Celebrating 20 Years of Sustainable Investing

Twenty years ago last month, I hung out my shingle and started Krull & Company, the predecessor of Earth Equity Advisors in Roanoke, VA. It was a leap of faith to leave the corporate world and begin my adventure as an entrepreneur.

As many of you may know, I had two main influences for this journey: my wife Melissa, who helped me understand the environmental crisis we are facing and carve out a niche as a socially and environmentally responsible investment firm, and Bill McDonough, the brilliant green architect and sustainability guru with whom I had the opportunity to spend an afternoon.

The original home of Krull & Company.

I am eternally grateful for the clients who followed me into my new venture, many of whom are still friends and clients. I ran the firm from our little house in the Old Southwest neighborhood of Roanoke. On our first anniversary, we hosted a cookout at the house and were joined by a number of clients, including Jack and Linda L. Jack was one of my all-time favorite clients who has since passed, and who I truly miss him!

The postcard for our first-anniversary cookout.

From the start, I focused on what we called socially responsible investing (SRI). At the time, SRI had been around for a while, but it wasn’t exactly embraced by the investment industry. There were a few fund companies, like Calvert and Impax Asset Management (formerly known as Pax World), that specialized in SRI, but most advisors derided the practice as money-losing and only for tree-huggers.

Boy, has our industry come a long way over the last 20 years! Advisors and fund companies that would never have considered investing in sustainable businesses now dedicate billions to the practice. We have also seen the verbiage and philosophy of SRI evolve. From socially responsible investing to sustainable and responsible investing to ESG and back again to sustainable investing. You have to be careful, or you might get dizzy from all of the changes.

Moving to Georgia

Melissa and I left Roanoke in 2006 and headed for the sandy shores of Sapelo Island in coastal Georgia. Melissa accepted a position as Research Scientist and Assistant Director of the University of Georgia Marine Institute. I opened an office in Darien, GA, on the mainland and continued to service my Roanoke clients while I worked on growing the client base on the coast. Having friends in nearby Savannah made this task much easier, and soon, I was giving SRI talks at the Sentient Bean coffee shop and bringing on new clients like Bryce and Melissa B. I was one of the founders of Green Drinks Savannah, where we worked to bring together environmental advocates to network and do as Savannahians do best…drink!

My dad and I at our Darien, GA Office.

We spent about six years in coastal Georgia before deciding to move to Asheville, NC. Melissa was ready to move on from the traditional academic environment, and we figured it was time for a change of scenery, as well! We considered a number of locations, but we kept coming back to Asheville and its beautiful Blue Ridge Mountains, progressive attitude, and thriving cultural scene.

In 2012, when I arrived in Asheville, I immediately jumped into the deep end. We were fortunate to have some family in town, which made it much easier to adjust. I quickly started networking and meeting folks, including attending a Green Drinks Asheville event where I met Julie Mayfield, the Executive Director of Western North Carolina Alliance (now MountainTrue), the premiere environmental advocacy group in the region. Not long after the event, I was asked to join the board and eventually would become the chair during one of the most organization’s most exciting growth periods. Julie would go on to become an Asheville City Councilperson and then a North Carolina State Senator!

Emphasizing Community & Responsible Business Practices

Community has always been incredibly important to me and Earth Equity. In 2011, the firm became certified [1], meaning that we donated at least 1% of gross revenues to environmentally focused non-profits. We also regularly donated to food banks such as Manna and Second Harvest over the holidays.

As a values-oriented investment firm, it was also important for us to operate in a responsible manner. In 2014, we became a Certified B Corporation, adhering to the principles outlined by B Labs, which rated us based on five stakeholder metrics: Community, Environment, Customers, Workers, and Governance. Within two years, we were awarded “Best for the World [2] ” as one of the top 5% of B Corps in the world for Customers. We went on to be Best for the World awardees multiple times before our acquisition by Prime Capital Investment Advisors in 2023!

Our Green Sage Sustainability Portfolio

During my first few years in Asheville, I worked from a home office three days per week and a local coffee shop, Green Sage Café, the other two days. Over this time, I got to know one of the owners of the shop, Randy Talley. Randy is a North Carolina pioneer in organic food, having founded a food co-op and the grocery store chain EarthFare with his business partner, Roger Derrough. One day in 2012, while drinking a cup of organic coffee with Randy, he asked about “investing in a basket of sustainable stocks.” Up until this point, I had only used mutual funds for our client portfolios. I told him I would think about it and came back to him with a plan to put together the individual stock portfolio that we would eventually name the Green Sage Sustainability Portfolio.

Randy Talley and I at Green Sage Café.

To continue our theme of community involvement, we started our Speaker Series in 2014 with an event featuring Calvert’s Bennett Freeman, a human rights, sustainability, and responsible investment speaker. Over the years, this event grew to include influential speakers, including Dr. Katharine Hayhoe, climate scientist and member of Fortune’s 50 world’s greatest leaders. We addressed themes such as food waste, gender equality, the circular economy, and, of course, climate change. The pandemic put a hold on this series, but I’m hoping we can resurrect it very soon!

Neill Yelverton and I at an early photo shoot.

Expanding the Team

Sustainable investing continued to gain momentum during this period, and I realized it was time to go from a one-person show and add a teammate. Neill Yelverton was introduced by a mutual friend in 2013, and I quickly realized that he would make a great partner. He had a skillset that complimented mine, having just received his MBA. His previous work as an ecologist certainly lined up with our sustainability focus, as did his years as a shepherd. Yes, you heard that right, he was a shepherd, watching over flocks that grazed on vegetation in electric tower rights of way. Ask him about it sometime!

2015 marked another important expansion year for the firm. After working from home since moving to Asheville, Neill and I decided to lease our own office space in downtown Asheville. It was nice to have a place of our own where we could meet with clients and work together. We also grew our team by two with the addition of Kerry Keihn and Leesa Sluder.

Kerry originally came to Earth Equity as a Client Service Associate, but she didn’t stay in that role for long. Her work ethic, attention to detail, and focus on client service propelled her into a financial advisor role quickly, where she has flourished. She now has earned her Accredited Behavioral Finance Professional (ABFP) designation and has had great success working with her ever-growing client base.

Kerry Keihn in our office.

Leesa Sluder came to Earth Equity after a very successful banking career at some of the largest banks in the world. She was a pioneer in the boardroom, breaking the glass ceiling and proving that diverse leadership is key to corporate success. Leesa joined Earth Equity because she wanted to work for a values-based business that focused on, as she put it, “people, planet and profit.” Leesa was a valuable member of our team until her recent retirement.

Rebecca, Nadia, Leesa, me, Neill and Kerry at Leesa’s retirement lunch.

Rebranding and Independence

2017 was another big year for the firm. Up until this point, we had been operating as Krull & Company. The team gathered around our conference room table and started throwing out potential names that would make it much easier for prospective clients to understand what the firm did. Earth Equity was the winner!

As Krull & Company, we also worked under Minerva Planning Group of Atlanta’s Registered Investment Advisory (RIA) designation. We were grateful for Micah Porter’s support and mentoring at Minerva, but it was time for us to create our own RIA entity, which we did.

In 2018, I was one of the first people to earn the Chartered SRI Counselor (CSRIC®) designation. Neill, Kerry, and Leesa shortly followed suit.

Our holiday dinner in 2019 with our spouses.

Adapting to the Pandemic

The pandemic in 2020 brought about many changes to the firm. Like much of the world, we gave up our office, and the entire team transitioned to work from home. Like everyone in the investment business, we experienced challenges navigating the volatility of the market. We were lucky that my wife Melissa, who has PhDs in microbiology and molecular genetics, served as a guide to help understand everything that was happening, from the initial outbreak to the global response to the vaccines. Her guidance was key to many of the decisions we made.

Despite the negativity associated with the pandemic, the firm saw record-breaking growth during this period. We’ve speculated that investors finally had some time to review their investments. Many realized that their portfolios didn’t align with their values and reached out to us.

Community Involvement and Expansion

In October 2020, Kerry and Leesa combined their talents to establish the 100 Women Who Care Asheville. This organization is a giving circle, and they meet quarterly to support a local non-profit. Every quarter, each member contributes $100, and three non-profits give a presentation. The organization that receives the most votes receives the entire quarter’s contributions! To date, the group has raised over $100,000, benefiting organizations such as Working Wheels, Food Connection, GreenBuilt Alliance, and Literacy Together. Thank you, Leesa and Kerry, for your dedication!

In 2021, we relocated to our current office space– a bright, open office in the Reynolds Village development in Asheville. The YMCA is our landlord and neighbor—we don’t have an excuse not to go to the gym, as it’s downstairs!

An interview with Gregg Greenberg at the NASDAQ in Times Square, New York.

Building Our Media Presence

In 2021, we also ramped up with our PR firm, Greenrose Communications. Through our partnership with Abbie Sheridan and her team, we have been able to “punch above our weight” when it comes to the media and make sure our voice is heard. We are frequently quoted in major publications like The New York Times, Wall Street Journal, Bloomberg, Money Magazine, and more. Additionally, some of you may be aware of my regular contributions to Forbes and Kiplinger. Communication and education are vital in an industry like sustainable investing where there is so much misinformation. I’m proud of our media connections and am grateful for the opportunities to speak with these journalists every day.

Abbie Sheridan and I at the ThinkAdvisor Luminaries Awards in New York City.

Our Client Service Associate Rebecca Smith joined us in 2021. Rebecca is the backbone of our organization, making sure that all the I’s are dotted and the t’s are crossed. She coordinates our calendars, ensures that you have treats when you visit us in the office and answers the phones!

Rebecca Smith with Leesa Sluder and me.

Joining Prime Capital Investment Advisors

2022 was another pivotal year for Earth Equity. In late 2022, we were acquired by Prime Capital Investment Advisors (PCIA). It was a very difficult decision to sell the firm that we had worked so long to build and nurture. We had a vision of putting our sustainable portfolios in as many accounts as possible, and the only way to accomplish that vision is by teaming up with a larger organization to create scale. We talked with several firms but decided on PCIA because of the people and the opportunities presented by their nationwide network of advisors and their expertise in 401(k)s and other retirement plans. This is important because very few retirement plans offer sustainable investment options for their employees, and most working-age individuals are interested in investing with their values. We also have 200+ financial advisors nationwide with access to our sustainable portfolios.

Neill and I signing the purchase agreement with Prime Capital.

During this period, Earth Equity has continued to attract a diverse and passionate clientele who deeply resonate with our philosophy of aligning investments with values. Our clients hail from various sources including the internet, Sierra Club presentations, church Creation Care events, and from our local neighborhoods. We have clients around the country in over 20 states. This is such an exciting time for Earth Equity!

Growing Demand for Sustainable Investments

The demand for sustainable investments continues to be strong and is steadily increasing across various demographics. According to Morgan Stanley’s Sustainable Signals report, released in January of this year, the following demographics are interested in sustainable investing:

96% of millennials
91% of Gen X
85% of Gen Z
84% of US in total

In addition, these more specific demographics are interested:

91% of Hispanic/Latino respondents
89% of Black respondents
89% of LGBTQ+ respondents
87% of women respondents

Investors want to invest responsibly. Earth Equity offers two ways to help:

Directly by working with an Earth Equity advisor.
Licensing our sustainable portfolios to other financial advisors so they can help their responsible investing clients.

My Podcast & Recognition

Earlier this year, I launched my new video podcast, Dollars & Change: The Expert’s Guide to Sustainable & Responsible Investing. My premier guest was none other than the legendary Hollywood actor and environmental advocate, Ed Begley Jr. Ed is one of the nicest people you will ever meet, and we had a wonderful time recording the episode. I’ve also had a number of investing industry experts talking about a range of sustainability and investment topics. Check it out!

Ed Begley, Jr. and I.

I’m also working on my first book, The Sustainable Investor, which will be published by Wiley in 2025. This is very exciting as it continues to give me the opportunity to teach more financial advisors how to integrate sustainable investing and practices into their business.

Awards and Recognitions

Last month, I was named ESG/Responsible Investing Advisor of the Year by InvestmentNews[3] . It is always an honor to be recognized for my work and for the commitment that my team and I at Earth Equity have to sustainability and educating investors about sustainable investing, and receiving this award while celebrating our 20th anniversary is incredibly special.

InvestmentNews reporter Josh Welsh, Abbie Sheridan and I celebrating at the InvestmentNews Awards after I was named the ESG/Responsible Investing Advisor of the Year Award.

Gratitude and Future Plans

Together, we’ve built a firm that I continue to be immensely proud of. I’m proud of the people who come to work with me every day to carry on our mission and vision. I’m eternally grateful for our clients, friends, and colleagues, without whom we never would have reached this level of success, in both business and impact.

I’d like to acknowledge our most recent intern, Nadia Fourie, who is completing her degree at UNC Asheville. Nadia worked with our team this past summer, and she helped build a stock analysis tool to help with our Green Sage Sustainability Portfolio. Many of you may remember Jake Gandolfi, who served as a Client Service Associate a few years ago. Jake went on to earn his MPA in International Management from American University and is now working in international development. I’m excited to see how Nadia, Jake and others who have worked with us will go on to change the world!

While talking about folks I’m grateful for, I’d also like to thank our team’s spouses, including my wife, Melissa Booth, Cori Yelverton, Tyler Black, and Todd Sluder. These spouses have tremendously supported our team, the sometimes odd hours, the travel, and our fanatical obsession with sustainable investing. Your contributions are difficult to quantify but are nonetheless recognized and appreciated!

Looking Ahead

There’s a lot more to come, too! More sustainable investment products to be rolled out. More Earth Equity financial advisors across the country. And more opportunities for us to celebrate our community together. I’m looking forward to our upcoming 20th Anniversary party to be scheduled this fall here in Asheville. I hope to see you there!

So, raise a glass with me – Cheers to 20 years of investing with our values and optimism for what’s to come. Thank you!