Joseph (Joe) Mrak III, Chief Executive Officer of Foundation Source, joined Keith Black, Managing Director of RIA Channel, to discuss how advisors can build multigenerational relationships with high-net-worth clients through philanthropy.
Foundation Source offers a suite of offerings that facilitate every stage of giving through technology, administrative services, and philanthropic expertise. Serving advisors, donors, nonprofits, and financial institutions, the firm specializes in donor-advised funds, private foundations, planned giving, and enterprise philanthropy solutions.
Mrak notes that philanthropy remains an underutilized component of wealth management, despite its ability to help clients achieve legacy, tax, and family goals. He highlights Foundation Source’s technology platform, which helps advisors integrate philanthropy into holistic wealth management. This includes tax considerations, how to give, when to give, and how to engage the next-generation in family philanthropy, while providing a centralized view of charitable assets.
For advisors looking to build and deepen family relationships, Mrak explains that philanthropy creates meaningful opportunities for advisors to engage younger generations of their high-net-worth clients. He adds that philanthropy goes beyond simply setting up a trust; instead, it allows advisors to better understand the next generation’s values and build a sense of purpose.
Mrak also highlights the platform’s mobile capabilities, which allow clients to make grants in real time. For example, clients can make grants directly from their mobile devices while attending a charity event. He notes that this accessibility is particularly appealing to younger generations, making charitable giving more interactive and accessible while helping families strengthen their legacies and enabling advisors to build deeper, lasting multigenerational relationships.
Resources:
The Philanthropy Advantage: 7 ways charitable planning can elevate an advisory practice
Foundation Source 2026 Giving Outlook: Adapting to Reform, Redefining Impact