Scott Thole and Daniel Pierson
Scott Thole and Daniel Pierson have taken on the world of philanthropy with entrepreneurial zeal.
Partners in business and charity, the two Morgan Stanley Smith Barney advisors three years ago co-founded a Chicago chapter of Scholarship America, which awards money to needy students to help pay for college. They named their organization Chicago HOPE Dollars for Scholars.
The decision to open another chapter in the area was made because "the need is enormous," said Mr. Thole, the chapter's president. "About 85% of Chicago's high school students fall below the poverty line, and only 50% will graduate."
Chicago HOPE is introducing a chapter model never before seen in the entire Scholarship America system; "We're making a commitment to these students throughout their lives," Thole said.
Not only do scholarship recipients receive a four-year award, but they are also matched with a mentor. When they finish college, they will receive assistance in making the transition to the world of work. An alumni networking program is also part of the chapter's plans.
"We want recipients to feel better than if they won the lottery," said Mr. Pierson, the chapter's director of community relations.
Since 2006, the chapter, which works with eight Chicago public high schools, has raised $90,000 and awarded scholarships to nine students. The main fundraising vehicle is an annual charity ball.
There's a strong parallel between their business and their nonprofit, they say. "In some ways they feed off each other—it's the same entrepreneurial skills. When you have success in one, it spills over to the other," said Mr. Thole.
Featured Advisors' Stories
