Here today, gone tomorrow. It’s a lesson Bruce Raabe learned during his career as a civil engineer, when he helped to demolish San Francisco’s famed Embarcadero Freeway after the 1989 Bay Area earthquake. And it’s a lesson that stayed with Raabe as he transitioned into a career as a wealth manager. Joining his father–in–law’s firm, Collins & Company, in Larkspur, California, Raabe was aware of the company’s unique roster of clients: In addition to managing the assets of several high–net–worth families, Collins & Company manages those of three large foundations. “If one of those clients were to leave, it would change the business overnight,” he says.

As a result, Raabe learned from the beginning the importance of properly managing the firm’s relationship with its clients—from the family with $10 million in assets to the $300 million foundation. His father–in–law, John Collins, is now retired and Raabe has taken over as president of Collins & Company, but the firm’s core ethos has remained the same: “The business is built on giving clients the world–class service they deserve,” says Raabe.

Delivering that service has meant understanding the needs of each set of clients, which Raabe accomplishes by taking clients through a detailed discovery meeting that identifies their specific personalities, histories, financial situations, values and goals. Raabe acknowledges that there are some similarities between managing the wealth of families and foundations. Foundations, however, also carry unique challenges. For example, he says, foundations are largely designed to be philanthropic engines, awarding a portion of their assets each year. From an investment perspective, that means the time horizon of a foundation is considerably longer than that of the average individual or family client. “There’s less emotional attachment to the assets,” he says. “And since the time horizon is forever, a foundation’s asset allocation can be much more aggressive.”

Managing foundation assets is a key market niche and differentia–tor for Collins & Company, which oversees $450 million in assets for more than two dozen affluent families and the same three foundations that John Collins brought into the firm in the 1980s and 1990s. One of Raabe’s key initiatives is to grow the foundation side of the business more aggressively in the coming years. “There are thousands of private foundations in California alone,” he points out.

That said, pursuing foundation business is a challenge. Simply getting in front of a decision–maker at a foundation can be difficult enough. Public contact information typically includes just a post office box or the address of the foundation’s attorney, and there often is no easy way to lobby for a sit–down with the board chair or investment committee. Raabe’s solution has been to work his way inside the industry and position the firm as an expert in the field of foundation asset management. His team—which includes a portfolio manager and two client relationship managers who handle account administration and other back–office functions—has represented Collins & Company at events put on by the Council on Foundations, a nonprofit group that includes as members thousands of foundations and other grant–making organizations. The firm also is a member of the COF’s Philanthropy Advisory Network, a group of legal and financial advisors with expertise serving foundations and other philanthropic organizations.

Additionally, as part of his efforts to enhance his credibility among key members of his niche, Raabe has written a white paper for Collins & Company that addresses the unique challenges that small and midsize foundations face. One tip Raabe shares is the importance of creating a clear investment policy for the foundation. “An investment policy statement serves as a road map for making investment decisions, ensuring that the investment portfolio is properly aligned with the foundation’s goals, investment time horizon and tolerance for risk,” Raabe notes in the white paper.

Raabe is leveraging technology as part of his business development strategy. Because it can be difficult to get foundation heads to find the time to attend meetings, he’s producing a streaming video for Collins & Company’s Web site that outlines the firm’s approach in working with foundation clients. Raabe also champions the role that technology can play at a foundation. For example, he helps coordinate efforts between foundations and third–party providers to set up virtual office services that allow the foundations to receive grant proposals on–line and streamline their administrative functions, reducing the amount of time foundation employees need to spend on paperwork and other time–consuming tasks.

Raabe doesn’t see his firm’s efforts to attract more foundation clients as just a grab at additional business. Instead, he says Collins & Company’s experience serving foundations can bring significant benefits to how a foundation is run. “Historically, foundations spend too much time worrying about things like administration, compliance and investment management and less time focusing on the mission of the foundation and looking for the best charities to support with those annual grants,” he says. “There’s a lot of value in working with an expert.”