10 RIAs win “Charitable Champions” prize for service and philanthropy

June 13, 2022 9:08 AM

10 financial advisory firms won top honors in a philanthropy contest.

From Seattle to Omaha to Bedford, New Hampshire, 10 independent financial advisory firms from small to large earned top honors in a contest for financial planning companies that give back to their communities and promote a culture of philanthropy.

The Invest in Others Charitable Foundation, a nonprofit based in Andover, Massachusetts, awarded the honors to firms including Carson Group of Omaha, which had around $20 billion in client assets as of February.

The nonprofit seeks to recognize the efforts of financial advisors, employees and their firms as they engage in philanthropy and volunteering in communities of need. Collectively, employees at the winners for 2022 contributed 20,746 volunteer hours last year and made over $2 million in cash contributions to charities.

“When companies prioritize giving back to their communities, it creates a culture that extends to all levels of the organization,” said Megan McAuley, executive director and president of Invest in Others Charitable Foundation. “These Charitable Champions are proving that the financial industry can be a force for good.”

Winners represent registered investment advisory firms, including those affiliated with an independent broker-dealer and dual-registered firms tied to a brokerage while doing business through an RIA.

With assets of just over $3 million and a board of senior executives from Fidelity Investments, Nuveen, Morgan Stanley, Raymond James, Envestnet and LPL Financial, among others, the nonprofit is in its 15th year. Prior recipients of grants from the foundation include Camp One Step by Children’s Oncology Services in Chicago, the Children’s Musical Theatre of Bartlesville, Oklahoma, Interfaith Health Clinic in Knoxville, Tennessee and the Literacy Institute for Financial Enrichment in Lanham, Maryland.

This year's winner are:

Arkos Global Advisors of Houston, Texas

With 17 advisors and two other employees across four offices, Arkos managed more than $486 million as of April 6, including nearly $182 million for nonprofits.

Jeff Thomas, the founder and CEO, said that 10% of the firm’s corporate profits automatically go to philanthropic efforts. The firm's giving is divided equally among national organizations “that reflect our corporate vision, mission, values and principles,” disaster response and local giving that requires hands-on participation. The firm’s website lists Christian organizations as among the recipients of its grants.

“Our target market is working with business owners selling their companies who want to be generous,” Thomas said. “We specialize in philanthropic planning and attract employees based on that focus. We ‘walk the talk’ as a company to be an example for our clients and prospects.”

Brighton Jones of Seattle, Washington

With 215 employees, including 123 advisors, across 15 offices, Brighton staffers follow six "Compassion in Action" programs designed and led by CEO and co-founder Jon Jones.

“Rather than a top-down approach to community impact, we aim to ensure each individual has the tools, time and support to roll up their sleeves and move the needle for causes they care about most,” the firm says. It measures its success by tracking the number of employees who join in its volunteer events, sit on nonprofit boards and volunteer their time. It matches up to $1,000 donations made by employees. Last year, it made nearly $500,000 in cash contributions.

With a public charity, the Brighton Jones Richer Life Foundation, the firm channels money to efforts to fight global poverty, improve access to education, support Ukraine, improve racial justice and women’s equity and fight climate change in the Pacific Northwest.

Carson Group of Omaha

One of the largest hybrid RIAs, Carson Group has a corporate giving committee that leads the firm’s philanthropic activity. All of Carson’s 315 employees participated in 15 charitable events last year, including collecting items to send to Afghan refugees, donating to the Marine Corp Toys for Tots program, a diaper drive in Omaha and a Trivia Happy Hour with The Alzheimer’s Association, in which the firm raised $690 in one hour. Carson has 131 partner firms with more than 380 advisors.

Each quarter, the firm selects a local dog rescue to raise money for. Funds are gathered by selling “Nelly” T-shirts — “Nelly,” a black Labrador retriever, is CEO and founder Ron Carson’s pet and the “chief comfort officer” of the firm, with her own bar and lounge on the sixth floor. The most recent event at which all Carson employees participated raised $1,001 for the Heartland German Shepherd Rescue and $1,250 for Harbor of Hope.

Last year, Carson group donated nearly $312,000 to charitable causes. It matches employee gifts up to $500 each.

Cary Stamp & Co. of Tequesta, Florida

With 10 employees, half of them advisors, across two offices, the firm has multiple staff members who are executive officers of nonprofit boards, including those focused on child services, environmental advocacy and civic engagement.

“The consistency of our monthly community service program sets us apart,” Cary Stamp says. “We have a calendar of rotating events/organizations that receive our volunteering time and donations every month” and usually contribute to 12 different charitable organizations over 12 months.” With just over $40,000 in cash donations to charities last year, including scholarship contributions of $1,000 each to at least 10 local high school students, the firm takes a wide view of charitable giving. “Our allocations of time and donations can be for any cause or organization with which our team members volunteer or serve on boards — or entirely other worthy programs,” it says.

Cassaday & Company of McLean, Virginia

With 74 employees including 13 advisors in one office, the firm runs a charitable fund, Cassaday & Company Charitable Fund (CCCF), whose team members — upper-level management and financial advisors — research local and national charities as potential recipients of grants. The fund’s goal is to “support individuals and organizations with the goal of creating opportunities that otherwise would not exist by providing basic necessities like food, water, medical care, refuge, shelter, sanctuary, education and training.”

But employees are encouraged to donate their time and resources to any group of their choosing, and many advisors and senior management work with charities outside the ones that CCCF directly supports. Cassaday matches up to $6,400 of donations employees make and contributed more than $154,000 to nonprofits last year.

Hammond Iles Wealth Advisors of Wethersfield, Connecticut

With 13 employees including three advisors across four offices, Hammond Iles focuses on addressing immediate needs in the communities where its staffers live and work. CEO Greg Hammond and Vice President Scott Iles match up to $25,000 in employee donations, with the firm contributing $27,000 to charitable causes last year, in particular to those working on the frontlines of COVID-19. It supplied thousands of masks at a food drive, supported food pantries and pivoted to online financial education workshops focused on bringing conversations about purpose, money and investing to family dinner tables.

Hammond’s “Run for Connecticut Children’s” individual running team raised over $17,000 during the 2021 Hartford Marathon last year, making him the top fundraiser for all charities that donated during the event. “Our company is small, but for its size, we are mighty givers,” the firm says. “Our clients join us in these efforts and add to the excitement of making a meaningful difference every day.

Pickler Wealth Advisors of Collierville, Tennessee

Arts and education are the focus of charitable efforts by Pickler Wealth Advisors. With 12 employees, including two advisors, in one office, contributing to efforts to boost local financial literacy and workforce development are top priorities. The firm produces in-house a weekly free podcast, BullCast, that provides personal financial advice on living a financially balanced life. Last year, every staff member helped policemen, firefighters, paramedics, doctors and nurses get free estate plans for their heroic efforts.

“We routinely contribute at least 10% of our gross revenue to outside organizations, and this includes organizations recommended by staff in their volunteerism efforts,” the firm says. In 2021, it donated over $400,000. President and CEO David Pickler has his own private foundation, the American Public Education Foundation, which is funded solely by his own contributions and a percentage of profits from Pickler Wealth Advisors. The foundation’s board includes 30 public education advocates from across the country.

Organizations supported by the foundation or the firm include the Memphis Oral School for the Deaf and the University of Tennessee Health Science Center. Last year, the firm made total cash contributions of $352,000.

Rise Private Wealth Management of Bedford, New Hampshire

Rise Private Wealth Management is part of giant company Ameriprise Financial, but it keeps its charitable activities local. With 62 employees, including 25 advisors, across eight offices, volunteer work ranges from clearing local garden beds in Bedford to assembling food boxes for Thanksgiving meals to donating provisions to local food pantries. One in two employees use volunteer time off.

The firm made total cash contributions of nearly $86,000 last year and participated in 13 fundraising events, including the Animal Rescue League of NH Silent Auction, the Families in Transition Walk to End Hunger 5K and the Fuel Our Families Weekend Bagged Meal Program. Last year, the team sponsored 11 families through the local Boys & Girls Club in Manchester for holiday shopping, with each family’s child receiving $200.

Every Friday, employees can wear jeans to work in the office if they donate $5 to the charity of the quarter. “We still had many team members working from home in 2021, so not everyone was visiting the offices, but we still had some team members donate even though they were at home,” the firm says. “We know that dressing more casually is not for everyone, but we often still get contributions from those who prefer to dress more formally in the office.”

Savage & Associates of Maumee, Ohio

With 145 employees, including 69 advisors, across four offices, Savage tackles charitable giving on two fronts. The Savage Foundation, founded in 2003 to help support non-profit organizations in northwest Ohio and southeast Michigan, has raised more than $1.3 million to date, mostly through the Savage Foundation Golf Classic. All funds raised go to charities, which compete for grants by submitting applications. The top 10 make presentations at Savage headquarters, with the firm then choosing the recipients.

Savage also sponsors a 5K race as part of a festival that brings thousands to the northwest Ohio area each year. President and CEO J.R. Tolland is fond of musician Marlan Rico Lee’s quote, "Be grateful for the things and people you have in your life. Things you take for granted someone else is praying for."

Savage made total cash contributions last year of nearly $141,000.

Tolleson Wealth Management of Dallas

With 215 employees, including 33 advisors, in one office, the firm chose a “high-impact” community partner with which it conducts volunteering and fundraising services for two years. For 2020-2021, the firm chose St. Philip's School & Community Center, which serves low-income students and families in the greater Dallas area.

Tolleson also donates $2,500 to each department's volunteer charity of choice. Clients receive a holiday gift in the form of a $500 donation to a charity of their choice in their family's name, a gift that generates more than $100,000 in donations.

The firm made total cash contributions of $338,000 last year.