Fund, direct real estate, private equity, venture debt, venture capital, commodities, hedge funds, etc.

Can you offer an example of an alternative investment practice you use?

BSW designed the strategy, team, and structure of the Private Market Impact Fund (PMIF). This allows BSW clients to own a diverse portfolio of private equity funds selected for their competitive financial returns while creating positive societal, economic and environmental impact.