Mel Lagomasino and Michael Zeuner Shares WE’s B-Corp Experience with Citywealth
June 29, 2021
When a company is a Certified B Corporation, or B-Corp, it means they “meet the highest standard of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose,” according to B-Labs, the B-Corp certifying body. However, despite there being more than 3,500 B-Corps worldwide and ESG investments skyrocketing in popularity, finding a family office that is a B-Corp is no simple task.
“When we set out to create our firm, we wanted it to be different from the outset,” Lagomasino tells the publication. “We wanted to create a sustainable business from the perspective of being a fiduciary. A few years into this journey, we learned about B-Corps and how it could be aligned with everything we are doing.”
In addition to striving to align corporate values with clients and staff, Zeuner explains it was also a natural evolution for WE Family Offices to gain a B-Corp Certification.
“We realized we were operating as a B-Corp already – thinking like one, behaving like one – it was therefore a natural evolution rather than a strategic decision,” says Zeuner. “It’s not something we felt we needed to overly market to clients, but families we work with are interested in making sure our values align with their values surrounding sustainability and ESG. It’s often viewed as a natural add-on.”
Despite WE’s natural evolution as a B-Corp, it may be difficult for other family offices to follow in their footsteps. “I think it’s really hard for financial institutions as they operate in a world driven by shareholder demands,” explains Zeuner.