As the executive chairman of CI Financial Corp., William Holland is at the helm of one of Canada’s largest wealth management companies. He began with CI in 1989 and held senior positions before being appointed chief executive officer in 1999, and then chairman in September 2010. In the second quarter of this year, CI Financial’s total assets surpassed $500 billion for the first time in the company’s history.
Aside from being a major shareholder and director of CI (TSX:CIX), Holland is on the board of directors of Holland Bloorview Kids Rehabilitation Hospital Foundation. Formerly MacMillan’s Children’s Centre, the hospital was renamed in 2006 in recognition of a substantial donation from the Holland family. In 2010, the family helped the hospital launch the $80-million No Limits Campaign for Childhood Disability.
In this Q&A, Holland shares how he and his wife, Suzanne, became passionate about helping children with special needs, their belief that homelessness should be a priority for philanthropic families, and how their daughter, Kate, has given them their best financial advice.
How did you journey as philanthropists begin?
I was very young when my wife, Suzanne, and I made our first donation, and we didn’t over-engineer it. Over time, there were two places that we really got behind and made significant contributions to: Holland Bloorview Kids Rehabilitation Hospital and Sunnybrook Health Sciences Centre. Both for different reasons.
At Sunnybrook, there was a three-year wait for hip and knee surgeries. They presented a business plan to go from a three-year to a three-month wait time. In Canada, we speak about knee and hip replacement as if they’re elective, but imagine being 75 years old and waiting that long for a hip replacement! I’ve spent the most time at, and been most involved with, Holland Bloorview. I didn’t know too much about the hospital before I made my first donation. When Suzanne and I went on a tour of the hospital, it was one of the most moving experiences we had ever had. Holland Bloorview was this incredible, hopeful and happy place where everyone—patients, families, staff and volunteers—had smiles on their faces while they worked together to support the hospital’s vision of the most meaningful and healthy futures for young people with disabilities and developmental differences.
I subsequently got involved on the board of directors at the Holland Bloorview Foundation through Tom Muir and Dougal Macdonald, who were board members and very involved in volunteer leadership and fundraising for Holland Bloorview.
In addition to our philanthropy with Holland Bloorview and Sunnybrook, we also think about homelessness and believe that it is an issue that should be on the radar of all philanthropic families.
What has inspired you along the way?
The challenge that I want to work on now is improving accessibility and inclusion for children and youth with disabilities. This is something Holland Bloorview is very committed to through its care, research, education and advocacy. One example? The incredible work of Dr. Tom Chau and his research team who are working on non-invasive brain computer interface technology that allows children with limited speech and movement to control their environments using the power of their thoughts alone.
They are the first pediatric hospital in the world to introduce this technology in a clinical setting. Imagine being able to move your wheelchair, drive a toy car or turn on a light switch just by thinking. It’s truly awe-inspiring and it opens up a whole new world of possibility for young people with severe disabilities, leading to greater independence, autonomy and joy. This technology is even available for some children with disabilities to use at home. I enjoy seeing the progress that’s been made, and it inspires me.
Why have healthcare and children’s special needs been so important to you and your family?
Every day matters in the life of a child. But we also know that the pediatric healthcare system has been undersized for decades and that urgent action—and investment—are required by government and private philanthropy in order to ensure the health, well-being and development of an entire generation of children and youth, including those with disabilities.
That’s why I keep landing on healthcare and kids. We believe that society has a responsibility to children with disabilities, and their families, to provide access to care when, and where, kids need it. This includes patients and families living on a low income or experiencing poverty, who may face additional challenges when it comes to the social determinants of health.
I also spend a lot of time thinking about what happens when young people with disabilities turn 18 and ‘age out’ of the pediatric healthcare system. Holland Bloorview is fantastic from birth through to 18 years of age. But what happens after that? We know that when young people make the transition to adulthood, they face many barriers—medical, financial and attitudinal—to accessing care. Holland Bloorview has been a leader in this space and continues to draw attention to the importance of investing in transitions to adulthood.
How have you advised your children regarding wealth stewardship and giving back?
Suzanne and I brought our daughter, Kate, to one of the first meetings we had at Holland Bloorview. She was there on our first tour of the hospital, and it was emotional for us all. On the way home, I told my daughter that they would like us to give them some money. She said, ‘Well you should give them money!’ I asked, ‘How much do you think I should give them?’ and she said, ‘I think you should give them half of your money!’ It’s great that young people today understand the importance of philanthropy and the impact it can have.
For those families who might be hesitant to begin conversations with their children about philanthropy, do you have any advice?
My advice is to lead by example and tell your kids what you are doing and how it can help. I try not to make my kids have the same views on philanthropy as Suzanne and I, but rather to experience it for themselves.
What is on the horizon for you and your family with regards to upcoming philanthropy initiatives that you’re excited about?
Suzanne and I will continue to be as helpful as we can. We will focus on healthcare and homelessness. We prioritize organizations that are focused on solving problems that make a big impact.
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