Celebrating 20 Years
Raffa is proud to have served the investment and fiduciary needs of nonprofits and associations since 2005.
WHO WE ARE
By the numbers
Raffa’s services are focused on the nonprofit community. As of December 31, 2025, our team supported 174 nonprofit clients nationwide with an average nonprofit client size of approximately $7.8 million. As the numbers show, supporting nonprofit and association clients is not a segment of our business, but the primary focus of our firm.
In assets under management
nonprofit and association clients
nonprofit client retention rate over the past 10 years*
Disclosures: Data as of 12/31/2025. As of that date, Raffa provided investment management services to $1,698,115,468. For purposes of this advertisement, Client includes client relationships which include multiple distinct entities under common decision-making control. Clients who went out of business or spent down their reserves are not counted as terminated clients for purposes of calculating the retention rate. Clients whose organization was bought or consolidated by or with another organization are not counted as terminated clients for purposes of calculating the retention rate. Clients with whom Raffa initiated the termination of services with are not counted as terminated clients for purposes of calculating the retention rate. Including such clients results in a 10-year nonprofit client retention rate of 98.88%. This is not meant to be an endorsement or expression of opinion about Raffa Investment Advisers and therefore it is not known if clients approve or disapprove of the investment advisory services provided by Raffa Investment Advisers. The data used to determine client retention rates was compiled exclusively by Raffa Investment Advisers and has not been audited or verified by a third-party.
Our story
Raffa Investment Advisers was established in 2005 through a collaboration led by Tom Raffa and Dennis Gogarty. Through decades of advising nonprofit and association boards on financial governance, Tom observed a recurring challenge in the professional management of nonprofit reserves. Investment programs often lacked the transparency, governance alignment, and fiduciary partnership nonprofit organizations required.
The firm was created to address that gap by bringing an institutional, governance-focused approach to nonprofit and association investing designed specifically for the needs of volunteer boards and finance committees. From the beginning, the goal was to provide disciplined investment stewardship that strengthens financial sustainability while supporting the fiduciary responsibilities of nonprofit leaders.
Tom Raffa
Prior to co-Founding Raffa Investment Advisers, Tom Raffa spent decades advising nonprofit boards and leadership teams on financial governance and organizational sustainability. That experience helped shape the founding vision of the firm and its enduring commitment to governance-focused investment stewardship.
Tom Raffa, Co-Founder of Raffa Investment Advisers
institutional strength
From our inception, we have partnered with the Institutional Division of Charles Schwab & Company, Inc. (Schwab) as our custodian of choice for client assets. This structure combines Raffa’s nonprofit-focused, governance-driven advice with the scale, security, and infrastructure of a leading global custodian in Schwab. Together, this partnership provides a strong foundation for fiduciary oversight, risk management, and long-term stewardship of client assets.
FIDUCIARY STANDARD
Our fiduciary approach is grounded in acting solely in your organization’s best interests and in alignment with the Investment Policy Statement. As a registered investment adviser, we accept fiduciary responsibility for providing objective advice and managing conflicts of interest. All recommendations are evaluated within the context of the organization’s goals, financial objectives, risk tolerance, liquidity needs, and governance structure. Our portfolios are designed to deliver disciplined, reliable outcomes through broad diversification, cost efficiency, and a long-term investment perspective.
SUPPORTING FIDUCIARIES
Nonprofit board and finance committee members carry significant fiduciary responsibility. We believe an investment adviser’s role extends beyond managing portfolios. It includes helping fiduciaries make informed decisions through education, transparency, and practical tools designed specifically for nonprofit governance.
Board Education
Education is embedded in our work with nonprofit boards and finance committees. Within regular finance committee meetings, we provide context around policies, portfolio strategy, and market developments so both new and experienced members have the background needed to make informed decisions. We also provide focused educational topics and broader board discussions on areas such as reserve strategy, investment policy development, and fiduciary responsibilities.
Study on Nonprofit Investing
In 2012, we launched the Study on Nonprofit Investing (SONI), reinforcing our commitment to education, transparency, and peer benchmarking within the nonprofit community. In 2026, we relaunched SONI, eliminating the need for a client survey and growing the peer benchmarking tool to include data from over 380,000 nonprofit organizations.
Raffa Learning Community
Our Raffa Learning Community was created in 2025 as a reflection of our belief in sharing knowledge across the broader nonprofit and association landscape. This learning community offers monthly educational webinars, often with CAE credits, that share insights from our team, nationally recognized speakers, and other industry experts. The goal of this community is to bring people together to learn from one another and build impactful connections while better serving the organizations we are each a part of.
OUR PURPOSE
We exist to provide disciplined, fiduciary investment management to nonprofit organizations and membership associations.
Our VALUES
Our firm’s roots are in effecting positive systemic change by empowering nonprofits and associations. We live that commitment today through our core values that shape our team and our clients’ experiences.
Excellence
Excellence
Education
Education
Well-being
Well-being
Our team takes a proactive approach to client service and is committed to providing each client with thoughtful and prompt support.
Schedule a consultation to learn how our team can assist your organization in achieving your goals.
Our Team
Dennis P. Gogarty, CFP®, AIF®
President, Principal & Co-Founder
Joe Guest, CIMA®
Senior Portfolio Manager
Juliana Salamone, CFP®
Senior Portfolio Manager
Lauren Kidwell
Senior Marketing Manager
Mark P. Murphy, CFA
Chief Investment Officer
Matt O’lone, CIMA®
Portfolio Manager
Michelle Heery
Associate Portfolio Manager
Ryan Frydenlund, CIMA®, CIPM
Director of Operations & Strategic Adviser
Samantha Pnazek
Client Service Manager