Celebrating 20 Years
Raffa is proud to have served the investment and fiduciary needs of nonprofits and associations for two decades.
WHO WE ARE
By the numbers
In assets under advisement
nonprofit and association clients
years of combined experience serving nonprofits & associations of Raffa’s five advisers
nonprofit client retention rate over the past 10 years*
years supporting the investment and fiduciary needs of nonprofits & associations
Disclosures: Data as of 12/31/2023. As of that date, Raffa provided investment management and consulting services to $1,695,916,562. 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. Including such clients results in a 10-year nonprofit client retention rate of 98.98%. 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 98.95%. 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. Advisers represents Raffa’s Investment Adviser Representatives.
Our HIstory
Raffa Investment Advisers (Raffa) was founded in 2005, as an affiliate to a large public accounting firm, specifically to service the investment & fiduciary needs of nonprofits and associations.
Disclosures: $1.6B represents Raffa’s nonprofit and association portfolio management, retirement plan advisory, and ongoing consulting client assets as of 12/31/23. As of that date, Raffa provided investment management and consulting services to $1,695,916,562. Raffa also provides services to retirement plans and individual investors. In 2019, Raffa, PC merged into Marcum, LLP and operates as Marcum’s Nonprofit and Social Sector Group. In 2021 Raffa Financial Services was acquired by The Hub and continues to operate as Raffa Financial Services, A Hub Intl. Company.
OUR MISSION
We exist to give nonprofits and associations the confidence that their reserves are invested with integrity, transparency, and purpose — always in service of their mission.
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 knowledgeable cross-functional team ensures that our clients receive a thoughtful, prompt response whenever they reach out. Our proactive client service model focuses on giving you the attention you deserve. Contact us today and get to know the team!
OUR TEAM
LEADERSHIP & STAFF
LEADERSHIP
Tom Raffa
Cofounder and Principal
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As a social entrepreneur, Tom has spent his entire career focused on catalyzing positive systemic change throughout the community. The multiple organizations that he’s created and incubated, as well as the multiple levels of support Raffa companies have provided and channeled, have been instrumental in advancing the U.S. nonprofit sector. With almost 300 professionals combined, Raffa, P.C., along with Raffa Financial Services, Inc. and Raffa Investment Advisers have helped hundreds of great organizations thrive.
Dennis P. Gogarty, CFP®, AIF®
President, Principal, Co-Founder
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Dennis launched his investment advisory career with Raffa Financial Services, Inc. in 2002 and co-founded Raffa Investment Advisers in 2005. He has served as the firm’s President and lead investment adviser representative ever since.
A major focus of Dennis’ career is promoting the need for increased investment education and transparency. He is the founder of the Study on Nonprofit Investing (SONI), an annual study promoting access to information that allows nonprofits to benchmark their investment performance and policies with their peers.
Dennis is a past Chair of the American Society of Association Executives (ASAE) Finance Section Council. Additionally, he offered his knowledge and expertise to support local nonprofits as a volunteer committee member for organizations including St. John’s Community Services Foundation and Street Law. Dennis has lectured on issues impacting nonprofit investing for the following organizations: the Council on Foundations, the Greater Washington Society of CPAs, the AICPA, the American Society of Association Executives (ASAE), BoardSource, and the Finance and Administration Roundtable (FAR).
Dennis completed the Certificate in Financial Planning program at the Georgetown University Center for Continuing and Professional Education and earned a Bachelor of Science degree from Frostburg State University. Dennis is a Certified Financial Planner™, an Accredited Investment Fiduciary®, and an investment adviser representative of Raffa Wealth Management, LLC.
Portfolio management
Mark P. Murphy, CFA
Chief Investment Officer
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Mark P. Murphy is Raffa Investment Adviser’s Chief Investment Officer. Mark supports all areas of the firm’s analytical and due diligence processes and leads and develops the firms overall investment strategy. Mark has been with Raffa Investment Advisers since 2010.
Mark has lectured on issues impacting nonprofit & association investing for the following organizations: the Greater Washington Society of CPAs, the American Society of Association Executives (ASAE), BoardSource, Association TRENDS, and the Finance and Administration Roundtable (FAR).
Mark graduated from the University of Richmond, cum laude with a Bachelor of Science degree in Business Administration with concentrations in Accounting and Finance. A Chartered Financial Analyst charterholder, Mark earned the right to use the CFA designation after meeting the CFA Institute’s educational and professional requirements. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis. Mark is a member of the CFA Society of Washington D.C. and the Greater Washington Society of CPAs Nonprofit Section. He is an investment adviser representative of Raffa.
Ryan Frydenlund, CIMA®, CIPM
Director of Operations
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Ryan Frydenlund is Raffa Investment Advisers’ Director of Operations and ensures that clients receive an extraordinary level of service.
Ryan is involved in all areas of the firm’s business including portfolio management, business development, and administration. Ryan joined Raffa in 2017 and holds multiple industry designations focused on investment management and performance reporting. Ryan received his Certificate in Environmental, Social, and Governance (ESG) Investing, administered by the CFA Institute, in 2022.
Ryan has lectured or been quoted on issues impacting nonprofit & association investing for the following organizations: Marcum’s Nonprofit Learning Community, the American Society of Association Executives (ASAE), Association Forum, CalSAE, and Association TRENDS.
Ryan graduated from Wake Forest University with a Bachelor of Science in Finance. Ryan is a member of the CFA Society of Colorado, the Colorado Society of Association Executives, the American Society of Association Executives, and Association Forum. Ryan is an investment adviser representative of Raffa Investment Advisers.
Joe Guest, CIMA®
Senior Portfolio Manager
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Joe Guest is a Senior Portfolio Manager at Raffa Investment Advisers, where he leads client relationships and works closely with boards and executives to develop investment policies, construct portfolios, and deliver ongoing education. In addition to his work with associations and nonprofits, Joe also advises individual clients and retirement plans. He has been with Raffa Investment Advisers for five years and has 14 years of industry experience.
Joe has spoken at Association Forum events and has been published in Forum magazine, sharing insights on investment strategy and issues impacting associations and nonprofits.
Joe graduated from DePaul University with a Bachelor’s degree in Economics and Accounting. He earned the Certified Investment Management Analyst® (CIMA®) designation. Joe is an investment adviser representative of Raffa.
He lives in the Chicago area with his wife and two children.
Matt O’lone, CIMA®
Portfolio Manager
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Matt is a Portfolio Manager and works with our nonprofit clients to gain a deep understanding of their investment goals, risk profile, and what makes them unique. From policy development and board education to portfolio construction and managing investments, Matt takes pride in serving our clients in a variety of ways so they can focus on serving their organizations. Matt is a Certified Investment Management Analyst® and investment adviser representative of Raffa. He is active in the nonprofit community and is a member of FAR and NoVa Associations; he hosted a roundtable event for the latter discussing association investing and what makes nonprofit investing unique.
Matt joined Raffa in 2022 and began working in the financial services industry after graduating from the University of Maryland in 2018 where he earned a Bachelor of Science degree studying economics and statistics. Prior to joining Raffa, Matt worked for Cambridge Associates, LLC, where he helped their client data team streamline their investment data management and client reporting systems through leveraging automation. Matt resides in Arlington, Virginia. He loves staying active by playing tennis & golf and rooting on his favorite DC sports teams.
Client service & operations
Samantha Pnazek
Client Service Manager
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Samantha Pnazek is the Client Service Manager at Raffa Investment Advisers, having joined the team in 2023. With 10 years of experience in financial services, she ensures smooth operations and delivers exceptional client service by overseeing administrative functions and proactively supporting clients’ needs. Samantha earned her Bachelor of Science in Commerce & Business Administration from the University of Alabama.
Residing in Birmingham, Alabama, Samantha loves spending time with her husband, two daughters, and their dog.
Michelle Heery
Operations Associate
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Michelle joined Raffa as an Operations Associate in 2023 and provides support in reporting, trading, and operational functions. She started her career in the financial services industry after earning a Bachelor of Science in Finance from West Chester University in 2020. Before joining Raffa, Michelle worked at State Street, where she provided support to investment management clients through trade reconciliation, reporting, and processing. She currently resides in Philadelphia, Pennsylvania, and enjoys spending time with her family, friends, and her dog.
Disclosures: Data