An all-star panel from some of the nation’s leading advisory firms explained how CSR—Corporate Social Responsibility—has invigorated their focus, enhanced and expanded their customer relationships, and inspired and engaged their teams.
The discussion came Tuesday morning during a general session at the NAPA 401(k) Summit in Las Vegas.
Panelist George Fraser, managing director of Retirement Benefits Group at LPL Financial (and 401k Specialist magazine’s 2017 TAPO Award winner), said that having a good CSR program can change the dynamic for a company, and that there’s nothing wrong with it also being good for business.
He pointed out that 401k advisors are already changing people’s lives for the better simply by what they do every day, but CSR programs are a great way to get deeper into your community.
“This is a ‘huggy’ business—you see tears …and applause because of your support. These programs allow you to do that,” Fraser explained.
Jason Chepenik, managing partner with Orlando-based Chepenik Financial, described the “4.01k Race for Financial Fitness,” an annual event he founded meant to educate the public on the importance of diligent retirement planning that’s done in a fun and healthy format. This year it has grown to events in 13 cities.
The event in Orlando earlier this year raised more than $100,000, and the recent race in Las Vegas raised more than $50,000, Chepenik told the audience at the NAPA 401(k) Summit–and pointed out that much of that money comes from the industry. The proceeds go to charities such as Junior Achievement.
“It’s more than just fun, it’s making a difference,” Chepenik said, adding that another benefit is it also helps them attract the type of clients that are a good fit for Chepenik Financial.
Chepenik says they talk about their CSR program in all of their plan reviews – and are thinking of adding it to their RFPs as well. “It’s important for our clients to know who we are, he said, and this shows what they are doing to make their community a better place.
“It’s transformed us in lots of ways,” Chepenik said. “It gives us purpose. We attract great clients. The vendors also support this. It’s changed what we do and it’s added a fun factor which keeps us moving.”
Chepenik told audience members interested in starting up their own CSR programs to think about what they are passionate about – be it financial literacy, helping the disadvantaged, the environment, etc.—and build around it. Because it won’t work if you’re not authentic and try to fake it.
And don’t be afraid to spread the word about your CSR program, because the session panelists noted how it can be “contagious” and will spur more companies to start or redouble efforts on their own programs.
It also helps your own programs grow.
“Celebrate it—it’s contagious,” Chepenik said. “The more that do it, the bigger the difference you can make.”
He notes that the various 4.01k Race for Financial Fitness events this year are expected to raise $300,000.
That announcement during the general session alone spurred Fraser to challenge himself to try to top it with their CSR program.
CSR programs have been a big topic of discussion at the NAPA 401(k) Summit, not only for the good they do in local communities but also as being a good way to recruit Millennials, who panelist Cara Duke of Resources Investment Advisors says will take a significant pay cut to work for a socially responsible company.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
