Nicola Wealth is dedicated to actively contributing to our community, both locally and internationally. We do this both at a corporate level and in how we support and facilitate our staff and clients’ philanthropic goals.
We hope to inspire a culture of giving by sharing client stories and highlighting outstanding charities and causes.
Through our combined impact, we can make a meaningful difference to the biggest challenges facing our communities.
I want to share a bit about my thoughts and practices regarding giving with the growing Nicola Wealth community. I do so as a fellow traveller on the philanthropy journey and look forward to any conversations this might spark, as well as learning from others on this path.
First, some context: I am the first child of immigrant parents who came to Canada with limited financial resources but were well-educated and committed to family. Like many of the Baby Boomer generation, I worked tirelessly, sometimes with two jobs, to finance my education, including law school. Over the span of 44 years, I practiced law in both large and small firm settings. With hard work, taking some risks, and considerable good fortune, I played a role in founding the first boutique mergers & acquisitions law firm in B.C., which exceeded all our hopes and dreams. Additionally, I was given numerous opportunities to invest in the small business ventures of my clients. Often, these investments proved successful, and on a few occasions, remarkably so.
I provide this context because it could be argued that I am a 'self-made man' who 'deserves' what I earned through hard work and investing. However, I choose to view it differently. I was born with significant advantages, not of my own making: as a white male during a post-war economic boom, in a stable family, in a country with incredible opportunities, with a healthy body and mind. I consider all these as free gifts intended not only for my personal benefit but also for the benefit of others, especially those who have not received such gifts. This perspective is at the core of my thinking and practice when it comes to giving; I am giving from what I have received.
My primary passion in the charitable sector is working to end systemic injustice and poverty, often intertwined. Over the past 17 years, I have embarked on a journey from guilt, helplessness, and hopelessness to joy, deep engagement, and hopefulness. This transformation largely stems from my involvement with Food for the Hungry (FH), where I have served in various capacities, including as a director on both the Canadian and international boards. I have led teams in partnering with a squatter community on the outskirts of Lima on seven occasions, which has been life-changing for all of us. As a result of these experiences, a substantial part of our philanthropy is directed toward FH and other organizations in the relief and development sector. Due to my deep involvement with one organization, I have been able to gain insights into the key factors in giving in this sector.
Here are a few ideas about philanthropy that I'd like to share:
- The primary reason to support a charity is its impact. In the relief and development sector, this begins with understanding an organization's 'theory of change,' which defines how they intend to deliver impact. The more you learn about what works and what doesn't in development work, the clearer your choices for support will become. You can conduct your own research or engage in conversations with those who have researched and share their knowledge. One of my hopes for the Nicola Wealth Private Giving Foundation (PGF) donor community is that we create interest groups based on specific passions, allowing us to share knowledge and experiences with one another.
- Learn about how the organization you wish to support measures its impact and review the results. This is more crucial in evaluating a charity than simple metrics such as the percentage of funds spent on administration, which, unfortunately, can be manipulated. Learning to ask the right questions is essential for wise philanthropy.
- Consider volunteering with a charity you wish to support. This will provide you with profound insights into their work, their target audience, and their culture.
- Make philanthropy a family endeavor. We had the opportunity to take our daughters, when they were in their early teens, on trips to communities affected by poverty. This experience had a lasting impact, with one of them pursuing a career in development work and the other helping to establish and operate a social enterprise.
- On the family front, our wills stipulate that after reasonable bequests to our family, the majority of our estate will be donated to the Nicola Wealth PGF upon our passing. Our children are designated as decision-makers to provide advice on how the PGF funds will be disbursed. This way, our children are involved in managing what we have saved in our lifetimes and will experience the joy of giving it away.
I'm grateful to be part of a company and its clients who envision a better, more just world and are investing in alignment with their vision.
