Julius Buchanan, Editor in Chief of Wealth Solutions Report, speaks with Joseph (Joe) Mrak III, CEO of Foundation Source, about how philanthropy technology can help advisors make charitable giving part of financial planning. Mrak explains how conversations about the causes clients care about can deepen advisor relationships and bring the next generation into discussions about the family’s wealth and legacy.
Mrak describes how different giving vehicles can work together. A family with a private foundation, for example, can also use a donor-advised fund to make anonymous grants. He discusses how Foundation Source’s software helps donors administer foundations, from tracking expenses to processing grant applications.
Mrak also outlines how AI could help donors find charities or screen scholarship applications against their own criteria. He describes the role of philanthropy specialists in examining a charity’s finances and verifying that grants were used as donors intended.
Wealth Solutions Report can be reached at info@wealthsolutionsreport.com.
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