A Model for Christian Investors

“You know that those who are regarded as rulers of the Gentiles lord it over them, and their high officials exercise authority over them. Not so with you. Instead, whoever wants to become great among you must be your servant, and whoever wants to be first must be slave of all. For even the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many.”

-Mark 10:42-45

Investing for the majority of Christians is a puzzle for at least two reasons.

First, investing is incredibly de-personalized. How many of us have actually gone into our 401(k)s or IRAs, looked at what mutual funds we own, then taken the additional step to research those fund’s top ten holdings – and then learned something about the companies we actually own a share in? In my experience, almost nobody. For everyday investors, most simply want to put the quarter in the vending machine, press “buy,” and get a bigger coin back out. In a heavily financialized economy, investing is complex and veiled under layers of lingo, financial instruments, and specialized professionals. Seeing an investment as caring for a group of people operating a business never crosses our minds.

Second, most of us feel powerless. With total investable assets in the US at an estimated $42.1 trillion – which are often controlled by mammoth institutions like Vanguard, Blackrock or sovereign wealth funds – what impact can my widow’s mite tucked away for retirement really have? Wall Street is a powerful system that is beyond our control; even many” powerful” asset managers feel powerless, ever at the whim of market forces and corporate titans that seem almost trans-human.

And yet, most of us don’t feel completely powerless when we go to work and engage in business. Business is a set of human relationships between investors, management, employees, and customers that most of us do have some say-so over. We can’t – and shouldn’t – wash our hands of responsibility for why, how and what we do working in a business; can the Christian really claim that the provision of capital for that same business doesn’t also carry at least some moral responsibility?

If investing is simply ownership over a share of a business, Christians might say that we’d prefer to both invest in and work in businesses that better reflect the kingdom of God rather than the kingdoms of this world. This tricky business because, of course, every business we invest in is a mix of good and evil, sinners and saints, redemptive products and depraved practices. No business (like no person) is perfectly, fully situated in the kingdom of light or the kingdom of darkness.

Yet I believe the New Testament gives us a way to understand what kinds of business better reflect (though not completely embody) God’s will for human relationships, business, and investing. The key, I believe, is wrapped up in a single idea: power.

Upside-Down Investing

It’s been said that all models are wrong, but some are useful. This one is no different. However, I believe we can contrast business and investing activities that function in two different paradigms: the kingdom of the world versus the kingdom of God. One is characterized by power accumulated; the other, by power given.

In this world of business, investors exercise power over managers, managers wield power over employees, and employees have power over customers. Simply put, “the rulers of the Gentiles lord it over them, and their high officials exercise authority over them.” It’s the way the world functions. Those with the most money exercise power over those with the least. In the ancient near east they were called “Benefactors.” Today, we’d simply call them investors.

Yet over all of these people, another Power seems to be at work. Sometimes the power is “money,” or “the market,” or a corporation that is so large no one human can control it. They are nameless, faceless powers that seem to be controlling even the lives of the powerful men and women.

The New Testament can be shifty speaking about these powers. They’re sometimes called principalities, thrones, or authorities. Some see a hierarchy of angels and demons. Others see them as powerful institutions. But what’s clear is that they wield enormous control over human affairs, they’re generally associated with darkness, and Christ “disarmed” and “subjected” them through his death and resurrection (Romans 8:38, Colossians 2:15, Ephesians 6:12, 1 Peter 3:22). And they’re invisible. You can’t see the “powers,” but something certainly seems to be “there.”

As it relates to the economy, those inside this system tend toward power-seeking and using others to gain more power. Investors extract money from companies, management uses labor for profit goals, and employees manipulate the desires of customers, ultimately decreasing their freedom and agency. Dominance of others and fear of losing power characterize this economy.

It should be noted that these powerful systems are impersonal and faceless. Again, whether that be Mammon or the economy or a multinational corporation or “market returns,” people serve powerful systems that seem to have a super-human life of their own. Even the “customer” is often made into faceless avatar, holding even a seat on the board of one of the world’s most powerful companies.

Ultimately, in this system, power itself rules, and each person serves others who wield more power than they do.

In contrast, God’s kingdom functions principally by pushing power down a system. The Christian gospel begins here, with the Incarnation of God himself, taking on human flesh as baby in a manger. God empties himself of his immense power, and for the sake of lost sinners, he takes on the nature of a servant (Philippians 2:6-8).

In God’s kingdom, power is given away sacrificially for the benefit of others. It progressively lifts up “neighbors” with less power, particularly those in close proximity. It functions on an upside down logic, where the last become first, you find yourself by losing yourself, and servants are greatest of all.

A “love your neighbor” ethic for business is most obviously seen, I believe, when investors give power to managers, managers to employees, employees to customers, and ultimately customers buy goods and services that raise human potential. Business here becomes an engine of human blessing, a way God provides for the needs of his people and lifts up the poor. The self-giving love of the Trinity is best displayed, economically speaking, when each person first looks to the good of the other.

In stark contrast to the faceless and nameless powers and principalities, God’s kingdom is always personal. God is a person (actually, three persons), and he summons people to know and love people. Rather than fear and dominance, God’s kingdom is characterized by joy and service. Money is dethroned as a power that controls human affairs and instead repositioned as a part of the created world to be used, enjoyed, and given (1 Timothy 6:6-10; 17-19).

Love is an active force in God’s kingdom. Whether it be managers lifting up employees, or employees working for the well-being of customers, love – defined as actively working for the good of your neighbors, and even your enemies – is central to God’s kingdom. It’s also the center point of a healthy economy. Desire in this kingdom is ultimately not for power, but for Christ himself who gives of himself for others.

Again, the problem with both of these models is that we lived in a “mixed” reality, caught between God’s kingdom and the kingdoms of this world. And it’s not just on a social level. Each of our hearts are a battle ground between good and evil. Some days we’re self-dealing, other days we’re self-less. Some days I bow the knee to Jesus; other days, I bow the knee to Myself. Unfortunately, there are no perfectly clean lines between a business that is fully redeemed or fully depraved. We’re living perpetually on Holy Saturday, somewhere between Good Friday and Easter Sunday.

And yet, I do believe we can notice signs that a business or economic system is moving toward the kingdoms of this world or the kingdom of God. For instance, I’ve noticed management can often “skip over” or use employees in route to giving a customer whatever he or she wants. Rather than empowering employees to serve customers, they’re often treated as expendable inputs that can be changed out at will. Companies with perpetually low wages, low employee satisfaction, and high turnover often fall into this pattern. Indeed, there are ways to be highly profitable both through lifting up employees or oppressing them.

Or, think of investors with no other ends than high returns. This naked focus on profit at all cost is often veiled with excuses like, “I have to. I’ll lose my own investors if I don’t maximize profit and give them what they want.” This passing on of responsibility for others – rather than taking responsibility for the well-being of others – is characteristic of systems built around the nameless, faceless powers.

This power-accumulating approach also applies to the types of products and services that are created in business. There are many ways to make money, including through manipulating customer’s more base desires. I’d argue that the rise in sports gambling, for instance, while it may be very profitable, does not serve a genuine human good. It preys often on those who are the most vulnerable – a key characteristic of a fallen world (Isaiah 3:14).

In contrast, we can also see signs when business is moving closer to God’s kingdom. Good jobs that incrementally lift up the poor; products and services that meet real human needs; companies that restore the planet through thoughtful environmental stewardship; money invested sacrificially, which takes into account economic as well as social, spiritual, and cultural goods – business as God intended it is indeed a part of God’s will for his creation and can be a part of life in his Kingdom.

Movement toward the kingdom of God looks like power used for the well-being of others. When proximity is brought back to investing, the practice of business itself begins to heal. Co-founder and former CEO of Southwest Airlines, Herb Kelleher once said, “We take great care of our people, they take great care of our customers, and our customers take great care of our shareholders.” Indeed, when investors serve managers, managers serve employees, and employees serve customers – when each serves their economic “neighbor” – business itself can be a noble activity.

The Faithful Investor

How, then, should a Christian invest?

First, Christians serve God and not the market, money or any other power. Because this is true, all Christians should minimally begin conversations about investing with “What is good for people in and around this business?” and not only “How do I maximize my returns?” Christians, who follow a Suffering Servant above all, have the reason to persistently ask questions around moral and relational dynamics of business, especially those we invest in.

Second, Christians can start to pay attention to the power-dynamics even in the businesses in which they work. Is my company moving toward a system where power is hoarded or given, where people are served or used? The first step in noticing the tremendous impact of faith and investing is by paying attention first to your own workplace, and allowing the Spirit to re-shape relationships around the core principle “whoever wants to be great among you must be your servant.”

Finally, Christians can lead the way in re-humanizing investing – even in public equities like stocks or bonds – by knowing, praying for, and finding ways to serve management. If the first “neighbor” an investor has is management, which I believe to be the case, Christians ought to first, learn what companies you own, and second, learn who are the people leading those companies. This may occasionally result in shareholder activism; it also may result in divesting yourself of some equities and buying others. But if an investor’s first job is not to realize returns, but instead to serve, we can only serve people we know.

When we take this simple step of knowing and caring for the managers of the companies in which we invest, we take a first step toward transforming investing. In doing so, investing is no longer de-personalized, and we are no longer powerless. We are people with real decisions to make, made in the image of the Son of Man, who “did not come to be served, but to serve, and to give his life as a ransom for many.”

Our job, in short, is to turn investing upside down.

***

Jeff Haanen is a writer and entrepreneur. He is the founder of Denver Institute for Faith and Work, an educational organization that creates content and experiences around topics related to faith, work, the economy, and modern culture. He’s the author of An Uncommon Guide to Retirement: Finding God’s Purpose for the Next Season of Life as well as two forthcoming books from InterVarsity Press on work, spiritual formation, and the American working class. He lives with his wife and four daughters in Denver, Colorado, and attends Wellspring Anglican Church.

Business Economy Finance Work

Strong, Weak and Courageous

November 8, 2022

Why Investors and Entrepreneurs Need Both Authority and Vulnerability to Heal the World Through Business

One fateful, icy afternoon in Burnsville, Minnesota, I learned the difference between authority and vulnerability.

I was in seventh grade and a friend invited me to snowboard at Buck Hill. I had never snowboarded before, but I figured, how hard could it be? Late that afternoon, I found out. I got off the lift and cautiously slid back and forth, carefully cutting my edges. Then I began to pick up speed on an icy slope. Before I knew it, I was bombing down the hill and lost control. After I regained consciousness, my friends said the crash was “epic,” like a test dummy flying wildly down a hill. I separated my shoulder and had to be carried off the hill by medics.

That day, little did I know when strapping on my boots, I was highly vulnerable to disaster – and the authority of an expert (or even amateur) snowboarder was but a distant dream. For years, whenever I would watch the Olympic games, I would marvel at the exploits of snowboarding legends like Shaun White, who combined the vulnerability of high-flying acrobatics with the authority of an expert snowboarder. The combination of the two led to both drama and admiration. Risk and expertise, I came to learn, was the pinnacle of achievement.

Andy Crouch’s wonderful little book Strong and Weak combines these two ideas – authority and vulnerability – in a beautiful little 2×2 that I believe has tremendous implications for both investors and the entrepreneurs they serve.

The 2×2 has four quadrants: Flourishing, Suffering, Withdrawing, and Exploiting.

I. Flourishing. First, Crouch says human flourishing comes when you combine authority, which he defines as the capacity for meaningful action, with vulnerability, which is exposure to meaningful risk.

Take, for example, parenthood. Parents can shape flourishing families when they have the ability to lead, love, and care for their children, as well as open themselves to the pain of real relationships with their kids. A healthy family requires parents who take action for the well-being of each other, and open themselves enough to pain that love becomes real. Authority and vulnerability together lead to flourishing.

II. Suffering. Suffering comes, however, when we have vulnerability without authority. Crouch describes poverty as the inability to change one’s circumstances. All risk, no power. Suffering can come in many forms – physical, emotional, psychological, social or spiritual. And it’s something every single person has felt at one point or another in their lives.

The best thing you can do to help somebody who’s suffering is to help them build lasting authority. For example, if somebody is in poverty, giving them a chunk of money rarely has a lasting, positive impact. However, giving that person job training, counseling, new social networks, or a sense of hope increases their agency, their say-so over their lives. People are raised out of poverty when they have the means to take meaningful action once more.

III. Withdrawing. Those who have both low exposure to risk and low ability withdraw from the world around them. This could be an addicted video gamer, men who’ve withdrawn from the workforce, or a wealthy person who’s withdrawn to a country club life of golf and long lunches. Safety becomes the sole aim of these people who become, in the words of Theodore Roosevelt, “timid souls who know neither victory nor defeat.”

The temptation for most is not complete apathy, but “busying ourselves” with activities that neither ask much of us nor transform us. We need safety as children to properly grow, but a life without meaningful sacrifice tends to feel empty. Withdrawal is a major problem in the modern workforce, and it’s a temptation that those in rich countries especially face almost daily.

IV. Exploiting. Exploitation is found wherever people maximize power while seeking to eliminate risk, says Crouch. Authority without vulnerability leads to enclaves of separation. On the extreme side, this could be a warlord in sub-Saharan Africa; a more daily experience of this would be hoarding resources for ourselves, hedging our futures against risk through stockpiling money or assets.

Crouch also notes that, in general, risk shed by one group is inevitably borne by others’ suffering. A slumlord who is completely separated from the lives of his tenants, for example, creates unhealthy living environments for his poor renters. Movement out of the exploitation quadrant is characterized by a willingness to take on the risk of those who suffer.

Linking Arms to Move Toward Flourishing

Crouch’s framework is a helpful way to look at both investing and entrepreneurship. In my experience, most investors by default tend to live in the exploiting quadrant, and most entrepreneurs tend to live in the suffering quadrant. Here’s what I mean:

The task of modern investing is sadly often reduced to maximizing returns while minimizing risk. But what does this reduction lead to? Returns at all cost cause for those who allocate capital (either professionally or passively) and the expectation of those returns regardless of the volatility and challenges of real life business. Investors who don’t open themselves to meaningful risk can inadvertently cause oppression by forcing entrepreneurs to make choices that maximize returns, but don’t serve the best interest of employees, customers, or communities. Those who only look at quarterly returns, I’d argue, are at a high risk of finding themselves in the exploiting quadrant by default.

Entrepreneurs, however, usually live in the suffering quadrant. Our culture tends to make entrepreneurs into heroes, people with the utmost agency to chart the course for the future. But entrepreneurship is a wild, uncertain, and highly stressful ride. Take for example, the case of Rivian, the electric vehicle startup. Recently I listened to Guy Raz’s interview with Rivian founder RJ Scaringe. To build a car company, Scaringe had a nearly impossible task: not only invent an electric truck, but raise enormous amounts of capital (over $1B), hire staff (and keep up staff morale), pivot numerous times even when it wasn’t clear what problem they should be solving, and project confidence despite internally struggling with doubts (I bet he was even doing this on the podcast.) Entrepreneurs look powerful from the outside, but are hugely vulnerable, and their authority to make significant change is often far less than the news stories would make us think.

What entrepreneurs need is an investor who truly believes in what they’re doing, is willing to take meaningful risk, and be patient. Entrepreneurs living under returns-at-all-costs investors may be unable to invest in important, long-term choices that are needed for the holistic health of employees, customers, and the broader business. Long-term decisions often must bow to short-term returns, and true growth becomes difficult to fund. Short-term thinking also renders it challenging to build company programs that, say, provide flexible work schedules for single moms or second-chances to ex-offenders. The ‘minimize risk, maximize return’ profile trickles down into decisions that have real, long term impact on the poor and vulnerable.

What would the healing of this dynamic look like? I believe it would look like investors who take meaningful risk, seeking to level the playing field of information disparities between professional investors and entrepreneurs through transparency, and through structuring financing that is a win-win as co-owners of a business alongside the entrepreneur. They’d be willing to invest first in the long-term health of the entrepreneurs they serve, rather than succumb to the all-too-common dynamic of entrepreneurs serving investors. They wouldn’t pressure them for an exit, but would work collaboratively with CEOs to understand what’s best for the business.

It would also mean investing expertise along with capital in entrepreneurs, helping them to deeply understand their customers, lead their employees, and make decisions for the business that lead to long-term health. In short, investors would team up with entrepreneurs to take meaningful risk together, putting the tools in entrepreneurs hands that give greater capacity for meaningful action, so that the investor and entrepreneur can flourish together.

This healed vision of business would also start to remedy the supposed trade off between impact and risk. Business is fundamentally about serving an unmet need, yet for millions around the world, their most basic needs go unmet daily. Moving into “risky” markets, like sub-Saharan Africa, or building businesses in underserved markets, like a low-income area of Dallas, requires investors and entrepreneurs who exercise authority and vulnerability together. When this happens, the enterprise itself becomes thoroughly good, pulling people at all levels of the business from the quadrants of exploiting, withdrawing, and suffering into the realm of human flourishing.

Today, I still marvel at the skiers and snowboarders who expertly conquer moguls or jumps. Yet in Crouch’s book, he asks an interesting question about the skiing metaphor (that I shamelessly borrowed from his book): what if at the bottom of the hill there was an injured child, alone and in the snow, that only the skier could save? Would that change how you view the task ahead, and the risks involved?

To become this expert ‘champion’ who sees business as a noble calling requires forging new alliances between investors and entrepreneurs who have their sights set higher than simply maximizing shareholder return.

In short, it requires courage.

***

Photo Credit; Header Image

Jeff Haanen is a writer and entrepreneur. He’s also a Creator-in-Residence for Eagle Venture Fund, where this article first appeared.

Finance Vocation Work

Why Every Faith-Driven Investment Firm Needs to Hire a Theologian

September 4, 2021

Recently I got a prospectus from a faith-motivated advisory firm that outlines what they invest in as Christians. On one level, the responses were predictable. They don’t invest in alcohol, cannabis, pornography, or weapons. And they do invest in companies that have ethical leadership, policies that value employees, and a “positive societal impact.”

But after reading the prospectus, I had to pause and say to myself: this is really, complex stuff.

On one level, investing is quite straightforward: capital should be used to bring about returns. Yet, what is positive societal impact? What companies are “ethical” and which aren’t? Aren’t all companies – like people, a mix of good and bad, moral and immoral? How do you even think through ethics? And which societal impacts are primary, and which are secondary? Why?

I’m not trying to be esoteric. Here’s an example for you for you make an investment decision, shared with me by a dear friend and leader in the faith-based investing space.

Example 1: Building materials company

The employee stock ownership plan or ESOP is 9.5% of total shares outstanding. To date, 40K employees participate and the company matches up to 6% contribution.
Their promote-from-within culture focuses on investing in talent and yields a low voluntary turnover rate of 7-8%. Post-college entry-level training program (with average starting salary ~$47k according to Glassdoor) teaches how to manage store P&L. The CEO came up through the same program.

Example 2: Restaurant franchise company

95%+ of US franchisees started as drivers or hourly workers in stores. “Everyone is trained to become a manager from the first day”, according to a former franchise employee. Cross-training is the norm.
Store start-up cost is $300K vs $4-5M for some other large concepts, making franchise ownership accessible to the middle class. According to one industry expert, “for someone making $60K a year, opening a franchise is possible”.
Franchisees go through franchise management school program to ensure success.
During COVID, the company paid $10M in year-end bonuses to >10K company employees in addition to bonuses paid in March/April 2020 and expanded/extended sick leave benefits.

Now, both seem to be solid public companies having a good impact on employees and are profitable.

But how do you decide between the two? Returns? Opportunity for low-income employees? Or do you prioritize the product itself: would you rather invest in expanding a building materials company or a fast-food business? Or do you instead decide to look into the environmental practices of their supply chains?

Investment analysis obviously goes through a financial filter. And increasingly so, it goes through some combination of a social or ethical filter. But what of theology? For the secular investment firm, this, of course, makes little sense. (Though, whether they acknowledge it or not, all their investments are going through a philosophical filter.) But for the faith-driven investor, isn’t “the faith once entrusted to the saints” the most central filter for investing in any company (Jude 1:3)?

If so, are you sure that your perspective on faith and investing is coming from historic Christian belief rather than, say, your cultural background, your social class, your family of origin, your education, your political persuasion, or your own church’s emphases?

Let me make that case that every faith-driven investor needs to hire a theologian. Here are three reasons.

1. Combining faith with investing is inherently complex.

Here’s what faith-driven investors are trying to do. They’re trying to take ancient texts written originally in Greek, Aramaic and Hebrew to ancient peoples, grasp the core teachings of these texts enough to then understand the core doctrines of Christian belief developed over 2,000 years of church history, apply those doctrines to the modern social construct of business with all the complexity of finance, marketing, operations, and sales, and then decide on which businesses to invest in based on those beliefs and practices!

To go from the book of Daniel to fintech, or from the Doctrine of the Trinity to human resource practices is not for the faint of heart!

Far too often in the faith-motivated investing space have I seen simplistic interpretations of texts (like the parable of the talents) to investing, without understanding the doctrinal, historical, or social context of particular passages, or even their own biases in reading the Bible as 21^st century American Christians. Just like finance, doing theology well requires knowledge, practice, and a breadth of learning.

The reality is, we need experts who can help wade through these waters if we actually want our core investment philosophy to be Christian.

2. Theologians bring a unique set of specialized skills.

Ever since the Protestant Reformation, we’ve believed that since we can all read the Bible for ourselves, we can understand it just as well as the next person. Now, I’m a big fan of everybody reading the Bible, but this has led to a deep devaluing not just of pastors, but those who have literally spent decades studying theology and scripture – like theologians. To say that “anybody can understand the Bible” to a theologian is like me saying to an investor that there’s no difference between a managing partner at Blackrock and an entry-level financial advisor at Thrivent. They’re both equally valuable in the eyes of God, but they’re not both equally competent or knowledgeable when it comes to investing.

Years ago, we at Denver Institute for Faith & Work hired Ryan Tafilowski as a “resident theologian.” He has a Th.M. in ecclesiastical (church) history and a Ph.D. in theology from the University of Edinburgh. He writes and speaks on inter-religious dialogue, historical theology, and ethics. And to top it off, his ability to recall episodes of Arrested Development is astounding (to the great delight of our entire staff team).

Over the years, Ryan has taught our staff team everything from political theology to the doctrine of sin. And when we’re weighing in on tough social issues, ranging from gender to race to immigration to how much profit we should reinvest versus give, his expertise in theological foundations and frameworks has regularly surprised and delighted us. Often, it has completely transformed our views of an issue.

Ryan has education and knowledge that I don’t have. Because this is true, when he speaks, though I’m technically his boss, I’m careful to listen. He actually knows more than I do about the “faith” aspect of “faith and work.” He adds tremendous value to the team, not just in production, but in faithfulness to our own tradition – a tradition I’m still just learning about.

Having a theologian on my staff is incredibly valuable.

3. They’re worth the investment.

Now, the vast majority of theologians don’t know the first difference between public equities and private equity. To that end, they need to listen to professional investors. Yet I believe that professional investors also need to listen to theologians.

I believe it’s worth having a full-time theologian on the staff of every faith-motivated investment firm. They should weigh in on every social, ethical, political, or philosophical decision, drawing the company continually back to the great drama of Scripture, the creeds, and the history of the Church, and what they mean for investing today.

One of our five guiding principles at Denver Institute is to think theologically: “Embracing the call to be faithful stewards of the mysteries of Christ, we value programs that enable men and women to verbally articulate how Scripture, the historic church, and the gospel of grace influence their work and cultural engagement.” To do this, we need theologians to guide, illuminate, and advise. This is why having a resident theologian on our staff is a necessity, not a luxury. (Can’t convince your nonbelieving partners to hire a theologian? Fear not: the vast majority of theologians would happily take the title “Philosopher in Residence.”)

And on the bright side, compared to your typical MBA from Kellogg, theologians are relatively cheap. With thousands more PhDs in theology than there are professorships, there is certainly market supply.

Yet I’d say they’re worth their weight in gold. Some may balk at this comparison to theologians and gold: $1764 per ounce, assuming a 150-pound theologian, are they really worth $4,233,600?

Depending on what you’re investing in, they might just be…

***

Jeff Haanen is the Founder and CEO of the educational nonprofit Denver Institute for Faith & Work, CityGate, a national network of leaders working at the intersection of faith, work, justice and community renewal, and The Faith & Work Classroom, a free, online learning platform.

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Faith and Work Bible Study

September 2, 2019

Friends, a happy Labor Day to you!

To celebrate your work, I wanted to give you a gift: a free Bible study on Faith and Work.

The study is structured around people’s stories. In a series of articles, I highlighted the way people are living out their faith in the workplace.

Each study has a brief story Bible study participants can read at home. After each article, and before the study, we encourage you to Pause and Reflect on what the story might be telling you about God’s call for your own work.

The Bible study is structured around six sections: Introduce, Discuss, Explore, Apply, Closing Thoughts, and Prayer. It also has additional Resources.

Here are the weekly topics for “His Story, Our Stories: Encountering God Through Our Work”:

(1) “Light for Electricians,” (Creation)

(2) “Investments for the Kingdom” (Calling)

(3) “Showing Hospitality to Strangers and Spring Breakers” (Fall)

(4) “Productivity and Grace: Management and Labor at a Denver Manufacturer,” (Witness at Work)

(5) “A Well-Designed Journal Can Change Your Life,” (Culture)

(6) “A Growing Charter School Planted in Rocky Soil,” (Organizations/Companies)

Enjoy!

Looking for more material? Visit Scatter.org.

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A Manifesto for Financial Advisors

May 22, 2019

Financial advisors play a critical role in the future of America.

They are stewards of a sacred trust, helping clients to save money for when they can no longer work, live a life of generosity, invest in businesses that align with God’s purposes for the world, spend wisely, and re-discover their calling to work and serve their neighbors over a lifetime.

If you’re a financial advisor, or you know one, what might it look like integrate Christian truth into this entire field, a $27 trillion-dollar industry that is shaping the destinies of millions?[i] (Click here to access a free downloadable pdf of this “Manifesto for Financial Advisors.”)

Here’s a place to begin.

1.Christian financial advisors help clients save money for when they can no longer work.

Saving is wise (Proverbs 21:20). Financial advisors have the privilege of encouraging people to prepare for the day when they cannot work due to old age or health. They also have the honor of helping clients still have enough to share with others (Proverbs 13:22; 1 Timothy 6:17-19).

But Christian financial advisors resolutely resist the narrative about saving for retirement built on utopian dreams of travel, never-ending vacation, and a care-free lifestyle. They recognize that sin and the Fall have affected all people, both wealthy and poor, and that there is no such dream of heaven on earth until Christ comes again. They also boldly call into question fear-based motives for saving in retirement, pointing people to trust God alone for their daily bread.

Also, since retirement (the cessation of work for a lifetime) is essentially a foreign concept to the Bible, Christian financial advisors work diligently to help people save for the day when they can no longer work due to health concerns, not for the day when they don’t want to work.

To work is to be human.

Financials advisors help their clients save money for retirement in order to provide for themselves in old age or illness, their family, and their community.

2. Christian financial advisors encourage clients to live a life of generosity.

God’s call to generous giving could not be clearer (Matthew 6:19-21; 10:42; Luke 21:1-4; 2 Corinthians 8:12-15; 1 John 3:16-18; Proverbs 11:24-25). Generous living most closely reflects God’s grace toward his people (2 Corinthians 8:9).

Christian financial advisors counsel clients toward sacrificial giving toward the mission of the church, the well-being of the poor, and the critical social, economic, and cultural needs of our day. They explore creative ways to facilitate their clients giving their cash, assets, time, skills, relationships, and influence. They lead by example.

Even though Christian financial advisors often don’t have a financial incentive to encourage generosity amongst their clients, they do so anyway because God first gave generously to them (John 3:16).

3. Christian financial advisors counsel their clients to invest in businesses that align with God’s purposes for the world.

Christian financial advisors believe that God owns everything (Psalm 24:1), including both their client’s money and also the money that is invested in companies through stocks, bonds, and mutual funds.

They are leaders in the space of socially responsible investing (some Christians also call this values-based investing, or biblically responsible investing). They believe God’s purpose for business is to provide for the needs of world by serving customers and creating meaningful work, while giving glory to God.[ii] Profit, therefore, is a means to an end, not the end of business. They believe investments are intended to help businesses grow and bless their communities. Christian financial advisors also believe business has been tainted by the Fall, and today corporations, like individuals, are bent toward greed and injustice (Micah 6:8-10). There are no “neutral” investments.

Inasmuch as they are able, Christian financial advisors seek out investments for their clients that align with their client’s values and God’s good purposes for business. They take leadership in providing ample returns for their clients and multiplied societal blessing through their client’s investments.[iii]

4. Christian financial advisors counsel their clients to spend wisely.

God has given us money to be enjoyed and spent wisely. But Christian financial advisors also recognize that “godliness with contentment is great gain,” and Christian history is filled with vows of poverty and commitment to simple living for the sake of more deeply enjoying the riches of Christ (1 Timothy 6:6, 17-19). Frugality is not a curse but a means to experiencing the abundance of God’s love, care, and heavenly riches.

Christian financial advisors are uniquely able to speak to our cultural moment and the current “retirement crisis” because they believe God himself, not the pleasures of this world, is our greatest joy. They believe in a deeper wealth than what money can offer.[iv]

Christian financial advisors counsel their clients to avoid debt, live within their means, defer gratification, and discover non-consumeristic ways to enjoy life and God’s good world.

5. Christian financial advisors counsel their clients to consider the different seasons of work over a lifetime.

Christian financial advisors see God’s pattern of six days of work and one day of rest as a blessing that lasts for a lifetime.

Rather than preparing clients to completely cease from work at retirement, they encourage sabbaticals and seasons of rest to renew a sense of calling for the next phase of life.

Therefore, they are instigators of a deeply counter-cultural movement. They begin to help clients save money for both sabbaticals and for when their clients can no longer work. They ask pointed questions to help their clients see a deeper purpose to life than entertainment or pleasure. Christian financial advisors, then, become sages, mentors, theologians, and philosophers who help their clients prepare for the next season of work, whether they are 60, 70, or 80 years old.[v]

Christian financial advisors are the innovators who call for a new movement of work, sabbatical, and re-engagement based on God’s design for work over a lifetime (Leviticus 25).[vi] They openly challenge the Let’s vacation paradigm of retirement, and honor the men and women who work later in life as the dignified elders of our churches, communities, and society.

They are the first to point out the valuable, brilliant, and creative work of men and women stewarding their skills, knowledge, and abilities into the sunset of their lives.

For a free downloadable version of this manifesto, visit https://www.uncommonretirement.com/financial-advisors.

[i] Nick Thornton, “Here’s What the $27 Trillion US Retirement Industry Looks Like,” Think Advisor, 2 January 2018, Accessed on August 10, 2018: https://www.thinkadvisor.com/2018/01/02/heres-what-the-27-trillion-us-retirement-industry/?slreturn=20180714204623.

[ii] Jeff Haanen, “Theology for Business (Video),” Denver Institute for Faith & Work, Accessed on August 1, 2018: https://denverinstitute.org/video-the-purpose-of-business-today/.

[iii] Organizations like the Christian Investment Forum and faith-friendly mutual funds like Eventide Funds actively explore how to pursue competitive returns for their shareholders while upholding Christian values. For examples of philosophies of Christian faith and investing, watch the video “Investing 360 – The Story of Eventide Funds”: https://vimeo.com/223488058 or read “Integrating Faith Into the Way We Invest,” by Tim Macready, CIO of Christian Super, an Australian Pension Fund: https://denverinstitute.org/integrating-faith-way-invest/.

[iv] For an excellent treatment on faith, money, and retirement, see: Chad S. Hamilton, Deep Wealth (Denver: PFI Publishing, 2015).

[v] I recognize this is almost unheard of today. But my thesis in this book is that this rhythm of work and rest is more biblical than the contemporary idea of retirement and it more closely aligns with God’s intent for us to work, in different capacities, over a lifetime.

[vi] Rob West, the CEO of Kingdom Advisors, a Christian ministry to financial professionals, says, “One of the roles of the advisor is to not only help the client to answer the question, ‘How much is enough financially?’ – in terms of our financial finish line so we can maximize giving – but also, ‘What are you going to do in the retirement season?’ Even if we stop our vocation, what are we going to do to be of service to the Lord full-time for God’s glory?” Both Rob West and Ron Blue, the founder of Ron Blue Co. believe both wise financial decisions and a lifetime of work, which changes in different seasons, are biblical.

Finance Work

Stocks, Bonds and Mutual Funds

June 1, 2016

Months ago I first ran into Tim Weinhold, one of the speakers at next week’s “Stocks, Bonds & Mutual Funds: How Theology Can Renew Investing and Wealth Management.”

After I read one of his articles, Business: Engine of Biblical Blessings, I decided to reach out for a phone call. After chatting for 20 minutes, I learned he was a Harvard grad, faculty member at the Seattle Pacific University, and co-founder of four businesses. But what struck me as strange was his current role: Director of Faith & Business at Eventide Funds.

What kind of a mutual fund, I wondered, hires a guy to think about and write articles on Christianity and business?

Months later, I met Robin John, the CEO at Eventide, and his associate, John Siverling, the CEO of the Christian Investment Forum, for happy hour at Yard House in Park Meadows. Over chips and salsa they riffed on topics like “socially responsible investing” and a new term I had never heard before: “biblically responsible investing.”

I was a novice — and knew I needed to learn more.

Before I met the guys at Eventide Funds, and now my friend Chad Hamilton at Mariner Wealth Advisors, I hadn’t given much thought to the $28 trillion dollars currently invested in mutual funds, much less where my own retirement fund is invested.

But these guys made me pause: do I believe in these companies (or even know what companies are in my mutual funds)? Are they doing good in the world — or harming those God cares about? Can I be smarter about where I put the small amount of money entrusted to me?

Here are five reasons to attend “Stocks, Bonds and Mutual Funds” on June 8:

Scripture is not silent on God’s purpose for business, and, thus, God’s view on wealth creation and investing.

Tim Weinhold will speak directly on God’s purpose for business, and what it might mean for how we think about investing. From Mosaic law to Wall Street in 20 minutes—that’s no small leap.

The vast majority of Christians — myself included — have never thought twice about where our money is invested, as long as we get a financial return.

I’m guilty as charged, here. Months ago I simply chose the robo-investor that promised highest returns for the least amount of work. But have I erred? Might I be promoting businesses that are actually causing the problems my charitable giving is addressing?

Oops.

Perhaps taking the mercenary approach (earn a bunch so I can give it away) isn’t quite right. And maybe it’s overlooking the “social return,” as Chad Hamilton says, business are already having right now.

The event will help to clarify a host of perspectives, like “socially responsible investing”, “values based investing,” “biblically responsible investing,” and “impact investing.”

Mystifying. What’s the difference between all of these? What does it mean when a company is “extracting value” vs “creating value?”

There may be no 100% clean answers, but can I at least get clear on the options out there so I can make a more faithful decision with my finances?

We’ll dive into the tough questions related to faith and investing, like “How responsible am I for the business decisions of companies I invest in?” and “What is the best way to do good through investing?

It gets complicated. Once we find out what exact companies are in those mutual funds, what then? What are business practices I wouldn’t want to support? What are ones that would be a good idea to invest more in?

And can I still make at least a significant return on my money for retirement? With four little kids at home I feel old age fast approaching….

We’ll have the chance to examine the values that drive our own investing, and what different choices we might make with the capital entrusted to us.

So how much should I give, save, spend and invest? And why? Do I want to retire early because I’m just burnt out on work? If so, will that make me happy? What values do I want my kids to adopt about money? How will I teach that to them? What does it mean to have real impact in the world with my portfolio?

Investing for Social Impact from Chad Hamilton on Vimeo.

We’ll dive into these questions on the evening of June 8 at the Commons @ Champa. I hope you’ll join us for a bright conversation on faith, money and investing for good in the world.

Art Craftsmanship & Manual Labor Culture Economy Education Finance Media Nonprofit Politics Science Technology Theology Work World

Announcement: Launch of the 5280 Fellowship

January 4, 2016

Today is a big day.

Today my colleagues and I at Denver Institute for Faith & Work, in partnership with Gordon College, announce the launch of the 5280 Fellowship, a 9 month experience for emerging leaders beginning in the fall of 2016.

After years of planning, design and forging partnerships, each element of the program has fallen into place. And now what we are now offering is, I believe, one of the best faith-based fellowship programs in the US, and perhaps Denver’s premiere leadership experience for young professionals.

I know those are big claims. But I believe the 5280 Fellowship has the potential to deeply impact Denver for generations to come. And I’m not alone.

Some of Denver’s finest pastors – like Robert Gelinas (Colorado Community Church), Brad Strait (Cherry Creek Presbyterian), Rob Brendle (Denver United), Brian Brown (Park Church) and Hunter Beaumont (Fellowship Denver) – believe the Fellowship can be a life-changing experience for young professionals who want to deeply engage themes of calling, work, and culture.

Young professionals like Steven Strott (Cool Planet Energy Systems) and Amy Wofford (The Commons at Champa) see the value of connecting to a community of faithful leaders in Denver and articulate how important work is to the flourishing of a city.

And Dr. Michael Lindsay, the president of Gordon College who has deeply studied the world’s most effective leadership program, the White House Fellowship, believes this program, which has been modeled largely on his research, will give young professionals:

“deep relationships that span the city,”
a vision for how “the gospel provides a kind of connective tissue, helping us to see how does science and technology relate to the arts and entertainment,”
and a “catalyst in your career for the prospering not only of the wider culture, but also your life.”

Needless to say, if you’re asking big questions about the role of Christians in culture; if you’re interested in the relevance of the gospel to all of life; if you’re wondering about your own calling; and if you’re up for a challenge that could catalyze your career — then I encourage you to learn more at an upcoming info session.

Some of you may also be interested why we built the program as we did. On this blog, over the next several weeks, I’d like to peel back the veil on the principles underlying the Fellowship and why we built the program as we did. Blog posts will cover topics like:

Why Some Doctors Read the History of Opera: Leadership and Liberal Arts Thinking
EQ: Why Being a Good Conversationalist Might Be More Important Than an MBA
Why Nothing Before Age 20 Matters (And Why Your 20s-40s are the Most Critical to Career Success)
Calling: Learning to Listen to the Caller
Spelunking, Cave Formations and Culture Change
Our Common Longing: Meaningful Work
The Church in the World: Reformation, not Revolution
The Future of Higher Education: Friendships and the Information Deluge
The Golden Web: Mentors, Networks, and the Hidden Leadership Curriculum
Mission: Larger Than A Two Week Trip Overseas
Scattered: Being the Church Monday-Saturday
Significant Work: Developing a Taste for Tackling Big Problems

The launch of any new educational experience is really just the beginning of a conversation. This is a conversation on what it means to be fully human in this time and this place. I’d like to take the chance to invite you into this community.

I’d love to hear any and all feedback as the conversation grows. I hope you’ll consider joining me on this adventure into our own souls, the life of our city, and the heart of God.

Economy Finance

Review of Young Money

June 12, 2014

Today Christianity Today published my review of Kevin Roose’s Young Money: Inside the Hidden World of Wall Street’s Post-Crash Recruits. The book was literally hard to put down. As Roose unfolds the experience of eight young college graduates at the world’s most powerful investment banks, he captures the reader with a haunting portrayal of work that in almost every way destroys a soul. If I ever needed motivation to build Denver Institute for Faith & Work, I need look no further.

Here’s the first part of the review:

Only halfway through his first year as a financial analyst at Goldman Sachs, an investment bank, Jeremy Miller-Reed fell into a deep depression. The 100-hour work weeks and endless Excel spreadsheets he could handle. But his boss, Penelope, he could not. Penelope looked like Julia Roberts but had the personality of Genghis Khan. Junior analysts dreaded her wrath. After assigning a 20-page memo to Jeremy over her vacation, she returned to find a single page missing. “You had all week to get this right!” she screamed. That night, Jeremy went to the roof of his apartment, lit up a joint, and cried in the rain, thinking to himself I can’t do this anymore.

In college, Jeremy, like most young financial analysts, was bright, motivated, and had high hopes. He graduated from Columbia University, and in the summer of 2010 was excited to begin a career at Goldman Sachs selling commodities—oil, gas, corn, wheat, precious metals. Lured by a starting salary of $70,000, plus bonuses of up to $50,000, he rationalized that a two-year stint as an investment banker would be good experience for a planned career in urban design or politics. It was a common decision among his peers. At Harvard in 2008, 28 percent of seniors headed into financial services, and at Princeton in 2006, it was a stunning 46 percent. But for Jeremy, it was a decision that would haunt him—as it would the sorry cast of Kevin Roose’s new book Young Money: Inside the Hidden World of Wall Street’s Post-Crash Recruits.

From 2010-2013, Roose, a business writer for New York magazine, shadowed eight freshly minted investment bankers during their first two years on Wall Street, tracking their stories. From starry-eyed interns to disillusioned, exhausted, and depressed spreadsheet jockeys, Roose’s Young Money reads like a handbook for everything and anything than can go wrong with work.

Moral Black Hole

The work of young analysts is often mind-numbing. Most investment bank rookies spend days (and nights) creating “pitch books”—hundreds of pages of financial data for companies considering buying other companies. After hours of formatting cells, creating graphs, and producing Excel models, often pitch books would be blasted by bosses… (read more)