Financial Planning for the Greater Good

Greater Good Financial is a unique financial planning firm that impacts the industry and the world through socially responsible investments and a business model that donates back to nonprofit organizations.

The founder of Greater Good Financial, Dan Murphy, came from a blue collar background and dreamed of working in the financial industry. After four years of preparation and interviews, and a huge dose of persistence, he was finally given a shot at a financial firm in 2007. Dan spent the next six years working hard to build a successful practice, but his uphill battle continued when he decided to take his practice independent. Without alumni connections or a wealthy network, finding clients and growing his business proved extremely difficult.

Dan struggled with deep feelings of failure, but the challenge before him was a lightbulb moment. There was something about him that made him unique, something he could use to set his financial firm apart: his desire to give back. This discovery set in motion a new business plan to donate 20% of the revenue from his business.

After two years of market research, Greater Good Financial was founded in 2017. Its model is unique in the financial industry, with a mission to leverage their impact as a business in every way possible. Greater Good Financial seeks to disrupt the industry by charging a lower fee, driving socially responsible investments and changing the lives of others by donating 20% of its revenue to nonprofit organizations.

Greater Good Financial knows that good business begins with your clients. When it came to pricing, Dan decided to “charge less and give more.” Based on a financial industry fee study, many advisors charge 1% of a client’s assets, which can decrease as the assets grow (“2017 Professional Planning Fee Survey” by Bob Veres). On the other hand, Greater Good Financial charges clients using a unique tiered fee structure which starts at 0.75% of a client’s assets, with the first fee drop occurring at just $250,000. Financial planning is an extra $100 per month.

Greater Good Financial also aims to impact the world by offering clients socially responsible investments. While many clients have an increasing interest in impact investing, some financial planners are hesitant. That is a mindset Greater Good Financial is determined to flip.

Greater Good Financial strives to keep clients engaged in their finances and help them see the tangible difference they are making in someone else’s life. Each quarter, an Impact Update is sent out to clients to show them where their investments are going and share stories of the families, social entrepreneurs and causes they are supporting. Dan believes that not only do social investments create financial good in the world, they also allow his clients to discover an emotional connection with the impact their finances are creating, thereby encouraging them to make better financial decisions.

Lastly, Greater Good Financial is currently working to implement a donate back model that gives 20% of its revenue to nonprofit organizations every quarter.* Through these donations, they have been able to help provide job training and affordable housing to marginalized families; provide microloans to Haitians so they can become self-sustaining and support their families; and provide below-market interest rate loans to social entrepreneurs who are doing good in the world through business. Once their loans are repaid, the money is redistributed, continuing the cycle of impact.

In 2019, Greater Good Financial joined the board of directors of SEA’s Twin Cities Chapter. Dan believes that social enterprise is the future of business and is proud that Greater Good Financial can be a part of the community and a changemaker in the financial industry. 

*Greater Good Financial is transitioning its current financial planning practice to this new donation business model. All new clients are on the 20% donation model. 

Investment advice offered through Resources Investment Advisors, LLC, an SEC-registered investment advisor. Resources Investment Advisors and Greater Good Financial are separate entities.

To learn more about Greater Good Financial, check out their member directory profile.

Leave a Reply

Your email address will not be published.