What do you want to B when you grow up?, Colorado Capital Management

What do you want to B when you grow up? Our journey into Impact Investing & Becoming a Certified B Corporation

As the founder of CCM, I wanted to share my personal story about what led us to become a Certified B Corporation–and the many ramifications of that decision. B Corporation certification provides third-party validation (like a Good Housekeeping Seal of Approval) that a company meets rigorous criteria in order to qualifify as a socially responsible business. The evaluation process carefully scores each applicant on a wide array of social, environmental and internal governance metrics that are specific to its industry.

Our journey down this path began more than a decade ago, in 2012, when I attended a conference on alternative investing. There was a breakout session on something called impact investing, which piqued my curiosity.  The speaker was a gentleman named Ron Cordes, who was a pioneer in the field of impact investing—intentionally investing with both economic and social or environmental goals. At that time, this type of social investing was a new and relatively unknown practice. It was so groundbreaking that Ron actually felt compelled to seek and obtain approval (a “no-action” letter) from the IRS to utilize this approach with his family foundation.

He spoke about his experience in the world of micro-finance, which he was introduced to by his friend and mentor Jerry Hildebrand. Micro-finance involves making numerous small unsecured loans to individuals, predominantly women, in developing countries. The loans, which may typically each be just a few hundred dollars, are used to help start or expand small businesses. These tiny ventures can be life-changing in helping the owners break the cycle of poverty, put food on their tables, afford to pay school fees for their children, and potentially shift the playing field for women in traditionally patriarchal societies.

Ron went on to explain that these loans had higher repayment (lower default) rates than commercial loans in the U.S., and that during the 2008-2009 financial crisis, they were by far his best performing investments. (See the footnotes below for important disclosures)[1]

Being a Certified B Corporation for over a decade has also profoundly shaped our identity.   This designation is not a small thing. It seeps more and more into who we are and what we do. It drives how we introduce ourselves and our organization. It defines how we view ourselves, and even the legal form of our organization. We are now formally a social benefit corporation, meaning that our goals (as expressed in our articles of incorporation) extend beyond maximizing shareholder returns. 

Impact investing, which started as a personal interest, has grown into a primary interest of our clients, especially newer and younger ones. And even investors who aren’t personally interested seem to appreciate working with advisors who manifest these values and care about something more than just making money. I call it the white hat effect—a nod to the “good guy” characters in the old westerns that I grew up with.

These multi-layered unforeseen consequences of becoming a Certified B Corp. all build on each other in a very self-reinforcing manner. It is hard to imagine that we will ever stop pursuing the ideals of the Certified B Corporation community. 

Whenever I have the opportunity to speak to groups of students or professional advisors about this journey, I leave them with this well-known poem.

What is Success?

To laugh often and much;

 To win the respect of intelligent people and the affection of children;

To earn the appreciation of honest critics and endure the betrayal of false friends;

 To appreciate beauty;
To find the best in others;

To leave the world a bit better, whether by a healthy child, a garden patch or a redeemed social condition;

To know even one life has breathed easier because you have lived;

This is to have succeeded.

- Ralph Waldo Emerson

And I wish them (and you) much success.

Steven L. Ellis, CFA

Founder, Colorado Capital Management

1. Microfinance loans have all the typical risks of debt (such as interest rate risk, repayment risk and risks associated with inflation).  Such loans are typically mission-driven investments, and as such may have below market rates of expected return.  Past performance cannot be relied upon as being indicative of future results.  The financial crisis of 2008-2009 was an extraordinary period when most conventional corporate stock and bonds investments experienced large losses. 

2. As with all investments, impact focused investments involve risk.  Even with rigorous due diligence, there can be no assurance that they will meet their financial or impact objectives.  

Steve Ellis, Senior Advisor, CFA
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Steve Ellis has spent his career making an impact, so it’s not surprising that Colorado Capital Management’s founder and president launched the firm’s entry into impact investing.

Editor’s Note: This blog post is for informational purposes only and does not constitute financial, legal, or tax advice. Readers are encouraged to consult with a qualified professional regarding their individual circumstances. Please refer to our firm’s website for full disclosures and important information: CCM Website Disclaimer

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Jason Black, Financial Advisor (CFP)

Jason Black, CFP ®

With a drive to live purposefully and passionately, Jason focuses on helping clients to live in abundance.

Jason is a partner and senior advisor at Colorado Capital Management.  He brings more than 15 years of varied experience working in the financial services industry. He joined CCM after a long search to find the perfect firm that aligned well with his values and mission. Jason is passionate about helping individuals and families live abundant and intentional lives. He is proud to be part of a Certified B Corporation, doing meaningful financial and investment planning for clients, while also focusing on socially responsible business practices and making a positive impact. As a Chartered SRI CounselorSM, Jason has a strong background and keen interest in sustainable investing and enjoys helping clients understand the merits of this approach. Jason is also a Certified Financial Planner™ and has a bachelor’s degree in business administration from the University of Colorado. 

Before joining CCM, Jason worked with Jackson National as a consultant for financial advisors. He helped create meaningful connections with families, creative asset allocation strategies, and tax-advantaged retirement-income solutions. During his tenure there he worked with over four thousand financial advisors across the country, was recognized multiple times as consultant of the year, and also managed a team of twenty-five individuals. 

Jason is happily married to his wife, Bridget, of thirteen years, who he met while in college at CU. Together they have a son and daughter, and a Frenchie named Coco Disco. They live in the Whisper Creek neighborhood of Arvada. When Jason is not at work, he and his  family can often be found making turns in Summit County, wakesurfing in Glendo, WY, cooking, dancing and traveling.

Erica Loughrey, Associate Financial Advisor

Erica Loughrey

Erica is passionate about providing purposeful advice to help clients enjoy a meaningful life.

Erica is an advisor at CCM. She joined the firm in 2021, fulfilling her desire to work for a values-based company with a deep commitment to making an impact. She moved from her hometown of Anchorage, Alaska and quickly fell in love with the sunny and beautiful state of Colorado. She brought with her prior experience as a para-planner and is delighted to be engaged in a profession that empowers individuals to flourish financially. She believes strongly in exceptional client service and creating lifelong generational relationships.

In 2022, she accomplished two of her major career goals, finishing her master’s degree in financial planning (MSFP) and earning her Certified Financial Planner™ designation.

Erica enjoys spending time outdoors and traveling to exotic locales. In her free time, you can find her out skiing, hiking, scuba diving, practicing yoga or jetting off to new places to explore. She has a never-ending list of travel plans, having already visited over 20 countries, and feels lucky to have so many wonderful opportunities and adventures.

Lee Strongwater, Senior Financial Advisor

Lee Strongwater, WMS

An entrepreneur and world traveler, Colorado Capital Management vice president and co-owner Lee Strongwater brings a global perspective to investments and life planning.

For more than 15 years, Lee has passionately assisted clients with their financial planning and portfolio management needs. He especially enjoys helping them live more meaningful lives and invest in ways that are aligned with their values. Lee holds a bachelor’s degree in political science from the University of Colorado and a master’s degree in international affairs from Columbia University. He also holds the Wealth Management Specialist (WMS) certification.

Before joining Colorado Capital Management, Lee was a managing partner at Strongwater-Schott, a fee-only investment management and financial planning firm in Denver. Prior to that, he was an entrepreneur who helped start and manage several small firms, including a children’s product company that went public in 2007.

Lee is an active volunteer for several organizations. He is a past President and current member of the Board of Directors for the Boulder Jewish Community Center, an organization that is highly respected on both a local and national level. Lee is also on the Investment Committee of Girl Rising-Global Education, a venture philanthropy fund that invests in social entrepreneurs with culturally-relevant ideas. The fund’s investments promote gender equality and improve educational outcomes for girls and boys living in poverty in Kenya and India.

Lee is married and has two daughters. He enjoys hiking, skiing, traveling—mostly to Mediterranean countries—and trying out new recipes from his journeys. When he’s not on the go you can find him engrossed in a book.

Steve Ellis, Senior Financial Advisor

Steven Ellis, CFA

Steve Ellis has spent his career making an impact, so it’s not surprising that Colorado Capital Management’s founder and president launched the firm’s entry into impact investing.

He brings over 30 years of experience as a financial advisor to high net worth clients. His early work included teaching college courses in accounting and finance, consulting for a major accounting firm, and researching and acquiring investments as the chief due diligence officer of a leading national financial planning firm. Since 1989, he has advised individual and institutional investors on the management of their wealth. Steve is a Chartered Financial Analyst (CFA), holds a business degree from the University of Colorado, magna cum laude, and a master’s degree from Cornell University.

Steve launched the firm’s entry into impact investing in 2012 and is committed to helping build the field. Steve is a passionate speaker on the topic. He has taught about impact investing at various conferences and classes around the country, including as a past faculty member at Middlebury Institute of International Studies. He is listed in the Who’s Who in Impact Investing.

Steve is married, with two daughters, enjoys hiking, biking, skiing, tennis and bridge, and is actively involved in the community. He has served on numerous boards and committees for a wide array of nonprofit organizations, including the Boulder JCC, Rose Community Foundation, Jewish Family Service, and Friendship Bridge. His passion for impact and community service helped lead Colorado Capital Management to become a Certified B Corporation and to build a strong culture of volunteerism and philanthropy.