Charitable Donations Still Strong
Donors are continuing to open their wallets to charitable causes, despite tough economic times, according to Fidelity.
The Fidelity Charitable Gift Fund reported that contributions in 2009 were slightly up from a year earlier, going from $1.05 billion to $1.1 billion.
The fund-the nation's largest donor-advised fund-supported more than 60,000 nonprofit organizations last year with more than 298,000 grants-a total that was up 1.8% from 2008.
"Despite the economic uncertainty of 2009, our donors maintained their commitment to help the nation's nonprofit organizations at a time when that help was desperately needed," said Sarah C. Libbey, president of the fund.
Father, Son Team As Consultants
Father and son Paul and David Karofsky have teamed up to launch a new iteration of Transition Consulting Group Ltd., a Framingham, Mass.-based consultant to family and closely held businesses. By forming a tandem, the Karofskys are set up as a family business consulting other family businesses.
"With one out of three family businesses surviving into the second generation, families in business together take on more risks both financially and personally than ever before," said Paul Karofsky, who founded the firm in 1991.
The senior Karofsky, who serves as CEO, was a third-generation CEO in his family's distribution business before selling the company. Son David has spent the past 15 years as a consultant to startup firm executives.
Online Advisor School Launches
A new online educational site for advisors in the affluent market has launched.
The Weylman Center for Excellence in Practice Management calls itself an online university for financial professionals in the affluent market.
The curriculum includes 41 video courses and a suite of marketing tools, resources and research. The site also includes forums where students can share ideas and a coaching and counseling center.
The site, at www.weylmancenter.com, was founded by marketing consultant Richard Weylman of Boca Grande, Fla.
"In today's changing market, affluent investors are seeking to do business with people they know and trust," he says. "Financial professionals are finding that it isn't enough to just be technically competent. Success today requires new, fresh and relevant marketing."
People In The News
M Financial Group announced that R. Marshall Jones Inc., based in West Palm Beach, Fla., has become a member firm. The life insurance and estate-planning firm was founded in 1979.
Atlantic Trust, based in Atlanta, announced that three senior professionals have joined two of the firm's regional offices: Craig Falls as a senior vice president in Austin, Texas, and Steven Smith and Jeff Dillman as managing directors in Washington, D.C.
Glenmede, based in Philadelphia, announced that Gordon Fowler assumed the role of chief executive officer on January 1, 2010, as scheduled. He replaced the retired Al Piscopo and became the sixth person to lead the firm in its 53-year history.
Kanaly Trust, based in Houston, has hired Robert Shelton to direct the firm's expansion into New Mexico. Shelton was a senior investment officer with JPMorgan Private Bank and spent nearly ten years at AIM Investments as a senior portfolio manager and equity analyst.
Fortigent LLC, a Rockville, Md.-based provider of outsourced wealth management solutions, has been retained by Ballentine, an Atlanta-based independent asset strategy firm.