CommonGood Capital, an impact investing firm, has launched CommonGood Securities, a broker/dealer aimed at helping investors and advisors gain access to private impact investments. The firm will provide a curated platform of private impact investments to advisors, focusing initially on registered investment advisors and family offices. CommonGood was founded by Jeff Shafer, formerly managing partner at TriLinc Global and president of CNL Securities. “CommonGood Securities will mobilize capital aiming for both competitive financial returns as well as measurable social value,” Shafer said, in a statement. “We look forward to supporting advisors as they interact with their clients on these important issues.”
Stash, an automated investment platform, announced it was partnering with Green Dot Corporation and its Green Dot Bank subsidiary to offer banking services alongside its robo advice. Green Dot services will include bank accounts with debit cards, no overdraft fees, and a large network of free ATMs nationwide, the company said in a statement. A Stash spokeswoman told Tearsheet it had always been part of the company’s plan to offer a full-service financial platform to “an underserved market.” The average Stash customer is 29, with an annual household income of $45,000.
Social media is a critical marketing tool for financial advisors and insurance agents according to a recent study, conducted jointly by the nonprofit educational organization Life Happens and the research industry trade association LIMRA. The study found more than a third of Americans (34 percent)—and more than half of millennials—are likely to ask for recommendations for a financial advisor on social media. Additionally, clients are employing social media to evaluate financial professionals with whom they would potentially like to work. More than half of millennials (54 percent) and 44 percent of Gen Xers are likely to check an agent’s or advisor’s social media presence.