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The FPA’s role in pro bono
The Financial Planning Association of Australia (FPA) encourages its CERTIFIED FINANCIAL PLANNER™ members, and those enrolled in the CFP® Certification Program, to provide pro bono financial advice as part of their wider community responsibility as professional financial planners. Associate Financial Planners (AFPs) may seek special consideration to join the program based on their goals and years of experience.
As the peak professional association for financial planners in Australia, the FPA has a role to play in the development of social responsibility through philanthropy, financial literacy and community work. The FPA Pro Bono Program operates within this framework.
For financial planners participation in pro bono work is a demonstration of professionalism. In fact, research among FPA members in 2006 showed that 28% were involved in pro bono work with charitable causes in their communities, and that 30% did some kind of financial literacy work.
Aims and objectives of the FPA Pro Bono Program
The Program aims to provide a sound framework within which professional financial planners can give assistance to Australians who are financially disadvantaged and who would otherwise not be able to afford financial advice, and to non–profit organisations which work on behalf of those who are marginalised or living in difficult circumstances within our society.
The FPA Pro Bono Program will act as a central hub, providing a link between financial planners and opportunities to provide pro bono advice.
Through this Program, the FPA seeks to facilitate the provision of pro bono financial advice that will enable people to more effectively manage change in their personal and working lives; to take control of their financial circumstances and to plan for long term self-reliance.
The objectives and operations of the FPA Pro Bono Program are outlined in the FPA Pro Bono Charter.
Pro bono financial planning advice
Under the FPA Program, pro bono financial advice is a free service provided by financial planners who are registered as a FPA Pro Bono Financial Planner.
The FPA maintains a central register of pro bono financial planners and their areas of specialisation. Financial planners offering pro bono advice are required to fulfil all the regulatory and professional obligations that apply to paid advice.
The personal financial advice that they offer, usually for a specified period of time, may be comprehensive or focused on specific areas of need including:
- Savings strategies
- Budget setting
- Debt management
- Life risk protection
- Investment management
- Estate and succession planning
- Tax considerations
- Superannuation
Collaboration with the Rural Financial Counselling Service (RFCS) Program
Following a six month pilot pro bono project which operated in Sunraysia from October 2007, in conjunction with the Australian Government’s RFCS Program, FPA’s pro bono work is to be extended nationally from 1 July 2008. Under this arrangement, rural financial counsellors refer those clients who are in need of professional financial advice to the FPA program..
The FPA plans to establish similar collaboration with other community organisations in order to extend the reach of pro bono advice.
Who is eligible for pro bono advice and how to apply
Pro bono advice is given to those who would otherwise be unable to pay for personal financial advice and who have no alternative sources of objective professional advice to help them manage their financial affairs.
Applications for financial advice through the FPA Pro Bono Program must be referred through the Rural Financial Counselling Service Program or via other organisations which may be approved by the FPA. At this time resources are not available to assess individual requests for pro bono advice which are not referred by an approved collaborating organisation.
Requests must be made via an application form and provide enough information to enable the FPA to refer the client to an appropriate financial planner/s.
How to register as a pro bono financial planner
FPA members who are CERTIFIED FINANCIAL PLANNER™ professionals or who are enrolled in the CFP® Certification Program are eligible to register as pro bono advisers. Associate Financial Planners (AFPs) may seek special consideration to join the program based on their goals and years of experience.
Guidelines for Pro Bono Financial Planning Advice are available for members who wish to assess the benefits of involvement, legal / professional obligations and wish to know more about the operation of the program.
The Guidelines and The FPA Pro Bono Program Adviser registration form are available to members in the Member Resources section of the website.
Download FPA Pro Bono program documents
Media Release
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