Approaching Philanthropy, Part 5: Creating Your Own Vision
Could you be an entrepreneur in the philanthropic world? There are some people who see a need in the world and build something from the ground up to address it. This is a mission that takes vision, energy and passion. It also doesn’t hurt to have financial resources. And, even with these things, it will require resilience. But the rewards can be profound.
A lot of times, a philanthropic founder is an ultra-high-net-worth person who creates their own foundation or an operating 501(c)(3). Why? Because they have the means to fund the solution and make it sustainable. Sustainability is an important goal of any organization.
The Bill and Melinda Gates Foundation is a well-known example of this. They saw a need for medical care and advancement in less-developed parts of the world, and they put tremendous funding and focus where it was needed—while rallying many others to their cause.
But creating a nonprofit doesn’t necessarily mean you have to depend solely on your own wealth. You can be a creator by developing a volunteer team and then getting the community support and sponsorship that you need. You might even be able to leverage funding from alternative channels like a Giving Circle or a social media-based platform like GoFundMe.
A self-made nonprofit story
Here’s an example that we heard about recently. Someone with a passion for reading and literacy had traveled around the U.S., attending various book festivals over a period of years. One day, she decided that it would be nice if her hometown had a book festival of its own.
So what did she do? She reached out to friends who she thought would want to play a role in creating and developing a local nonprofit. She was able to bring together an army of people who committed to volunteering and making the festival happen.
Today, she has a lot of work to do to keep her organization viable. She is in the process of recruiting board members who can assist with the stewardship, strategic planning and fundraising that’s required to sustain an all-volunteer local organization for the long term.
The task has never been easy, but seeing the success of her events is what keeps her going. Her love of reading is bringing people from all walks of life together and spreading something positive across the community. It’s something she truly values.
What would you like to create? The precise answer may be different for everyone, but the one common thread we’ve observed through working with our clients and being involved in various nonprofits is that there’s some emotional attachment, either to the mission or to the specific organization, that drives the commitment to create and serve. If you have a dream, you can make it happen.
Your philanthropic path will likely depend on many factors, including your life experiences, your family values and the needs of your community. It will be shaped by what gives you personal meaning, the amount of time you have available, your unique skillset, your past experiences and your financial resources. A Corient Wealth Advisor can help make sure that your wealth management strategy and estate plan work hand-in-glove with your desire to give.
Other topics in this series:
ABOUT THE AUTHOR
Lesley Draper, CFP, CTFA
Lesley Draper is a Partner and Wealth Advisor. She is responsible for managing client relationships, advising families and individuals on financial planning, tax planning and investment management. She received her BS from Purdue University in West Lafayette, Indiana. She is a CERTIFIED FINANCIAL PLANNER™ professional, a Certified Trust and Financial Advisor (CTFA). She is currently studying for Charitable Advisor in Philanthropy (CAP) designation. She is passionate about giving back and co-chairs RegentAtlantic's Neighborhood Nonprofits team and serves on multiple charitable boards, including P.G. Chambers School and Morristown Festival of Books. Prior to joining RegentAtlantic, Lesley was a Vice President at Citi Private Bank and subsequently spent 11 years at U.S. Trust Company of New York in the Financial Planning and Family Wealth departments. Lesley enjoys golfing, fly fishing and resides in Montclair, NJ with her partner Bob, two German Shepherds and four rescue cats.
James Sonneborn, CFP, CFA, MBA
Jim has over 35 years of experience managing investment portfolios and providing financial advice to individuals, families and charitable organizations in the New York metropolitan region.
As a Wealth Advisor and Co-Chair of the Firm's Neighborhood Nonprofits Group, Jim works with a wide range of clients and has a particular specialty in philanthropic strategies. For donors, Jim works to construct strategies that align with the client's philanthropic goals. In the nonprofit sector, Jim focuses on helping organizations strengthen their financial position through endowment management and planned giving consulting. Jim currently serves on the boards of The Rippel Foundation and the Environmental Endowment of NJ.
Jim holds a BA in Business from Western Colorado University and an MBA in Finance from Drexel University, as well as the CERTIFIED FINANCIAL PLANNER, Chartered Financial Analyst and Certified Divorce Financial Analyst certifications.
CONTENT DISCLOSURE
This information is for educational purposes and is not intended to provide, and should not be relied upon for, accounting, legal, tax, insurance, or investment advice. This does not constitute an offer to provide any services, nor a solicitation to purchase securities. The contents are not intended to be advice tailored to any particular person or situation. We believe the information provided is accurate and reliable, but do not warrant it as to completeness or accuracy. This information may include opinions or forecasts, including investment strategies and economic and market conditions; however, there is no guarantee that such opinions or forecasts will prove to be correct, and they also may change without notice. We encourage you to speak with a qualified professional regarding your scenario and the then-current applicable laws and rules.
Advisory services are offered through Corient Private Wealth LLC and its affiliates, each being a registered investment adviser (“RIA”) regulated by the U.S. Securities and Exchange Commission (“SEC”). The advisory services are only offered in jurisdictions where the RIA is appropriately registered. The use of the term “registered” does not imply any particular level of skill or training and does not imply any approval by the SEC. For a complete discussion of the scope of advisory services offered, fees, and other disclosures, please review the RIA’s Disclosure Brochure (Form ADV Part 2A) and Form CRS, available upon request from the RIA and online at https://adviserinfo.sec.gov/. We also encourage you to review the RIA’s Privacy Policy and Code of Ethics, which are available upon request.
Our clients must, in writing, advise us of personal, financial, or investment objective changes and any restrictions desired on our services so that we may re-evaluate any previous recommendations and adjust our advisory services as needed. For current clients, please advise us immediately if you are not receiving monthly account statements from your custodian. We encourage you to compare your custodial statements to any information we provide to you.
