Women LEAD #2: Redefining Wealth: Women Leading with Purpose and Passion
By: Anna Grace Hawkins
This year’s second Women LEAD session focused on Redefining Wealth: Women Leading with Purpose and Passion. The discussion was centered around the role of philanthropy within wealth conversations. Katie Lyman, Senior Philanthropy Advisory with JP Morgan Private Bank lead the conversation with several panelists.
As the Head of Philanthropic Advisory Services at Brown Brothers Harriman, Kerri Mast brought the perspective of working with clients and their families who are making decisions about their philanthropy. Through her work, she identified three key themes in philanthropy right now: 1) An increase in giving circles; 2) Greater participation from the next generation; 3) Increased focus on environmentally focused philanthropy. As we think about philanthropy, Kerri shared the importance of have a process for how you want to give and having the humility to trust the organization’s process in return.
The second panelist, Meredith Heimburger, from Global Endowment Management shared what she sees in her role as the Head of Impact Investing. She shared how clients have a desire to align their investment goals with the impact they want to make, while debunking the idea that by investing in impact, you give up return. Lastly, she shared the importance of finding ways to measure philanthropy and impact.
Valaida Fullwood’s unique perspective as the founder of NGAAP highlighted the importance of partnership between philanthropy and donors. A successful relationship is dependent on taking time to build trust and alignment. She also discussed the four traditions of philanthropy as a framework to think about impact: 1) Philanthropy as relief; 2) Philanthropy as improvement; 3) Philanthropy as social change; 4) Philanthropy as civic engagement. By viewing philanthropy through this lense, it becomes clear how each type plays a role in impact.
As the Managing Director of SHARE Charlotte, Melissa Hovey, illustrated how partnership includes time as well as money. Furthermore, she has found that volunteering is often a person’s first experience with an organization and is later followed by philanthropy through giving.
Lastly, the group discussed the role of women in these conversations. They’ve found women to be more cohesive in decision making, crucial in building relationships within their communities, and key to conversations around aligning investment portfolios with their values. Yet, women tend to be underrepresented on board, highlighting a key opportunity for women.
At the end of the conversation, we were encouraged by some of the themes across the Charlotte non-profit landscape
- Charlotte is charitable by nature
- Encouraging activity within the entrepreneurial non-profit community
- High interest in impact investing
- Focus on black and underrepresented communities
- Opportunities to be philanthropic are becoming decentralized and accessible
