Jim Rimmel UBS Financial Services
When someone asks Jim Rimmel at a cocktail party what he does and he says he’s a financial advisor, the conversation usually turns to investment. But for Mr. Rimmel, who is managing director at the Rimmel Mehaffey Pessy Stager Wealth Consulting Group at UBS Financial Services, the more important part of any wealth management conversation starts with planning. “As you go through that planning with clients, some are more interested in charitable giving,” Mr. Rimmel said. “For some, that’s the way they were raised and are wired. And some become more interested when you ask them, ‘What is your favorite charity?’ Once we make that discovery, we have a conversation: What’s the best way to satisfy that charitable giving? What is the entity to help you?”
At that point, Mr. Rimmel and his colleagues often suggest clients consider The Pittsburgh Foundation as a partner.
“We’ve known about The Pittsburgh Foundation and the work they’ve done for a long time,” said Mr. Rimmel. When Grant Oliphant became President and CEO of The Pittsburgh Foundation, Mr. Rimmel’s wealth consulting group got to know the Foundation staff, which explained the client benefits of a joint relationship.
Although UBS has numerous funds and resources for charitably inclined clients, according to Mr. Rimmel, “The big selling point at The Pittsburgh Foundation is that they’re local, they’re involved, and there’s a huge educational component.
“The personal touch is very important. The Foundation has done a great job with our clients.”
Inter-generational wealth planning and wealth transfer is an important issue for a number of Mr. Rimmel’s clients.
“Part of that is teaching the next generation—the children and grandchildren—how to be good stewards with money they have. The Pittsburgh Foundation helps clients do that. I’m at the age where I’m trying to instill the right values in my own children. And if there’s an opportunity to work with an organization that will help me work with my own children, teach them the values of stewardship, and help them along the way—that’s a big deal to me personally.”
Mr. Rimmel said his clients’ experiences with the Foundation have been “extremely favorable” and suggested that other financial advisors in the region would do well to refer clients to the Foundation. “If you have not looked at The Pittsburgh Foundation or entertained it as part of a solution for your clients’ charitable giving plans, it’s something that should be revisited.”
The views expressed herein are those of the individual advisor and do not necessarily reflect the views of UBS Financial Services Inc. (UBS). The article is for informational and educational purposes only and should not be relied upon as the basis for an investment decision or charitable donation. UBS Financial Services Inc and its employees are not in the business of providing tax or legal advice. Individuals should seek advice based on their particular circumstances from an independent tax advisor. UBS Financial Services Inc. and The Pittsburgh Foundation are not affiliated.