Rowland Carmichael is blessed to work with families aspiring to influence and impact their communities both locally and worldwide. Generosity alone is rarely sufficient if you want your charitable giving to make a difference. This process is often confusing and can be very emotional. Many families choose to start and manage family foundations, often working directly or jointly with institutions that share foundation goals and impact initiatives.
When considering if a foundation is the right avenue for your family, a great place to begin is reading Give $mart: Philanthropy that Gets Results by Thomas J. Tierney and Joel L. Fleishman. This book gives a well-rounded look at starting, managing and transitioning foundations and covers a myriad of case studies and lessons learned in dealing with both successful and unsuccessful attempts to “give smart.” We often recommend families review and discuss the important lessons learned in this book before venturing down the path of starting a foundation. Forethought is encouraged regarding the foundation’s mission statement, the priority for gifting initiatives, and the extent, if any, to which future generations will be involved through the Family Office. If you are interested in exploring the use of family foundations and employing intelligent governance, we welcome an open and honest conversation around how you want to live and leave a legacy.
Volunteering and giving back both locally and around the globe has been a part of the Rowland Carmichael culture. Our last two volunteer events have been through the non-profit faith-based organization called Feed My Starving Children (FMSC). Every meal that goes out is hand-packed by volunteers and all meals are funded by donations.
Clients and family volunteered alongside us on Thursday, October 19th. One of those helpers included my daughter, Aven (6). While most volunteers helped pack bags with food ingredients or pack boxes with bags of food, Aven and I organized the labels for the meals. She was so excited for the opportunity to help kids around the world. When we arrived home, she told her mom that “every day we have off in the future, we should go back to FMSC to help little babies not be hungry.” She genuinely walked away from the experience with a new perspective, as did the rest of the group.
Afterwards, we were given stats of our hard work. We packed 128 boxes which provided 27,648 meals that will feed 75 kids for a year at the cost of $6,082.56. We look forward to our next volunteer event in the Spring of 2018.
Kelly Bird, Garrison Gray, Corey Bird, Bryan Bird
As many of you know, the Troy Gray Legacy Golf Tournament is a special event for Corey Bird and his family. Rowland Carmichael is proud to partner again this year with clients and members of our community to support Scottsdale Young Life and the 6th Annual Young Life Troy Gray Legacy Golf Tournament. Nearly $113,000 was raised for Scottsdale Young Life at this year’s tournament. Many young lives in the Scottsdale area will be positively impacted by the efforts and generosity of the individuals and national companies that donated their time and money.
Bob Kohnen, Lacee Floyd, Ernie Modzelewski, Jim Crews
Young Life is an international organization that works with middle school and high school youth in over 90 countries.
We would like to thank those who joined Lacee Floyd, Corey Bird and his family in this year’s tournament, as well as all who participated in the 2017 Young Life Golf Tournament and for everything you do in your philanthropic endeavors.
Wise investing involves an alignment between who you are and the traits you exhibit in building and conveying wealth.
By Corey Bird
No two investors are the same, but their financial decisions – both good and bad – are often guided by certain principles and based on a unifying investor profile. Understanding why people make irrational or imprudent investment decisions is a major challenge, particularly when those decisions appear to be inconsistent with the personal values that have served the investor well.
The concept of behavioral finance takes on real importance when emotion and psychology start influencing individual money decisions. As Albert Phung, a writer and analyst for Investopedia.com, explains, behavioral finance “seeks to combine behavioral and cognitive psychological theory with conventional economics and finance to provide explanations for why people make irrational financial decisions.” Too often, ill-conceived or destructive ways push the investor down a conflicted path that threatens to undermine every objective they seek to achieve through structured investing.
At Rowland Carmichael, we help our clients develop and maintain a structured framework for themselves and their families which takes into account their unique personal and financial profile. We recommend that investors work with a team of independent advisors for legal, accounting and financial management to gain an understanding of their investor profile, as well as the education platforms necessary to make them the best investor they can be.
If there is substantial wealth passing to multiple generations, we highly recommend that the grantors engage the younger generations to teach them not only about the governance and stewardship of wealth, but also about the character and values of the people who created the wealth and how they chose to pass it down. We also believe that grantors should weigh the consequences of passing wealth to individuals or institutions that don’t share their values, and to attach appropriate “strings” to the wealth to help ensure that it not only benefits the recipients, but perpetuates the grantor’s values.
If you have questions regarding building and conveying wealth, we invite you to contact your Wealth Manager to discuss your particular situation.