David Pelton

Q&A with Financial Advisor David Pelton, RICP®, Senior Vice President at Morgan Stanley

Financial advisors don’t just manage their clients’ investments – they also help to guide their clients in all aspects of their lives. In this series, we highlight financial advisors, wealth managers, and attorneys who themselves are passionate about charitable giving and provide expertise to assist their clients in taking their own charitable giving to the next level. David Pelton, Senior Vice President at Morgan Stanley, is a graduate of the prestigious Wexner Graduate Fellowship, which trains leaders in the Jewish community. He is an active lay leader at UJA-Federation of New York (United Jewish Appeal—Federation of Jewish Philanthropies of New York) and serves on the board of his synagogue. Here he shares insights into what values drive his charitable giving, and the causes most important to him.

Jewish Communal Fund: You were recently honored by the UJA-Federation of New York with the Robert S. Boas Award at its Summerfest event. What values drive your involvement in charitable giving?
David Pelton: Growing up, my parents instilled in me the importance of supporting local charitable causes. When we moved to Long Island, my parents were founding members of our temple, which served as the community center. My father was one of the first presidents. Through their involvement with Israel Bonds and UJA, I got exposure to giving back to the community. That importance has always stayed with me – to give back when I can. I currently serve on the board of my synagogue, Old Westbury Hebrew Congregation, where I am a past president.

JCF: Can you share with us some of the other charitable causes that are meaningful to you?
DP: I am a member of UJA’s New Leadership Campaign Cabinet and UJA’s Long Island Council and Business Leaders Forum. UJA’s network touches local efforts on Long Island but it also reaches all the way around the world, such as with Nepal and other global disasters. In a way, UJA is like a hedge fund —you give money to experts, who then allocate donations to various areas where funds are needed most. Whether it’s poverty, helping to retrain people who lost jobs due to the recession, or setting up a hospital in Nepal, UJA does such important work. My wife and I are also involved in supporting programs that help children with disabilities or cancer, such as Chai Lifeline and Shalva, which is in Israel. Sunrise Day Camp is a beneficiary agency of UJA on Long Island that provides a fun summer camp experience for children who have cancer, and their siblings. Most of these charities help the entire family. They understand that when you have a sick child, it affects everybody.

JCF: How do you approach conversations around charitable giving with your clients?
DP: My clients all know that I’m involved with several charities; they see it. Charitable giving is something I incorporate into the conversation when I begin working with new clients. It’s one of the 13 wealth management issues we discuss. If they want to get into a discussion, we talk about which charitable giving vehicle would work best for them, such as setting up a donor advised fund at JCF. If they are inclined to get into a conversation, I will. I share my values and philosophy. I ask them, “Do you want to set up a legacy?” “What do you do charitably?” “Do you want to get more involved?”

JCF: Do you have a philosophy that guides your charitable giving?
DP: My personal giving leans toward supporting children and religion. We don’t only give to Jewish causes. We also give to hospitals. My daughter, a Teach for America graduate, is a teacher in a charter school in Harlem. We are looking for ways to give back to those communities, too. For me, I tend to focus on impact, where I really feel like my donation is making a difference.

JCF: Do you have any advice for advisors who have never broached this topic with clients but would like to start?
DP: It’s an easy discussion to have. I ask, “Do you get involved in charity?” “Do you want a more efficient way to give to charities?” “Would you like to set up a legacy to support your favorite charities forever?”

As an advisor, it is always great to have conversations that are less about the stock market and more about important life events and values. The stock market and investments are one portion of what we do, but what we do is more substantial. We advise clients in all aspects of their life.