As seen in Rhode Island Foundation – Professional Advisors: Stories
“Philanthropy is important to many of our clients. We learn, through discussions, that clients with children and grandchildren often want to leave them enough money so they don’t have to suffer, but not so much that they aren’t motivated to become the best version of themselves. Discussions about philanthropy are especially important for clients who do not have children or other immediate family members,” says Karen J. Bacon, CFP®, president of Warwick-based Diversified Resources, LLC.
She explains that the firm, which is independent of any financial companies, “offers a holistic approach to financial planning. We’ve created a relationship-type firm where we spend a great deal of time with clients and develop lifelong relationships with them. We strive to really learn about them, their families, and their concerns.”
She continues, “People have a psychological and emotional relationship with money. When a client knows that the money they’ve accumulated will do more good, it’s very meaningful and really delivers overall goodwill.”
This, she believes, is where the Foundation comes in. “The Rhode Island Foundation makes it easy. The Foundation offers options for individuals to give during their lifetimes and options for making plans for gifts after their deaths. People have confidence in the Foundation, in how funds are used, and in how grants are made. There’s institutional longevity and professionalism,” Karen states.
She became aware of the Foundation through the Estate Planning Council of Rhode Island, which she currently serves as vice president. She also is a member of the Financial Planning Association of Rhode Island. Karen grew up in Warwick, earned an undergraduate degree at the University of Rhode Island and an MBA from Babson College. She joined Diversified Resources, LLC as a financial advisor in 2004 and became the sole owner and president of the firm in 2015 upon the retirement of her father and the firm’s founder, George Wright. Diversified Resources, LLC is a SEC-registered Investment Advisor and broker/dealer.
“Throughout your life there will be many events and milestones where decision making is required, and financial discussions are a very important part of that. The goal is to make informed financial decisions and I can facilitate that.” Karen stresses, adding, “The earlier you start, the better, but it’s never too late to start.”