Boston-Based RIA Pushes Financial Literacy

Tom Burroughes, Group Editor, March 22, 2018


The cause of promoting financial literacy is being supported by a new foundation in the Boston area of the US.

TFC Financial, a Boston-based RIA, has launched the TFC Financial Charitable Foundation to promote understanding of finance and help the wider community.

The organization intends to spread financial literacy; provide education and information about behavioral finance to help people stay on track to achieve their financial goals; and to support local social programs. The initial funding of the foundation came from the firm’s partners and shareholders - both past and present - via personal capital. Ongoing funding will come from the firm’s annual profits. There will be no solicitation or acceptance of clients’ funds, TFC Financial said in a statement earlier this week. 

“This is something we have been considering for some time, and are so pleased that it has come to fruition,” Renée Kwok, chief executive, said. “As a wealth management firm, we frequently counsel clients on charitable giving strategies. With the new foundation, we are establishing our own philanthropic legacy for the firm.”

Such a move from the 37-year-old firm comes at a time when low financial literacy is a concern as challenges mount, such as providing for old age when tax-funded retirement systems are under pressure.

The need to address financial knowledge has been acknowledged for some time. For example, Atlantic Trust in 2015 created CIRCLE (Centered on Investments, Relationships, Community, Legacy and Enterprise) - a financial literacy program for women.


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