Industry insider knows a good deal when he sees it

When the BMO Nesbitt Burns Charitable Giving Program was launched last December, Brent Bailey took an immediate, and particular, interest in the program. The Coordinator of Research and Professional Advisor Services at The Winnipeg Foundation spent five years working as an investment advisor, so he knew what his former colleagues would be looking for in this type of program.

“I took a good hard look at the program with the foundation’s professional advisor team and then jumped at the opportunity,” says Bailey.

By February he was in front of an audience of local BMO Nesbitt Burns Investment Advisors (IAs) at a lunch and learn session. They talked about how the Charitable Giving Program worked, its benefits to their clients, and the value it adds to an IA’s business.

Coming from the industry, Bailey could easily relate to his audience. “There’s so much an IA needs to know; it’s impossible to know everything especially in an area as complex as philanthropy. It’s not a conversation advisors have everyday and they may not be comfortable broaching the subject.”

Bailey positions the community foundation as an extension of the IA’s team – providing a chance to offer additional service and expertise to his or her clients. His lunch and learn session started an ongoing conversation with BMO Nesbitt Burns that recently led to the creation of a $25,000 fund – the foundation’s first under the Supporting Your Community alliance.

Karen Kochan, Wealth Advisor, and Bailey worked together on the fund. “Karen is a very philanthropically-minded advisor,” says Bailey. “She makes it a core piece of her planning process with her clients. It’s not always a match, but it’s always on the table.”

So when Kochan raised the issue recently with one of her clients it immediately became clear that he was a good fit for the BMO Nesbitt Burns Charitable Giving Program.

“The donor had connections with some charities, but his preferred causes changed from time to time, so a Donor Advised Fund was a perfect fit for him.” An initial meeting was all it took to seal the deal. Some shares were transferred and now the donor is eagerly awaiting his first round of grants.

In the meantime, the local BMO Nesbitt Burns office and Bailey have several other fund opportunities in the pipeline. “Once you get the first couple of funds, it’s kind of a like a snowball going downhill,” says Bailey.

In addition to developing new prospects, The Winnipeg Foundation’s professional advisor team is also planning joint professional development opportunities for BMO Nesbitt Burns staff and a client appreciation night.

Bailey says the support of the Managing Director has helped make Supporting Your Community a priority. “Colin Ryan, who is also the Winnipeg Branch Manager, has deep connections to the community and a long line of philanthropic interests. And when the top guy is on board, everyone listens!”