FAQs

What's the purpose of the Pro Bono Financial Planning Program?
To provide personal financial assistance to members of the public who cannot afford a financial planner, or who are facing an immediate or unusual financial need or crisis.

Who's behind the Pro Bono Financial Planning Program?
Several national financial organizations, including: the Certified Financial Planner Board of Standards, Financial Planning Association, National Association of Personal Financial Advisors, National Endowment for Financial Education, and Society of Financial Service Professionals.

What is pro bono financial planning?
All financial services professionals are encouraged to render public service in some form or fashion. A financial professional may fulfill this responsibility by providing financial education or financial planning services for no compensation to people of limited means, or through public service or charitable organizations.

What's the philosophy behind pro bono financial planning?
Remember the old fishing story? Give a person a fish, and you've fed them for a day. Teach a person to fish, and you've fed them for a lifetime. The National Pro Bono Financial Planning Program encourages its advisors to empower your constituents with basic money-management skills and knowledge whenever possible.

What are the benefits of financial planning? Why should my organization's clients even care?
Numerous studies link financial stress to real problems with real impacts on our communities, such as spousal abuse, bankruptcy, child abuse, divorce, etc. There are enough other problems in the world to focus on without worrying about money. Basic financial planning can significantly reduce the stress and strain your clients may be feeling already.

Are the services of pro bono advisors really free?
They really are—no fine print, no asterisks. Participation in this program is just one more way that financial planners voluntarily give back to their communities. Many of these same advisors are already involved in serving your community by sitting on the boards of nonprofit organizations, teaching money-management classes in local schools, fielding "just a quick question" phone calls from members of your community or the press, etc.

Who qualifies for pro bono financial planning?
Typically clients of non-profit organizations that have a primary goal of serving low-income individuals or people facing a temporary financial crisis. You can read more information about qualifying for pro bono financial planning here.

Who are some typical pro bono clients? What are some common money issues for pro bono clients?

Some typical clients may include:

Low-income individuals
Individuals who are facing an immediate financial crisis (for example, personal or widespread disaster, long-term illness, death of a family member, eldercare crisis, etc.)
Individuals who are recovering from significant indebtedness or bankruptcy
Enlisted military personnel

Some typical financial issues may include:

Budgeting
Cash and debt management
Credit use (and abuse)
Eldercare issues
Employee benefits
General financial planning
Insurance (including insurance settlements)
Investing
Medical and health issues (health-care costs, Medicare/Medicaid, long-term care or terminal illness, living with disabilities)
Retirement planning
Tax planning
Women's issues (widowhood, single motherhood)

How do we know the pro bono financial advisors who participate in this program are sincere and trustworthy?
Advisors who participate in this program are already bound by a code of ethics of their sponsoring financial organizations. In addition, these advisors will sign an agreement with each of your clients that indicates they are a current member in good standing with their financial organization, and that requires them to donate their time and services at no cost to the client. Finally, participating planners who have earned the CFP designation are also bound by the Certified Financial Planner Board of Standards Code of Ethics.

What's the screening method for advisors to participate in this program?
At our end, pro bono advisors must be members in good standing of one of several nationally recognized financial organizations. All advisors must abide by their respective organization's code of ethics. Pro bono advisors also sign an agreement with your clients indicating their willingness to provide their services at no charge but in such a manner as to comply with the normal, appropriate regulatory and ethical requirements (just as they do with any of their own business clients).

On your end, you are free and encouraged to interview prospective pro bono financial advisors just as you would any other volunteer for your organization. In fact, the more you can share your vision and philosophy for serving your clientele, the better the pro bono planners can dovetail their approach and efforts in supporting your mission.

Can the pro bono advisors participate in this program as a means of prospecting for clients from my organization?
Absolutely not. Advisors cannot prospect for clients nor can they sell any products to your constituents. All services are provided free of charge with no strings attached and no obligations on anyone's part.

Are there certain things pro bono planners won't do?
Pro bono planners will not make loans. They will not sell or offer any type of financial product, nor will they charge for their services.

Do you or the pro bono advisors offer low-interest loans?
No. This program does not involve any form of lending—or any other financial products for that matter. And it never will.

Where do meetings between a planner and clients take place? Will it be a supervised setting?
We encourage advisors to meet at your facility whenever possible. Your clients are already comfortable with your environment, so meeting with a financial planner will be less intimidating. Nonetheless, we also ask pro bono planners to be flexible. If your clients cannot travel, an advisor may be able to make a home visit. Or, meetings may take place at the planner's office, if that's more convenient for everyone.

Beyond the pro bono planner, we do not provide any type of supervisory personnel. You or someone from your organization are more than welcome—and encouraged—to attend any and all meetings between planners and your clients. In fact, your presence at these meetings may help to reinforce your organization's message and encourage your clients to follow through with your overall plan of service.

Are all meetings on an individual basis or will the pro bono advisor also offer group meetings?
It depends on the planner and your needs. In general, most advisors will be happy to work in either setting.

When do meetings take place?
You, your client, and the pro bono planner determine when, how often, how long, and where the meetings will take place.

My organization's constituents rarely have access to a computer or the Internet. Can this program still help them?
Absolutely. Pro bono clients do not need a computer to participate in this program. Many of the tools and resources a pro bono planner will offer come in a paper format, and the planner will provide these for your clients when possible.

My local organization doesn't have much contact with our national parent organization; we tend to operate independently. Can we still participate in this program?
Absolutely. Contact our Webmaster to refer a local constituent to the program.

Will pro bono advisors work in coordination with the current volunteers helping our constituents?
Yes! In fact, one of the purposes of this program is to partner with you in your mission to serve your clients; we simply limit the scope of our help to financial planning. Your organization and your existing volunteers are always in charge of helping your clients as you see fit; the pro bono planners are here to help address money-management problems under your overall direction.

What's the cost for our organization to participate in this program?
Nothing. Nada. Zip. Really!

How can I sign up my organization or chapter?
Contact our Webmaster for information about how to sign up.

How long of a commitment to this program am I making for my organization?
As long or as short as you wish. As long as the pro bono advisors add value to your mission for your clients, they will continue to volunteer their services.

How do I cancel our relationship with this pro bono program?
The person within your organization you have appointed as your main contact can terminate the relationship at any time via e-mail to our webmaster.

Do you offer speakers for group meetings?
Yes, whenever pro bono advisors are available. If you have a topic in mind, please let us know.

How can we get the word out to our constituents and/or local chapters about this program?
If your clients have access to the Web, you can link to this site. You can also send out e-mail announcements, or you could include a brief description in a newsletter. You could also create and display a poster or flyer in your facility. Publishing flyers that describe the program is another option; these can then be distributed to your volunteers, who can in turn pass them on to your clients. You might also consider adding a short introduction to this program to your volunteer training agenda, or you could include written material about this program in any local seminars you hold for your clients.

What are some typical advisor qualifications and designations?
At a minimum, all pro bono financial advisors must belong to one of several nationally recognized financial organizations. Many planners have college degrees, and some have graduate degrees. Through an ongoing belief in education, many of these advisors have also earned one or more well-known and respected designations. (The following list is just a short sample and not exhaustive by any means.) Some of these credentials include:

CFP®. A Certified Financial Planner™ must have at least three years of work experience in addition to passing a comprehensive two-day exam covering more than 100 integrated financial planning topics. Once granted, a CFP® certificant must operate and abide by a code of ethics and meet ongoing continuing education requirements.
CPA. A Certified Public Accountant must pass a comprehensive exam to practice public accounting. Most CPAs must have a bachelor's degree and at least two years of public accounting experience in order to practice. Once in practice, most CPAs must meet ongoing continuing education requirements.
ChFC. A Chartered Financial Consultant must complete a total of eight educational courses, have three years of full-time business experience, and operate and abide by a code of ethics. Like the CFP® designation, the ChFC must complete continuing education courses on a regular basis.

We have a thorough screening process for all of our volunteers; will the pro bono advisors be willing to go through that as well?
In almost all cases, yes. Pro bono planners are volunteers too, so we can't speak for all of them. But the fact that they have volunteered their time and services to participate in this program indicates a willingness to work under someone else's system to serve their community.

We have a set of procedures and checklists our volunteers use. Will the pro bono advisor be willing to follow our procedures?
In most cases, planners will readily (and gratefully) operate according to your policies and procedures. We suggest that you review and explain your requirements to any potential pro bono advisor just as you would with any volunteer desiring to serve your organization.

Whom can I contact for more information?
You can e-mail our Webmaster for more information, though we have tried to answer the most common questions already here on our Web site.