MacKenzie Scott made headlines when she gave part of her Amazon fortune away after divorcing Amazon founder Jeff Bezos. And she’s not the only woman who’s made waves in the philanthropy space. Melinda French Gates and Priscilla Chan are just two women that shine in their own right.
Wondering how you can follow in their footsteps by blazing your own philanthropic trail?
Do your due diligence
Upon her divorce from Bezos, MacKenzie was praised for the colossal donations she made to charity. In particular, she was hailed for the variety of charities she gave to – and the depth of research she conducted before committing to those charities.
The lesson to take from MacKenzie’s approach is to conduct your due diligence before donating to an organisation, regardless of how much you donate. Be sure the charity aligns with your values and is fulfilling your philanthropic objectives. MacKenzie evaluates organisations based on their “potential for sustained positive impact” and analyses finances, outcomes and whether the leadership is representative of the community served. Your criteria can differ, but having your own methodology will ensure you’re supporting organisations doing work that’s meaningful to you.
Give collectively
Bill Gates himself has reportedly said he probably wouldn’t have contributed as much to charity without the urging of his (now ex-) wife Melinda. She’s known for collaborating with others on charitable endeavours (beyond the Bill & Melinda Gates Foundation), such as founding – with Crown Princess Mette-Marit of Norway – the Maverick Collective, an organisation that has contributed more than $1 million to women’s health.
Melinda’s approach illustrates that collective giving is a powerful tool to make your contributions go further. There are many “giving circles,” or organisations focused on identifying local giving opportunities or specific causes. Giving Compass publishes a directory listing more than 2,500 giving circles that are changing the world. Community Foundation can also guide your giving journey.
Create your own giving entity
From supporting education and technology to funding healthcare and science, Priscilla Chan and her husband, Facebook cofounder Mark Zuckerberg, are among the most generous philanthropists. Together, they have a philanthropic limited liability company called the Chan-Zuckerberg Initiative that includes investment, charity and advocacy arms.
Priscilla’s approach of creating a giving entity can be a great option for the right financial situation. Want to involve your children? Ask them to recommend charities so they feel like they have a say – and the power to make a difference.
While you can look to each of these women for inspiration, dig deep to discover what will work best for you and help you reach your own giving goals.
Next steps
As you embark on your philanthropic journey:
– Take the time to conduct due diligence for any organisation you plan to donate to
– Consider joining a giving circle to maximise impact
– Talk with your wealth manager about whether creating a charitable vehicle is right for your financial situation
Black MondayOn 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983. |
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Who was Raymond James?The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates. Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm. Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises. |
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Bear Market of 1974The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.” After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today. |
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