Establish the “true north” of your responsible investment practice

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    This ability to get involved is vital for any consultant, especially those who advocate for RI, as clients increasingly seek to invest in a purposeful way. You want to know what a consultant stands for and why.

    Kanungo has developed a practice management program called Impact Advisor. The program consists of one-on-one consultations, workshops, tools, and resources that cover three main areas: purpose, building the RI portfolio, and customer relationships. In a series of three articles, we examine each area in turn, starting with determining the purpose of your practice.

    A sense of direction is of course nothing new; it goes back centuries. When customers have met their basic needs such as food, shelter and safety to achieve further self-actualization, they want to change our world and look at products and investments through that lens.

    We are seeing an increase of people lately demonstrating their purpose like cleaner environment and social justice. Examples such as the Black Lives Matter movement, climate protests initiated by Greta Thunberg and excessive salaries of executives are just a few examples.

    As a result, advisors need to demonstrate that not only are they helping their clients grow their wealth, but they are also committed to helping them make a difference. Kanungo believes that a consultant must be able to articulate this mission statement in order for a consultant to make that connection with a client. Advisors can demonstrate this alignment by offering responsible investing, but they must first be able to articulate their purpose.

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