Wealth & Finance International - February 2017

Wealth & Finance International 50 Health Is Wealth DC was founded May 1, 2000 in Miami, Florida to create a system for investors to make large deposits within a network of participating FDIC-insured banks through a single trans- action. We recognized having the ability to place up to $25 million in one insured account with only one statement is quite unique. Jay Stillman goes a little more in-depth about the firm and the work that it does. “Over the years, we realised the unique opportunities commu- nity based banks have with their local non-profits. So, we decided to create a program for community banks to attract and maintain long term relationships. Our focus has been on developing and strengthen- ing relationships with institutional clients by creating links to non-profit organisations in the communities that a bank serves.” “Through our Internet-accessible transaction structure, CDC solves the logistical and administrative challenges associated with depositing large sums of money in multiple banks. This structure maintains full FDIC insurance on all deposits while offering a high degree of liquidity for investors. All of our programs are supported by a legal opinion directly from the FDIC representing that our structure provides the safety of FDIC insurance since there is “pass through” directly to all investors when they use Charity Deposit Corp. Network®. Today, CDC works with hundreds of banks and manages more than $1.7 billion in assets. We have achieved this success by structuring our programs to provide benefits to investors, banks, and non-profits.” Jay tells us more about his role within the company and what it entails. “As the head of business development I handle the day-to-day aspects of marketing and sales. This includes working with our investors, banks and non-profits we support. Many of our efforts is to reach new investors. This involves attending trade shows or working with wealth advisors. We try to include social benefit opportunities, which requires meeting banks and non-profits to see how we can facilitate mission support through donations, fund raising, and collaboration with many local partners.” Recently, CDC has given away well over a $1 million to local non-profits. “Our growth in deposits allows us to support hundreds of non-profits around the country and still give a very competitive interest rate,” ex- plains Jay. “This unique combination of cash and social impact allowed CDC to almost triple its assets from 2010.” The Staff at CDC are instrumental in ensuring client satisfaction. “We have various moving parts that require staff to maintain and work with vendors to facilitate client’s transactions,” explains Jay. “Our unique model that brings together investors, banks, and non-profits needs everyone helping. “We have employees in various parts of the country providing local non-profits support in conjunction with bank relationships. This requires quarterly meetings to make sure we are helping as much as possible. “The feedback we receive from each client has been wonderful. It is a win for everyone. The investors want their funds insured, given a com- petitive interest rate and sometimes provide social support. Banks are looking for local charitable relationships and deposits. The non-profits receive financial support from CDC, which helps bring them closer to their community banks.” With regards to the future, Jay foresees both opportunities and chal- lenges within the industry for CDC. He tells us little more about what we can expect to see in 2017 and beyond. “We do have normal challenges with our investors and banks. Keeping our interest rates competitive for investors as well as providing great service entails working with the banks on a constant basis. In a rising rate environment it is essential that we stay ahead of market changes but also have the right investors. More and more of our clients are interested in socially responsible investments. We also look forward to building out support in the non-profit community. “The opportunities to help investors continues to grow as more banks are looking to add to their balance sheets and also better serve their communities. We continue to support more banks in our network and also look to identify additional services to make investors transactions seamless. Any challenges we face is typically around interest rates. “CDC is unique in offering a social investment opportunity in cash. The program has grown steadily over the last five years and we look forward to growing our investor base and providing social benefits all around the country.” Company: Charity Deposits Corp. Name: Jay Stillman Email: [email protected] Web Address: www.cdcdeposits.com Address: 2103 Coral Way, Suite 202, Miami, FL 33145 Telephone: + 1 305 856 1148 Jay Stillman of Charity Deposits Corp (CDC) explains more about the expanded FDIC insurance industry and the challenges it faces with regards to the future. C 1702WF32