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Physicians are busy, not just because of their practice of medicine, but also due to their community and professional involvement.  Physicians are leaders in their own right and often serve as board members for non-profits, associations, and organizations about which they are passionate.  Their understanding of the entity’s financial circumstances is critical, and their efforts to maintain financial viability long into the future helps realize the mission.  When these organizations have investable dollars beyond their operating budget, it’s important they look to outside experts who can prudently advise and manage these dollars in accordance with the organization’s goals.

An organization’s staff and board are obligated to act in the interest of the organization and its constituents. When it comes to managing the investment portfolio, a completely transparent relationship with a financial advisor who acts as a fiduciary makes everyone’s job much easier.

Organizations today face an ever-more-complex, often turbulent, market environment. They also have different needs than individuals, one being style of communication. An extended, wide-ranging conversation can be very beneficial for an individual, but it generally doesn’t work well in a board meeting. Clear and concise is more likely what is needed. A financial advisor who understands those differences is paramount.  Other best practices must be employed to support the sustainability of an institution’s financial resources:

  • Creating an investment committee charter that clearly defines the roles and responsibilities of all involved.
  • Crafting a thoughtful investment policy statement (IPS) that defines investment purpose, strategy, and guidelines for portfolio construction and risk management.
  • Implementing a spending policy to best identify how initiatives are funded today and dollars are invested for future expenditures.

Foster Group has served institutional clients as a fiduciary for more than 20 years. Interestingly, the very first organization that became a client in 1992 remains a client today. We think that says something about how well we serve the needs of these unique clients.  If your organization needs that kind of partner, we can help.

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