Foundation Source Collaborates with Envestnet to Enhance Philanthropic Services for Advisors

Foundation Source Partners with Envestnet to Enhance Philanthropic Services

Foundation Source, a leader in providing philanthropic solutions, recently announced a strategic partnership with Envestnet, a prominent name in WealthTech. This collaboration aims to empower wealth managers, registered investment advisors (RIAs), and financial institutions by equipping them with advanced tools that streamline charitable giving services within their practices.

The core of this partnership lies in the integration of Foundation Source's cutting-edge technology, which supports private foundations, donor-advised funds, and planned giving programs. This modern technology will not only enhance operational capabilities but will also provide a comprehensive suite of administrative, compliance, and tax services. With these resources, advisors can navigate and fulfill their clients' philanthropic goals more effectively.

Key features of the integrated system include customizable dashboards that present aggregate views by firm, team, and individual advisor, comprehensive reporting functionalities, and intuitive workflows that facilitate grant management and impact measurement. The partnership also aims to enhance compliance oversight for firms that choose to participate, ensuring they can meet necessary regulatory requirements effortlessly.

Joseph Mrak III, CEO of Foundation Source, expressed his enthusiasm regarding this partnership: "We are excited to join forces with Envestnet to extend our PhilTech solutions to a wider audience of wealth managers. By addressing critical resource gaps and improving operational efficiency, we are enabling advisors to focus on helping their clients achieve philanthropic goals with confidence."

Blake Wood, Head of Platform Strategy at Envestnet, highlighted the significance of the partnership, stating, "Foundation Source's philanthropic technology and services represent significant value additions to our ecosystem. They empower advisors to respond to the increasing demand from clients for purposeful giving. This functionality is perfectly aligned with our mission to enhance the advisor experience and create greater opportunities for impactful giving."

Foundation Source has established itself as the foremost provider of philanthropic software and services. The company has pioneered philanthropic technology solutions that enable a seamless integration of charitable initiatives into wealth management practices. Their client base includes over 2,300 private foundations, 18,000 donor-advised fund accounts, and 1,800 nonprofits, with an annual facilitation of more than 180,000 grants and planned gifts.

On the other hand, Envestnet stands as an Adaptive WealthTech entity assisting advisors across the financial landscape by providing comprehensive technology, insights, and solutions. Trusted by countless financial advisors, Envestnet administrates $7 trillion in platform assets, enhancing advisors' ability to make informed decisions throughout every stage of a client's financial journey.

This collaboration between Foundation Source and Envestnet not only aims to bridge the gap between philanthropy and wealth management but also assures that charitable giving channels become more accessible and cost-efficient. This partnership is a significant step towards empowering advisors with the resources they need to facilitate effective and impactful charitable contributions.

Both organizations’ commitment to improving the philanthropic landscape signifies that innovations in giving strategies are just on the horizon. As the partnership unfolds, advisors are set to benefit from a robust framework designed to create lasting impacts in philanthropy, benefiting both their clients and the community at large.