Ballentine Bulletin, June 2020

A Note from Our CEO

Like all of you, we have watched the news these past few weeks with grief and sadness. We condemn the acts of violence and injustice that led to the deaths of George Floyd, Ahmaud Arbery, Breonna Taylor, and countless others. We stand in peaceful solidarity with the legions of people who are incensed, not just at these and many other deaths, but also at the years of systemic and institutionalized racism that contributed to them.  And we stand shoulder to shoulder with Black people and all people of color who are demanding, pleading, and hoping that this time something will actually change.

But words are not enough. For this moment in history to matter – to truly change a system that has been fundamentally unjust for Black Americans from the very beginning – we all need to act. This week our Diversity, Equity, and Inclusion (DEI) Task Force convened our company to discuss ways we could do more. We want to share with you the list of actions that were already underway or that our firm is now initiating:

• We are assessing all of our vendors to look for opportunities to buy from Black-owned businesses
• We are reviewing the network of professional advisors that we bring to our clients to ensure that it is sufficiently inclusive
• We are building an Impact Investing offering that includes a mandate more explicitly devoted to racial equity
• We are convening a conversation among our clients who would like to have an opportunity to connect with others moved to address these issues
• Our internal DEI task force is hosting a series of recurring internal conversations to keep this topic front of mind and ensure that we nurture a firm culture that is inclusive and anti-racist and that we all do our part to end discrimination and intolerance and promote justice, reconciliation, and healing
• We are making sure that our people have time and permission to attend peaceful demonstrations of solidarity
• We are matching employee donations to organizations that are addressing issues of racial injustice

We are a company that values diversity, but also recognize that we do not have enough of it. We have already taken steps to evaluate our hiring practices and to prioritize efforts that will allow us to identify talented candidates of color; for instance, we are recruiting at historically black colleges and universities (HBCUs) and plan to expand those efforts. Our industry lacks diversity, especially racial and ethnic diversity. The CFP Board’s Center for Financial Planning’s 2018 Report found that, of those with the CERTIFIED FINANCIAL PLANNER designation, just 3.5% are Black or Latino. This is detrimental to the future of our industry and must change. We pledge to be a leader in these efforts. 

We know that we can only play our part, and that correcting these injustices will take time and commitment from many more. We are committed to doing our best, knowing that we are imperfect. We are always open to your ideas on how we can be better. If you would like to engage in this discussion with us, or have suggestions, please let us know.

                                                                                                         Drew McMorrow

What We're Thinking

What's New at Ballentine Partners

Ballentine Partners Responds

Our firm is proud of how our employees have been giving back to their local communities in the face of the COVID and racial justice crises currently gripping our country. 

Members of our team have:

• Attended peaceful protests and demonstrations
• Donated to organizations addressing issues of racial injustice
• Provided gift cards to all employees at a local grocery store to show gratitude for essential employees
• Donated to local food pantries
• Cooked and delivered meals and groceries to high risk individuals
• Donated hundreds of yards of fabric to make masks
• Sewn and donated over 1,400 masks
• Made contributions to local fire stations
• Contributed to a program designing and manufacturing PPE for health care institutions 

As a firm, Ballentine Partners has:

• Allowed employees to use their day of community service to attend peaceful protests 
• Matched employees donations to organizations addressing issues of racial injustice
• Provided work-from-home stations to all employees to reduce the risk of spreading coronavirus
• Sent care packages to all employees each month we have been working from home, each one from a local business in the city in which our offices are located
• Sent care packages to the children of employees to help keep them happy and occupied during the work day

Small acts of kindness and compassion can make a big difference. We hope you are all staying safe in this trying time.