Looking to invest? You might feel overwhelmed.
Do you buy stock? What about opting for an index fund? Bonds are an option, too. And don’t forget mutual funds.
St. Louis Park-based Bond&Devick Wealth Partners has been helping clients decide where to put their money for more than 35 years. And as a certified B Corporation, the local firm helps individuals manage their money and plan for their future through Sustainable, Responsible Impact Investing.
Bond&Devick is a fee-only financial planning firm that provides retirement, estate, tax and risk assessment financial planning. The firm offers goal-based planning based on clients’ specific financial situations.
Partner RJ Devick refers to Bond&Devick’s work as “moral capitalism,” and explains their clients value the firm’s socially responsible mission.
What Is Sustainable, Responsible Impact (SRI) Investing?
Penny Bond started Bond&Devick after having less-than-ideal experiences with investment firms following a divorce. Bond looked to hire a financial planner to help her through the transition, but wasn’t impressed with the services she received.
“All these financial advisors wanted to do was sell her something and make a commission,” said Devick. “She had an epiphany and said there’s a better way to do this.”
As a Certified Public Accountant, Penny Bond used her knowledge of finance to start the company, which slowly grew over time. Bond&Devick was certified as a B Corporation in 2015, based largely on Penny’s initial value-based approach to the company.
Each Bond&Devick client completes a questionnaire during the initial stages of the investment process that allows them to decide what they do and don’t want to invest in. For example, some clients don’t want to buy stock in oil companies or tobacco products.
“We try to align our clients’ values with their investment portfolio and try to figure out what’s important to them,” said Devick. “Some people don’t want to invest in fossil fuels, some people don’t want to invest in weapons.”
Bond&Devick Partner and Communications Director Kristine Bisanz explains that a lot of what the firm does revolves around financial education.
“People think they have to give up returns if they invest with a values-based lens, and that’s absolutely not true,” said Devick.
Engagement in the Community
Bond&Devick employees volunteer in the community for an average of 220 hours each year through team and client events, working with Feed My Starving Children, People Serving People, Minnesota Veterans Home and Green Minneapolis, among others.
In addition, the firm sets aside roughly 3% of its annual profit to charitable giving. Bisanz says working in the community has strengthened Bond&Devick’s relationships with clients and community partners.
“You can really deepen a client relationship when you volunteer with them,” said Bisanz. “It’s not just what we do monetarily. We actually like to get there and work with our team and our clients.”
Bond started volunteering with clients when she started the firm, and the tradition has continued ever since.
Bond&Devick also places special emphasis on helping families who are transitioning a loved one into assisted care. The firm works with a third-party that helps with logistics of transitioning, while Bond&Devick devises financial strategies for families.
“There’s obviously a big financial piece that comes with that, but there’s also such a big emotional piece. We give them some extra help,” said Bisanz.
The social-responsibility ethos built into Bond&Devick’s work is something its clients buy into just as much as its employees. And, Bisanz says, those who agree with the mission make ideal customers.
“Someone who understands value-based investing, who we are, why we are a B Corporation, those are the people you want to work with,” said Bisanz. “You’ll have such a better relationship on every level.”
Bisanz and Devick say the firm’s focus on sustainable, responsible impact investing has been a great client-retention tool as well.
“When someone says, ‘Just make me the best return you can and I don’t care,’ that’s not a good fit for us,” said Devick.
Check out Bond&Devick’s podcasts to learn more about the firm’s mission and services.
Disclaimer: Investments made with Bond&Devick are not FDIC insured, are not guaranteed by Sunrise Banks and may lose value.