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Harry Holland at his home in Hanover, NH. Photo by Cheryl Senter.

Harry Holland at his home in Hanover, NH. Photo by Cheryl Senter.

Relationships matter

The advisor-managed investment option allows Harry Holland to retain his investment manager and get expert grantmaking help

Harry Holland grew up in East Corinth, Vermont. His parents were married there, raised their family there and died there. The Holland homestead remains in the family.

Like his parents before him, Holland is a generous supporter of the organizations that build community in East Corinth and surrounding towns: the library, the health center, the food pantry and the church, the ball fields and local ski area, the historical society.

Holland, who now lives in Hanover, wanted help with his charitable giving from an organization with deep grantmaking experience, knowledge of local communities and a commitment to working closely with donors.

He and his financial advisor, Bill Oates of Northeast Investment Management in Boston, came to the Foundation.

“Being able to move the money right into his backyard makes a lot of sense,” Oates said.

But Holland wanted Oates to keep managing that money.

Harry Holland and Bill Oates go back a long way. Oates started managing the Hollands’ money more than four decades ago and has worked with other members of the family.

“He’s always been the investment guru and a good friend,” Holland said.

So Holland established a donor-advised fund at the Foundation, while having Oates continue to manage those assets via our advisor-managed investment option, formerly called individually managed fund.

With the advisor managed investment option (formerly called individually managed fund), the money is gifted to the Foundation but invested by an advisor recommended by the donor and approved by the Foundation. In this case, Bill Oates. Oates is managing the fund to ensure that assets are available for the next generation’s philanthropy. Holland’s daughter-in-law works with him on the family’s giving.

Holland had a charitable fund at a large financial institution that he transferred to the Foundation to create the Holland Fund. The fund setup was simple, Oates said, the transfer made with a single check. “And they are satisfied and calmed by having no transition in management,” Oates said of the Holland family.

“I think it’s terrific,” Oates said. His client gets expert, local assistance with grantmaking; nonprofits doing critical work in communities benefit from the Hollands’ generosity; and a longstanding client-manager relationship remains unchanged.

“It’s a win-win-win,” Oates said.

This story originally appeared in our 2015 Fall/2016 Winter Purpose Newsletter