The Net Positive Consortium in Wealth Management Launches: Uniting Firms for Collective Impact

NEW YORK, Oct. 23, 2024 /PRNewswire/ -- Today, a coalition of leading RIA and wealth management firms, proudly announced the launch of the Net Positive Consortium in Wealth Management (NPC). This pioneering initiative unites financial advisory firms in a shared commitment to creating meaningful societal impact, extending far beyond financial performance. The Consortium is built around the mission of fostering a "Net Positive" outcome for clients, team members, communities, the environment, and the industry itself.

Founding Members Champion Collective Action

The Founding Member firms are committed to advancing beyond their individual efforts for a greater purpose. These firms have demonstrated leadership through their own impactful programs and are now joining forces to drive a wider movement that amplifies their positive contributions.

Founding Member RIA firms include Andrew Hill Investment Advisors, Brighton Jones, Cornerstone Wealth Group, Crestwood Advisors, GYL Financial Synergies, Halbert Hargrove, Mariner Wealth Advisors, Modera Wealth Management, Perigon Wealth Management, Sentinel Group, Wescott Financial Advisory Group, Wealthspire Advisors and more.  Additionally, solution providers AdvoKate IQ, Andes Risk and Bento Engine also are part of the Founding Members.

"The firms that engage with the NPC will fall into one of two categories. Many have already developed a strategy and are actively engaged in giving back to their respective communities. Others are early on in their journeys and are seeking guidance and insight to assist in converting intentions to reality," notes Gerry Goldberg, JD, CIMA®, CEO of GYL Financial Synergies and Co-Chair of the Consortium.

A Collaborative Vision for a Shared Future

The Net Positive Consortium seeks to be a platform for collaborative impact, where members exchange best practices, share experiences, and inspire others within the wealth management ecosystem to embark on their own net positive journeys. By working together, the Consortium aims to create an industry-wide ripple effect, delivering substantial benefits to the profession and the clients it serves.

"The Net Positive Pledge Consortium in Wealth Management represents a watershed moment for our industry," said Grant Rawdin, CEO of Wescott Financial Advisory Group and Co-Chair of the Consortium. "It's not just about individual firm efforts; it's about leveraging collective strength to create a framework for sustainable, positive impact across the entire profession."

Five Pillars to Guide the Journey

The Consortium has identified five key pillars to help firms align their initiatives with a greater purpose. These pillars are designed to provide a structured approach for organizations looking to make a meaningful impact:

• Workforce/Team Members: Fostering holistic well-being, inclusion, and career development for employees.
• Community: Supporting local causes, charitable giving, and community involvement.
• The Planet/Environment: Driving environmental stewardship and sustainability.
• Client: Promoting financial literacy, impact investing, and philanthropy.
• Industry: Giving back to the profession through mentoring, knowledge sharing, and leadership.

"The biggest hurdle to taking action is often knowing where to start," said Suzanne Siracuse, wealth management industry consultant and facilitator for the Consortium. "That's why we developed a framework centered on these five pillars. They assist firms on this journey and serve as a roadmap for any firm seeking to make a net positive impact."

The NPC has also introduced a simple Inventory Assessment designed to help firms document their current efforts and identify areas for growth. Additionally, Founding Members have shared best practices in a newly published Executive Brief titled, Unlocking Our True Potential: Actionable ways for the wealth management industry to support the Net Positive movement, that provides further guidance and inspiration for firms looking to elevate their initiatives.

Supporting Resources for Long-Term Success

In addition to the five pillars, the Consortium will offer webinars, thought leadership content, and video resources aimed at helping firms incorporate the net positive philosophy into their business strategies. These resources are designed to foster long-term growth and ensure that firms continue to elevate their impact year over year.

Membership Criteria and Commitment

Firms interested in joining the Consortium must meet specific criteria, including completing the Net Positive Inventory Assessment, demonstrating initiatives in three areas within the five pillars, and committing to a path of continuous improvement. Member firms also contribute to funding the resources and initiatives that support the mission of the NPC.

A Vision for the Future

 As the wealth management industry evolves, the Net Positive Consortium aims to serve as a beacon of leadership, collaboration, and positive change. By working together, member firms can amplify their impact, shaping the future of wealth management for generations to come. 

"At Mariner, our purpose is to positively impact the lives of many including our associates, our clients, and the communities we serve. As a Founding Member of the Net Positive Consortium, we feel confident that our involvement furthers our purpose, as well as allowing us to serve as a good steward of the wealth management industry's commitment to giving back," said Kevin Corbett, Managing Director at Mariner Wealth Advisors. 

About the Net Positive Consortium in Wealth Management 

The Net Positive Consortium in Wealth Management (NPC) is a coalition of firms committed to becoming net positive, focused on improving the well-being of clients, employees, communities, and the environment while advancing the financial advice profession. The Consortium provides resources, best practices, and tools to help others on their journey toward making a lasting, positive impact.  For more information, visit www.netpositivewealth.com

SOURCE The Net Positive Consortium in Wealth Management