When Giving Back Means Lifting Up

2. BLB&B Advisors in Montgom­eryville, Pennsylvania is another firm that puts its money where its mouth is. The firm’s founder — the late Frank Burke — established the Cedarcrest Charitable Foundation and appointed members of the firm to its board. His successors have continued this legacy. Now known as BLBB Charitable, the firm and its sizeable foundation is dedicated to philanthropic giving for people in need. As part of their firm’s culture, they encourage everyone within BLB&B to get involved in community service activities, which they in turn support with funding for critical initiatives. They match 2:1 money raised or donated by their employees and partners up to $5,000.

One of the foundation’s directors and firm leaders, John Lawton, says that “not only are we making an impact on the communities in which we live and work, this emphasis on community involvement enriches our culture and provides a great framework for leadership development within our firm.” A new financial literacy initiative is now a priority for the firm in order to help individuals make a connection between the choices they make and their financial health.

3. Another successful Philadelphia-area financial advisor, Mike Piotrowicz of Legacy Advisors, was inspired by the work of Frank Burke and John Lawton to start a foundation when he was part of another area business, Kistler Tiffany. When Mike started his own advisory firm, he created Legacy Foundation. Mike also gives of his time having served for 30 years on the board of Williamson College of the Trades (which gives high school students free room and board while preparing them for life as an adult. This 140-year-old school serves low-income students, providing practical education in trades including masonry, carpentry and horticulture. They emphasize character, integrity, faith and academic discipline. Most of the students who graduate from Williamson receive job offers. Mike says, “It has become a safe place to get kids to learn, and a life lesson in how to earn.”

As Mike put it, “it is easy to forget how fortunate we are in this business. We can have hard times, but this gives us real perspective. Our so-called dark struggles are not struggles at all in comparison. When we see how we can impact the lives of these kids, we can also see the pride of their parents in their success.”

While the efforts of TCI, BLB&B and Legacy provide just a few examples, they demonstrate the power of including community service in the work we do. Each of these firms has found that they tend to attract clients and employees to their advisory firms who share these values. Each person I talked to about their community service said that the process has made them more empathetic and more aware that their efforts can improve the communities around them for years to come.

The firms I mentioned focus on different stages in education, from elementary students to young adults entering the workforce. Whatever the age, students discover that the choices they make around money are important.

Many advisors have dedicated programs to serve the homeless and hungry in their communities, as well as to support the arts. We have a skill and knowledge set to share as well. If you haven’t done so already, consider how your organization might make a difference in educating young people in local schools and career development programs. In reaching out, advisors also enrich the work lives of employees and bolster the reputation of the advisory business, a profession that should be known for positively impacting others.

Mark Tibergien is CEO of BNY Mellon’s Pershing Advisor Solutions. Tibergien is also the author most recently of “The Enduring Advisory Firm,” written with Kim Dellarocca of BNY Mellon and published by Wiley. He can be reached at [email protected].