Building a Pro Bono Financial Planning Program: Implementation Tips & Resources

Table of Contents Overview………………………………………………………………………...……….....1 Promoting One-On-One Financial Planning to Potential Clients Explain Financial Planning to your Constituents……………………...….……..2 Emphasize the Value of Financial Planning……………..……………………..….3 Encourage Constituents to Explore Financial Planning Resources Online.....4 Recruiting Pro Bono Financial Planners……………………………………...………..5 Training Pro Bono Financial Planners Pro Bono Financial Planning Volunteer Training…..………………...…………..8 Financial Planning for Cancer e-Learning Training Module………………...….9 Other Tools to Help Volunteers Serve Clients…………………………….........10 Appendix: Other Important Resources for Your Program………………………....11

Overview The Foundation for Financial Planning (FFP) serves adult populations and families through the utilization of confidential, high-quality one-on-one sessions with pro bono financial planners. To build a Pro Bono Financial Planning program, nonprofit organizations must simultaneously: Promote the Opportunity of One-on-One Financial Planning to Adults/Families in Need and; Recruit & Train Pro Bono Financial Planners This resource will provide nonprofit organizations seeking to develop pro bono financial planning programs with some tips and tools to help. Please contact Rachel Roth, Director of Grants & Programs for more information.

Explain Financial Planning to Your Constituents Promoting One-on-One Planning to Potential Clients Explain Financial Planning to Your Constituents What is financial planning? Financial planning is the process of establishing personal and financial goals and creating a way to reach them. The ongoing process involves taking stock of all your existing resources, developing a plan to utilize them and systematically implementing the plan in order to achieve your short- and long-term goals. Click here for an overview of financial planning on YouTube: Sources: https://www.onefpa.org/about/Pages/About-the-Profession.aspx; https://www.youtube.com/watch?v=ggv21pNgbtM&feature=youtu.be

Emphasize the Value of a Financial Planner Promoting One-on-One Planning to Potential Clients Emphasize the Value of a Financial Planner Use quotes from previous clients… Sample: “Thank you so much for setting us up with a pro bono planner. We are really excited to work with the planner. This is way better than doing the online budgeting. We were doing well but the planner wants us to get out of debt, and gave us some great skills and confidence in doing so. The Planner was really great!!! We’re meeting again. I'm looking forward to it.” …As well as examples of financial planning success stores Success stories can be found on the Foundation for Financial Planning’s website: http://foundationforfinancialplanning.org/our-impact/ Other examples of the value of pro bono financial planning can be found here: http://youtu.be/qKLYme21BMA

Encourage Constituents to Explore Financial Planning Resources Online Promoting One-on-One Planning to Potential Clients Encourage Constituents to Explore Financial Planning Resources Online Sample Resources FDIC’s Money Smart Computer-Based Instruction provides financial education for Adults. The training covers topics such as the basics of borrowing money wisely, using a spending plan to achieve financial goals, and how to use banking products effectively. Navigating Your Financial Roadmap Workbook  provides a basic financial planning starter kit for clients and planners to use as primary or supplemental resource Other tools and spread sheets are found on Foundation’s website under: Consumer Resources

Contact Local Financial Planning Organizations Recruiting Pro Bono Financial Planners Contact Local Financial Planning Organizations Where to find volunteers? To cultivate pro bono planners in your area to teach to those you serve, we encourage you to contact: Your local Financial Planning Association (FPA) chapter. For assistance connecting with your local FPA chapter you may contact FPA Pro Bono Director, Kurt Kaczor, at kkaczor@OneFPA.org or 303-867-7180. The National Association of Personal Financial Advisors (NAPFA) The Certified Financial Planning Board of Standards (CFP) Seek an audience/call with the chapter’s pro-bono coordinator. Make an effort to attend a meeting and present. Bring accompanying materials about the event.

Leverage Other Best Practices Recruiting Pro Bono Financial Planners Leverage Other Best Practices Best Practices for Recruiting Volunteers (Page 1 of 2) Secure a steering or planning committee that includes a CFP who is passionate about your mission and the project; empower members of this committee to use their personal and professional network(s) to recruit volunteers. Provide clear expectations for what the volunteer work entails, dates, and locations Research local professional groups (ex: Latina Business Leaders, Association of Asian American Professionals, African American Business Groups) etc. that meet the demographics of your constituents and can offer the types of language requirements you seek. Research local faith based organizations that meet the demographics of your attendees and can offer the types of language requirements you seek. Source: Brad Pagano, San Diego Financial Literacy Center

Leverage Other Best Practices Recruiting Pro Bono Financial Planners Leverage Other Best Practices Best Practices for Recruiting Volunteers (Page 2 of 2) Contact the HR departments of local broker/dealers and large firms to make presentations about volunteer opportunities. Ensure that you are prepared with “ready-made” opportunities. Contact your local business and elected leaders to let them know about your program and the impact it is having on the community. Share your successes and challenges and most importantly ASK FOR THEIR HELP! Engage volunteers in other aspects of your organization so they fully grasp the scope and breadth of the work you are doing. Last, don’t get discouraged. There is a multitude of volunteers. It’s a matter of finding the right ones that will help you find more and then you will have plenty. Source: Brad Pagano, San Diego Financial Literacy Center

Pro Bono Financial Planning Volunteer Training Training Pro Bono Financial Planners Pro Bono Financial Planning Volunteer Training FFP requires that all volunteers for FFP-funded programs undergo training prior to their first pro bono engagement FFP’s Pro Bono Financial Planning Volunteer Training Free, 50-minute online module that helps financial planners understand the basics of how to provide pro bono service to underserved members of the community. Approved for one hour of continuing education (CE) credit by the Certified Financial Planner Board of Standards (CFP Board).  A version of the this training is being customized for members of the Financial Planning Association and will be available in June.

Financial Planning for Cancer E-Learning Training Module Training Pro Bono Financial Planners Financial Planning for Cancer E-Learning Training Module Financial planners volunteering with the Financial Planning for Cancer program are also required to take the Financial Planning for Cancer E-Learning Training Module.  Free, 45-minute training provides an overview of the program, information about the volunteer role, tips on how to work with clients diagnosed with cancer and their caregivers, and resources to support their engagements with clients. Approved for one hour of CE credit by the Certified Financial Planner Board of Standards (CFP Board). Volunteers with the Financial Planning for Cancer program are also required to take the Pro Bono Financial Planning Volunteer Training.

Provide Volunteers with Tools to Help them Serve Clients Training Pro Bono Financial Planners Provide Volunteers with Tools to Help them Serve Clients Worksheets can help volunteer financial planners more effectively serve clients. Rather than having them create their own template, consider creating a set of tools your program will use consistently. Samples include: Current Spending Plan PDF Future Spending Plan PDF Family Goals PDF Family Balance Sheet PDF Debt Management Worksheet PDF MoneySense Complete Financial Planning Toolkit PDF

Appendix: Other Important Resources for Your Program Sample Volunteer Agreement Disclaimer: This document ensures that pro bono financial planners and nonprofit organizations agree to a set of terms as they engage with one another Sample Client/Planner Letter of Engagement: A letter of engagement, or client agreement, is a standard part of any financial planner’s practice, and should also be used in a pro bono relationship. Sample Confidential Questionnaire: This questionnaire can be filled out by the client in preparation for a one-on-one session. Volunteer financial planners may also use it during the session to collect information about the client. Sample Financial Habits Survey: This survey can taken by clients prior to and post- financial planning sessions as part of a nonprofit’s performance measurement process.