In this series, Nick talks with other philanthropic leaders who help to “get money moving” by addressing systemic barriers to giving. This edition features innovator and collaborator Teresa Virani, who has been a pioneer in the Canadian philanthropic landscape. Teresa’s most recent role is Executive Director, Philanthropy at Nicola Wealth.
About Teresa Virani:
As Executive Director, Teresa Virani provides strategic leadership across the firm’s philanthropic efforts, bringing together client philanthropy, corporate giving, and community sponsorships under one strategy that reflects the values of the firm and the people behind it. Teresa partners with clients, staff, and community organizations to support giving that is aligned with what people care about most. She brings deep experience in the nonprofit sector and is passionate about building trust-based partnerships, helping to make philanthropy more accessible and impactful.
Nick: You’ve described Nicola Wealth’s unique way of bringing a total organizational view of philanthropy together rather than operating in silos. Can you tell us more about that?
Teresa: What still stands out to me is the fact that my role even exists. It says a lot about how seriously Nicola Wealth takes giving — not just as something we support, but as something we’re committed to building thoughtfully and sustainably. My role exists to help bring more strategy and cohesion to our giving and to shape a direction that reflects both our values and the people behind the work. It’s tied into how we think about what matters to our clients, how we support our team, and how we engage with the community. One of our core values is Share the Pie — the idea that we all benefit when we give back — and that shows up in very real ways across the firm.
When I stepped into the role, a lot of great work was already happening, but in different places. Part of my job has been to bring it all under one umbrella—for clarity but also so we can be more intentional about where and how we give. We’ve structured our efforts around three areas: corporate giving, philanthropic sponsorships, and the Nicola Wealth Private Giving Foundation — a donor-advised fund platform we created to support our clients with their giving. Each area plays a different role, but they’re all part of a larger goal to make giving easier and more meaningful — whether that’s for a client who wants to give back in a more structured way, or for a staff member championing a cause they care deeply about.
One of the things I’m proud of is how we support our staff in giving back.
We offer two paid volunteer days, match donations and fundraising efforts, and provide grants to support the causes our team is involved with (as volunteers, serving on boards, or long-time supporters). We also have a staff-led committee that guides our corporate giving. It means our staff feel a real sense of connection to the work we’re doing, and that matters. The connection — with clients and charities, and within our own team — is what makes this work so meaningful to me.
Nick: That’s inspiring! Many families look to their advisors for wholistic financial planning, including philanthropic advice. A recent poll showed that while 87% of affluent families wanted to make a positive social impact through philanthropy, only 6% had their advisors bring up the topic. Tell us about the wealth management process at Nicola Wealth and how philanthropy fits into that?
Teresa: Philanthropy is often a very personal part of a client’s wealth journey. For many of our clients, giving is tied to identity, values, and legacy — so it’s important that it feels integrated into the broader conversation. Our advisors work closely with clients to understand what matters most to them. When giving is part of the equation, we provide tailored strategies, curated tools and guidance that makes the process easier and more intentional. We try to create space for those conversations to unfold naturally, and at the client’s pace.
We’ve supported a number of families who’ve come to us knowing they want to give but feeling unsure about where to start. In those cases, we spend time helping them get clear on what really matters to them — the issues, values, or life experiences that have shaped their view of the world. From there, we work together to shape a focus for their giving, which can make everything feel more intentional.
Once clarity is there, we help identify charities that align — not just in terms of issue area, but in values and approach. It’s been rewarding to see how those connections can lead to meaningful relationships for the clients and for the organizations they support.
Nick: Those are definitely best practices for the industry. Our research also shows that advisors across the sector lack tools and resources to support their philanthropic advice, especially in light of the incredible growth of philanthropy amongst high-net-worth households who are growing their giving 40% faster than the rest of the population. How have you seen client conversations shifting at your firm?
Teresa: We’re definitely seeing more clients wanting to be intentional about their giving, and to do it during their lifetime—not just as part of an estate plan. For many, the motivation is being able to see and feel the impact, and to involve their families in the process along the way.
There’s also growing interest in making giving more strategic. Clients are asking questions like: What kind of change do I actually want to help create? How do I know if I’m making a difference? These aren’t always easy questions to answer, but they’re important ones. And we’re seeing a shift toward clients wanting to build stronger relationships with the organizations they support.
Another trend we’re seeing is around multi-generational involvement. Many families are starting to include their children — and sometimes grandchildren — in conversations about giving. In some cases, we’ve worked with families to help set shared goals and identify causes that resonate across generations. It’s been encouraging to see how these conversations can lead to more cohesive, thoughtful approaches to giving.
Across the board, our role is to support clients wherever they’re at in their journey. For some, that means helping bring more structure or clarity to their giving. For others, it’s about being a sounding board as they think through bigger questions about legacy and values. I think that what matters most is that the giving feels personal, considered, and aligned with what they care about.
More About Teresa Virani:
As Executive Director, Teresa Virani provides strategic leadership across the firm’s philanthropic efforts, bringing together client philanthropy, corporate giving, and community sponsorships under one strategy that reflects the values of the firm and the people behind it. Teresa partners with clients, staff, and community organizations to support giving that is aligned with what people care about most. She brings deep experience in the nonprofit sector and is passionate about building trust-based partnerships, helping to make philanthropy more accessible and impactful.
Nick Palahnuk, Founder of PhilanthPro, talks with experts about strategic philanthropy as part of a series with Foundation Magazine.
PhilanthPro is innovative software that brings the power of financial planning to philanthropy so people can confidently create and manage bold, intentional charitable plans to maximize their positive impact.
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