Page 28 RAIN Spring 1986 • I ACCESS: Socially Responsible Investing Socially responsible investing shows all the signs of a growing movement. One indicator is the development ofjargon. Instead of the cumbersome phrases "ethical investing" or "socially responsible investing," you can use the acronym for the latter—SRI. The SRI business now has its own trade association, the Social Investment Forum (see address below). It began in January 1985 and its members include investment advisors, brokers, financial institutions, research organizations and investors. SRI has also been getting increased coverage in national news and traditional financial publications such as Newsweek, The New York Times, Money, Forbes, Fortune, andThe Wall Street Journal. Articles have also appeared in progressive publications that don't usually cover financial issues such as Environmental Action (July!Aug., 1985) and Sierra (Nov./Dec., 1985). The Fall 1985 issue of Building Economic Alternatives was devoted to SRI and includes interviews with a number of leading practitioners in the field (Co-op America, 2100 M St. NW, Suite 310, Washington D.C. 20063). A final indicator of an expanding field is the proliferation of directories to help you find your way to the right fund, financial institution, or investment advisor. Four of these directories are described below. —Rob Baird Rob Baird, a former RAIN staffer, now works with the Anderson Financial Group .1 Portland. GOOD MONEY 1985 Guide to the Social Investment Community, 1985, 32 pp., $10 from: Center for Economic Revitalization 28 Main Street Montpelier, VT 05602 This directory covers a broad range of areas including financial institutions such as banks and credit unions; investing resources such as brokers, financial advisors, and investment funds; and information resources such as nonprofit organizations, publications, foundations, and educational opportunities. Each section has numerous listings by state. The directory gives a good overview of the the SRI field. The main drawback is that each listing provides only a name and address, with no descriptive information. —Rob Baird Earthbank Guide to Sustainable Economics, edited by Catherine Burton and Geralynn Rackowski, 1985, 72 pp., $8.50 from: Earth Bank Association PO Box 87 Clinton, WA 98236 This is more than an SRI directory, covering a wider field of “sustainable economics.” Areas covered include “land ' and natural resource stewardship,” “appropriate technology,” “community self-reliance,” and “education, media, and networking resources.” The “World of Work” section includes resources on economic democracy, national service cooperatives, small business, corporate responsibility, and organizational consultants. The “Capital” section covers barter, progressive philanthropy, granting resources, and lists the major SRI resources of money market and mutual funds, revolving loan funds, credit unions, and investment advisors. —Rob Baird Vendor Guide by the Social Investment Forum, 1985, 34 pp., free from: Social Investment Forum 711 Atlantic Ave. Boston, MA 02111 The directory describes members of the Social Investment Forum, the SRI trade association. Areas covered include mutual funds, investment advisors, special loan funds, and publications. Only about 30 groups are listed, but each has an excellent detailed description. The directory is available free of charge and is published twice a year, in January and in June. —Rob Baird Directory of Socially Responsible Investments, by the Funding Exchange and the Institute for Community Economics, 1985, $7 from: Funding Exchange 135 East 15th Str eet New York, NY 10003 The Funding Exchange, a national organization of community-based public foundations, published the first SRI directory in 1983. The second edition has just been published and is the best resource available on socially responsible investing. There are approximately 50 entries with good descriptions from one to three paragraphs in length. It is well organized with three major sections. The first is “Community Investments” which describes revolving loan funds and community development credit unions and banks. Second is “Socially Screened Securities” such as money market funds, mutual funds, and investment advisors and brokers. Finally is a listing of research organizations and publications. The directory can be purchased either directly from the Funding Exchange or from Funding Exchange members. One member, the McKenzie River Gathering Foundation (454 Willamette, Eugene, OR 97401), has a statewide SRI directory for Oregon. It will be updated after MRG's SRI Conference scheduled for May 1986. — Rob Baird Simple Living Investments for Old Age, by Michael Phillips, 1984, 43 pp., $4 from: Clear Glass Publishing Box 257 Bodega, CA 94922 Michael Phillips provides an excellent counterpoint to all the talk about socially responsible investing. Individual Retirement Accounts and similar retirement programs are being promoted heavily these days. Yet saving money is not the primary way to prepare for old age. The “realities of old age” include a decline in physical health, the death of friends and family, and a world that is changing rapidly. Phillips suggests three “investment packages.” The first is to develop a healthy lifestyle and explore a variety of medical and healing practices. Second, develop the ability to have younger friends and learn to be open and flexible. Finally, prepare for change by developing skills useful to others and learn to live with few possessions. Social Security retirement, medical, and disability benefits are discussed briefly. I disagree with his arguments about the adequacy of these programs. When the baby boomers reach retirement age, it will be extremely difficult to maintain even the present day purchasing power of these programs. Everyone has their own ideas about their financial needs for retirement. Phillips reminds us that in our “investment packages” we should put ourselves ahead of our bank account. —Rob Baird
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