As we head into summer, the Verger team is grateful for the continued opportunities to act as caretakers and stewards for our clients, cultivating longevity, stability, and loyalty. In this spirit, we sat down with Jim Dunn, Verger's CEO, and Liz Laughter, Managing Director of Client Service, to explore the responsibility of partnering with clients in shared purpose.
We asked them, “what aspects of fiduciary duty are personally relevant or interesting to you?”
Jim: At Verger, motivations matter. There are many ways I think about my “why” – but perhaps the best way to capture it quickly is to focus on a classic quote from James Tobin: “The trustees of an endowed institution are the guardians of the future against the claims of the present.”
Liz: For me, this quote summons the concept of fiduciary fit, how Verger is in the unique position of helping varied nonprofits execute their complex fiduciary duties. I know from personal experience that being a non-profit Board member and working in an investment office can be tough jobs. There are a lot of competing demands for time and resources, and a lot of different stakeholders. That’s why finding the right partner is so essential – why Verger stands with our clients, shoulder-to-shoulder, acting as a true extension of the committee or staff.
If we can save our clients valuable time and provide guidance and resources that allow them to focus their energy where it’s most needed – serving as fiduciaries, addressing current priorities, and thinking strategically about the future – then we’re doing our jobs well.
Jim: I often think about how running an endowment is very contextual. It depends on the nature of the institution, its history, ambitions, financial resources, and social context. In the way you work with our clients – as their partner, as an extension of their people instead of a replacement – I see a real understanding of each organization’s layered context.
Liz: I appreciate that, it’s a true pleasure to get to know each institution we partner with. Thinking more about context, each of our clients serves a special group of constituents, the people who are the recipients behind the mission statements and the purpose why each organization exists. I don’t know about you, but when I walk into the Verger office and see those mission statements on our wall, I feel a sense of pride in the work we are all doing together.
Jim: I agree. For me, an organization’s mission is its true North. I’ve seen that even the most challenging, complex decisions can be made clearer by reframing them in relationship to the organization’s mission. For example, questions like, “if we invest in this capital project, how will each unique set of our stakeholders be impacted over the short-term and long-term?” Those are the most meaningful questions we can ask ourselves and our clients.
Liz: Continuing with that idea, Verger’s own mission statement reflects this idea. Simply put, our mission is to advance our clients’ missions. I’m proud of how our team embodies this through the work we do each day.
Jim: Absolutely. I appreciate that the mission statement expands our vision beyond a narrowly focused, traditional set of numbers, which in turn, brings to the forefront what financial returns translate into for our clients: which is a positive impact. More specifically, scholarships, research, and innovation.
Liz: Yes, and, for me, part of translating financial return into impact is about strengthening the effectiveness and efficiency of non-profit governance and operations. When we help our clients remain focused on their missions, they’re better positioned to plan strategically for the long term. That alignment between mission, management, and financial stewardship is what ultimately drives sustained impact and ensures the institution’s long-term success.
Jim: That’s fantastic, Liz. I couldn’t agree more. A core value here at Verger is accountability, and I firmly believe it’s our job to help our non-profits clients embrace accountability beyond simply reporting investment results and to support a holistic view of how to maximize their impact. This requires creative thinking, and the courage to pursue best practices in operations, Board governance, fundraising, talent retention, and communications.
Liz: This idea really sums up our purpose, which is to provide our clients what they need to maximize the number of lives they touch. Now and in perpetuity.