Melissa Stevens on How Strategic Philanthropy Is Replacing Traditional Giving

Melissa Stevens, Executive Vice President of Strategic Philanthropy at the Milken Institute, joins Dan Costa at the to discuss how philanthropy is evolving during the largest generational wealth transfer in modern history.

Stevens explains how younger generations are changing both what gets funded and how philanthropy works. While previous generations often focused on health and education, today’s philanthropists are increasingly prioritizing climate, social justice, systems change, and long-term impact. She also describes how modern philanthropy is moving beyond traditional grant-making into impact investing, advocacy, convening, and strategic partnerships.

The conversation explores how family foundations are becoming more proactive and data-driven, why successful philanthropists are spending more time understanding communities and funding ecosystems, and how families are navigating conversations around legacy, values, power, and decision-making.

Stevens also discusses the growing emphasis on collaboration across philanthropy, nonprofits, investors, and institutions — and why many leaders are becoming more focused on impact than individual attribution.