Working with BMO's Advisors and Clients: An Ottawa Success Story
In 2004, Community Foundations of Canada struck a unique alliance with BMO Financial Group through which BMO clients with an interest in charitable giving were introduced to their local community foundation and given the opportunity to further pursue the fulfillment of their philanthropic objectives. It’s been five years since that alliance was struck and nowhere are the fruits of that partnership more apparent than in Ottawa. In fact, this city ranks second in Canada in terms of the value of a number of funds established.
Since the launch of BMO’s two community foundation programs – BMO Harris Private Banking’s Supporting Your Community program and BMO Nesbitt Burns’ Charitable Giving Program – 25 new funds have been established through the alliance with the Community Foundation of Ottawa, with donations totaling over $1.3 million. Within a relatively short period of time, these funds have supported a wide variety of organizations and initiatives in the local community, providing 45 grants worth close to $100,000.
“The program really gained traction in Ottawa with a $440,000 gift in 2006,” says Bibi Patel, Vice-President of the Community Foundation of Ottawa. “Before that, we invested heavily in connecting with our BMO colleagues and raising their awareness of the unique value we could offer their clients.”
One of the first Investment Advisors to participate in the BMO Nesbitt Burns Charitable Giving Program was Gord Srdoc of the Ottawa Dalhousie Branch. He used the alliance as an opportunity to expand his dialogue beyond the traditional investment discourse with an established client. “Through our new discussions about fulfilling her charitable objectives, I found a door opened that has since allowed my client to feel more comfortable in asking for help and advice in all areas of her finances,” says Gord.
The client was especially impressed with two features of the program: first, that she was able to establish a lasting legacy that will continue on in perpetuity because her donations will continue to grow over time; and second, that she has the freedom to personally recommend the individual charities that she would like to support through her fund. Gord felt that the Foundation did an excellent job describing its philosophy and commitment to strengthening and supporting the community, and has continued to work with the Foundation on establishing six more BMO funds.
“For the most part,” Bibi says, “the BMO donors were already supporting causes and organizations in the community but quickly saw the value in consolidating their charitable giving through the Community Foundation. That, coupled with the opportunity to tap into our broad and deep knowledge of the community, allowed them to further enhance their philanthropy. BMO advisors grew to recognize us as partners in their relationships with their clients, and we were able to leverage a well-established channel through them.”
Another remarkable fund established through the BMO Alliance originated with a call from Richard Lauzon of BMO Harris Private Banking (BMOHPB). Lauzon was meeting with a new BMOHPB client and had raised the Supporting Your Community program during his initial discussion with her. Lauzon quickly learned that the client had no dependents and was planning to will most of her assets to charity through a bequest.
“Supporting Your Community really got her attention because she could support her charities of choice now by establishing a donor-advised fund with the Community Foundation, rather than having it wait until after her death,” says Lauzon, who immediately made an introduction. “The foundation’s staff is very friendly and professional,” he says. “I’ve gotten to know them and I feel very confident referring my clients to them.”
In their first meeting, Bibi spent almost two hours with the client, who is living with a disability. After learning all about the community foundation concept and discussing her charitable goals, the client returned to the office the same day to share some information about her disability and some of the organizations working on it. “We always encourage clients to make our office their home and she responded to that offer without hesitation, even though mobility is a real issue for her,” says Patel. “She is an exceptional woman who is heavily involved in raising awareness about the condition she shares with other Canadians. The Community Foundation offered her a straightforward way to accomplish that by allowing her to support her charities of choice within her lifetime.”
