Private Wealth Management
Social Capital
Social capital refers to advocating via your personal network and offering your time and talents to advance a cause. Social capital is a crucial and often forgotten resource accessible to all, regardless of your investment and philanthropic capital. The concept of leveraging social capital evolves significantly with each generation, and today, social media platforms play a key role in networking like-minded individuals and filling information gaps.
Social capital can be a popular resource for young adults beginning their careers and individuals who have exited the workforce, whereas it may be more effective to mobilize other types of capital in the “middle” stage of life when work or family commitments tend to be the most demanding.
Consider the following questions to identify ways to leverage your social capital:
- Can you tap your network to help other individuals or organizations fundraise or expand their reach?
- What skills do you possess to help a nonprofit organization maximize its effectiveness or advocacy?
- Are you an advocate for diversity and inclusion in your workplace or any organizations you are involved in?
Social Capital - In Action
In 2020, Francine A. LeFrak established the Francine A. LeFrak Foundation Center for Well-Being at Barnard College in New York City. The center brings together three pillars of wellness: physical, mental and financial. Its mission is to provide women with access to training, education and financial fluency, so they flourish and become economically secure. The foundation’s various programs include support for survivors of the Rwandan genocide and court-involved women in Jersey City.
Throughout her life, Francine has been guided by the adage “talent is everywhere, opportunity is not.” She continually looks for opportunities to leverage her professional and social networks — her social capital — to maximize the impact of her philanthropy. Before establishing the foundation, Francine enjoyed a highly successful career as a multiple Tony, Emmy and Peabody award-winning producer. Her productions played a pivotal role in raising awareness and effecting change on crucial issues such as the AIDS epidemic, intolerance, the devastating effects of war and the injustices within our prison system.
With the formation of the foundation, Francine has refined her focus and capital to women’s empowerment. Her ability to connect those in need with funding via her robust network and give social issues a “stage” will continue to further her positive impact on the world.
Key Takeaway: Your social network can get philanthropic dollars in the right hands.
Social Capital - In Action
From an early age, Joakim Noah has been a team player, and his unbounded energy and ability to connect on and off the basketball court have advanced his impact goals. Joakim retired from the National Basketball Association (NBA) in 2021, after a successful professional career with both the New York Knicks and Chicago Bulls, yet his career as a philanthropist and community advocate continues.
Joakim was drafted by the Chicago Bulls in 2008, and in the early years of his NBA career, he quickly developed a deep relationship with the city and its fans. In 2010, Joakim solidified his commitment to the community: He partnered with his mother, artist Cecilia Rodhe, to start the Noah’s Arc Foundation, focused on supporting underserved youth in the Chicago-metro area through a combination of artistic and athletic programming.
In his roles as the foundation’s co-founder and a global NBA community ambassador, Joakim is enthusiastically leading partnerships with organizations to foster non-violent expression, teamwork and discipline in young people worldwide. Joakim seamlessly brings together his teammates from across the NBA, immediate family, community leaders, local nonprofits and funding partners to support his foundation’s mission, year after year.
In May 2023, Joakim used his platform and excitement for basketball to launch the One City Basketball League in Chicago. The league was formed in collaboration with the Noah’s Arc Foundation, Transform Justice and 28 violence reduction groups, and coached by individuals trained in conflict resolution. Since the league’s inception, over 485 at-risk youth ages 16-25, who live in communities currently plagued by gun violence, engaged in athletic competition to foster productive means of communication and conflict resolution.
Key Takeaway: Building respect and community can lead to greater, lasting impact.
Last Revised: August 2024
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