Are your investments socially responsible?
The East Boston Social Centers sought advice from several friends of the organization as we reviewed our investment policy for the several months of operating funds we have in reserve. We followed the advice to pursue the simplest, most diversified approach possible so we can focus on what we do best (pursue our mission). We also identified the critical mission importance of having 100% of our investments be socially responsible--so our investments will build a better world just as we work to do so. Thank you to those who advised us and made this possible! Thank you to First Financial for joining us to tell more of the story in this newsletter. And thank you to all of you--our community--for investing in our work to catalyze a tight-knit, joyful, and thriving community.
Rick Ciolino has been with First Financial Trust since 2013 and is a member of the FFT Investment Committee. Rick spearheaded the effort to offer Environmental, Social and Governance (ESG) investment strategies to First Financial Trust clients in 2014, and today manages personalized sustainable strategies for a growing number of individual clients and local charitable organizations.
1. Please talk about the Social Centers' investment mix at a high level and how you helped move beyond simply not investing in bad things towards investing in companies that are helping positive things to happen
East Boston Social Centers portfolio is made up of companies that are not only positioned for future growth, but are able to meet the morals and mission the Social Center has held for 100 years. In addition to weeding out bad companies, we have put together a portfolio that includes companies seeking opportunities to grow and help the environment. And we are finding more and more opportunities through our focus on socially responsible investing. The companies we are investing in are looking for these opportunities and finding growth. If you think about it from a consumer point of view, we are looking for companies that provide the products and services that support healthy living!
2. What advice do you have for our readers who want their investments to be more socially responsible?
The good news is that there are more and more investment firms coming out with products for social responsibility because it is such an emerging field. What we have done at First Financial Trust is create investment products not just our larger clients, but for all sizes and all ages interested in investing responsibly. There are also a lot of mutual funds and exchange traded funds that an individual can now invest in. There are a lot of websites that will help with that as well.
3. What brings you joy?
Spending time with friends and family brings me joy. Going hiking with friends, going on a bike ride with my son, or going to my kids soccer games. I think that is what is most important to me. I love to be apart of the community with my friends and family. Warren Buffet said, "you are a success if the people you want to love you, love you." I think that is a good way to live.