The Role of Pro Bono Services

There is a big appetite among financial advisers to be able to give back and help, says Matt Iverson-Comelo, executive director of Advisers Give Back. When people in the industry think of volunteering, this is often confined to working at food pantries or building houses. However, financial planners and advisers have a unique skill set that is being underutilized and can help people get on a better financial path.

Iverson-Comelo explains that Advisers Give Back is a fintech platform dedicated to making pro bono financial planning easier and more effective for both financial advisers and pro bono clients. In October, the organization announced partnerships with two established fintech companies, Steady and EarnUp, which collectively serve more than 3 million low- and moderate-income individuals.

Those seeking help are not the only ones who benefit from pro bono advisory work. It has also helped advisers build empathy and understanding of a wider range of issues faced by those dealing with unique challenges, Iverson-Comelo says.

There can be a sense of immediacy when helping families who have very little margin for error with their finances, says Jon Dauphiné, CEO of the Foundation for Financial Planning. In contrast to high-net-worth clients, the stakes for those who benefit the most from pro bono work are much higher, such as for a family facing eviction.

Volunteers often advise on topics such as how to build an emergency savings fund, prepare a household budget or prioritize credit card debt—subjects they normally would not deal with, Dauphiné says.

One challenge in this volunteer work has been reaching those who need assistance, Dauphiné notes. Advisers associated with his organization hold, on average, a total 20,000 pro bono sessions a year, but there are millions of people who need help. For aid with filling appointments, he says, partnering with fintech firms and working with retirement plan advisers to build a better infrastructure has been vital. To this end, Iverson-Comelo again emphasizes the importance of collaboration.