Prioritizing relationships over transactions: How financial institutions can be more equitable partners with Indigenous communities

“You have to have financial self-determination and financial sovereignty, or you'll never have the independence of being able to determine your future,” says Waneek Horn-Miller.

Waneek Horn-Miller and Daniol Clair Coles at the 2023 Indigenous Partnerships Success Showcase.

Economic reconciliation isn't just about transactions; it's about building meaningful relationships that foster Indigenous empowerment. This powerful message was shared by Daniol Clair Coles of Concentra Trust and Equitable Bank, and Waneek Horn-Miller of Indigenous Financial Solutions in a panel discussion at the 2023 Indigenous Partnerships Success Showcase (IPSS).

When it comes to the world of finance, banking and trusts, relationships include respecting Indigenous sovereignty, collaborating on financial strategies and considering a communal perspective that prioritizes intergenerational wealth management.

In the final analysis, cultural understanding of the value of relationships over transactions is essential, argues states Daniol Clair Coles, Director of Indigenous Trust Services at Concentra Trust and Equitable Bank, and a member of the Indigenous Partnerships Success Showcase (IPSS) Governing Council.

When it comes to settlement trusts and different economic development trusts, oftentimes “the money is flowing from the government or other crown sources and comes from the pain and trauma of colonization,” said Coles in an interview with IPSS.

“That has to be understood.”

That’s why companies seeking to do business with Indigenous peoples need to distinguish between relationships of trust and simply transactional thinking.

“For many Indigenous people, finance and money had negative connotations,” explains Waneek Horn-Miller, Vice President of Innovation and Client Relations at Indigenous Financial Solutions and member of the Bear Clan from the Mohawk communities of Kahnawake and Akwesasne.

“That didn't mean that our people didn't plan,” she adds. “We had to be planners. We had to be people who forecasted how many people we were going to have to feed, clothe, and shelter.”

Cultural awareness of these challenges and respect for Indigenous communities and their values can empower financial institutions to be better and more equitable partners of Indigenous communities in Canada. 

“At the end of the day,” says Coles, “what we have to try to create is mutual benefit and success that cascades throughout First Nations so everyone can feel the impact.”

But what does that look like in practice? Each Nation has individual financial goals and strengths. Blanket solutions fail to consider unique opportunities.

“There are different forms of trusts and services that can be provided which often create an inflexible model over the long term,” explains Coles. “Mainstream financial trust products do not always work efficiently and effectively for the people.”

According to Coles, Concentra Trust and Equitable Bank are finding a better way. They partner with individual Indigenous Nations, communities and organizations to tailor solutions that can preserve wealth for future generations.

For Coles, that path includes an array of financial strategies and services including “settlement trusts and economic or social development trusts where a Nation dedicates sums of money toward investment sources and income streams, using the funds for social projects or different community projects.”

“After we understand the situation of a Nation, we can then go out and work with them to set up a process that both reflects their cultural understanding, and also brings the very best partners to the table,” says Coles.

It’s one way to allow relationships, not transactions, to define the approach taken by businesses in the sector.

Still, obstacles still stand in the way of a reconciled business environment. For example, the specific claims process for Indigenous communities is often financially cumbersome because of outdated regulations and rigid financial solutions. Concentra Trust was an early innovator in providing insured litigation expense financing for First Nations going through claims tribunal processes or dealing with treaty or land claim issues.

From Ontario to British Columbia, Concentra Trust has partnered with various First Nations to “provide a loan and fund that loan through a trust to pay for legal expenses on a quarterly ongoing basis, so there is no contingency or interest build up,” continues Coles. And if the claim is unsuccessful, the loan is insured as a financial safety net.

“We work hard to ensure that our values are a living embodiment of how we interact with the world around us,” states Andrew Moor, President and CEO of Equitable Bank. That means prioritizing respect and understanding.

As a gold sponsor of IPSS 2023, Concentra Trust and Equitable Bank supported ongoing conversations from coast to coast to help national institutions listen and learn from Indigenous perspectives on these critical topics.

One of those conversations was a panel featuring Daniol Clair Coles and Waneek Horn-Miller. Sponsored by Concentra Trust and Equitable Bank, the panel focused on fostering long-term relationships and building trust between Indigenous communities and financial institutions, both financially and interpersonally.

“If we're going to create the country that our children deserve, we have to do this heavy lifting together,” says Horn-Miller.

That’s a message key to IPSS, an annual gathering of business, governmental and Indigenous leaders across BC and Canada. The 2023 gathering was built upon the idea that real relationships rooted in partnership between peoples and institutions can propel a vision for reconciliation in Canada.

“The time is now to start these partnerships,” concluded Coles. “Economic reconciliation is ready to move forward.”

Written by CJ McGillivray. To learn more about the Indigenous Partnerships Success Showcase, please visit www.IndigenousSuccess.ca.