Helping people is in our DNA as financial advisers. Every day we talk to people about their goals, aspirations and dreams and put together a blueprint to help them (in a financial sense) convert these into reality.
But what happens when life turns things upside down, by an unforeseen or unfortunate event such as a serious illness or disability, and that can happen tomorrow?
Where do you go if you don’t have access to a trusted adviser, or if you think you don’t have enough money to seek the professional assistance from a financial adviser?
About the Pro Bono Financial Advice Network
This is what the Pro Bono Financial Advice Network (or PFAN) is about. Helping those individuals that need guidance, who ordinarily cannot afford financial advice, receive advice from a trusted adviser.
PFAN’s mission is to improve the financial wellbeing of Australians living with serious illness and/or disability through providing pro bono financial advice, and to inspire others to do the same.
We’re a network collective of advisers who want to give back and provide their time and expertise to those that need it the most.
The clients we have helped
We have countless examples of individuals who have benefited from the service provided by a PFAN adviser. One key example is a lady by the name of Laura.
Laura is in her early 40s and multiple sclerosis (MS) impacts her ability to concentrate on more than one task at a time. Laura contacted us because she was running out of money fast. For a range of factors including COVID, and her MS, Laura had struggled to find a job. Knowing she needed money, and knowing it wasn’t an ideal solution, Laura had taken two lots of $10,000 out of superannuation to help meet the basics. But she had no other choice.
Laura lived in a home she built and moved into two months after her MS diagnosis. She was using her Centrelink payments to fund her mortgage repayments, but the burden was getting real. She wanted advice around whether she should sell her home or not. Her savings had quickly disappeared.
Her superannuation statement, which was around 12 months old, noted a TPD policy for an amount that would pay off her mortgage and leave a residual amount to assist her with her living.
Laura had no idea this insurance existed. It wasn’t until she talked to an adviser about her situation that this policy and what the TPD insurance could be used for came to light.
Who we work with
Currently PFAN works with individuals, carers, and the families of those impacted by Multiple Sclerosis (MS). This disease impacts a person’s central nervous system – the brain, spinal cord and optic nerves. Each person is impacted in a different way. Some lose their co-ordination; others can experience extreme fatigue or unusual tiredness. This can impact a person’s mental health, cause relationship problems, and a lead to a loss in their general sense of independence.
The cause of MS is yet unknown. The healthy body’s immune system normally defends the body from attack by viruses or bacteria. In the case of MS, however, the body’s immune system attacks its own myelin, causing disruption to nerve transmission. It is thought that genetic and environmental factors are involved, but the actual trigger to the disease has not been discovered.
Many of those impacted are generally between the ages of 20 and 40 years, and three quarters of people diagnosed are female. This is the life stage when we are forming relationships, building our careers, and thinking about having a family. However, a diagnosis of a serious illness and disease can impact these dreams and place a lot of emotion and stress on these individuals, as some navigate the real prospect of homelessness and a higher sense of uncertainty – given that MS does not generally impact a person’s lifespan.
PFAN advisers can make a real and impactful difference to individuals living with MS who cannot access or afford financial advice. Laura’s story above is only one of many examples.
But the PFAN team doesn’t plan on stopping at helping those impacted by MS. PFAN’s long term goal is to assist more charities and individuals impacted by serious illness or disability – but we need more advisers to do this!
Where to find out more and how to join
We need your support to help these individuals. By joining PFAN, you will be able to help someone who needs your expertise and understanding.
One pro bono cases a year is all we ask. Most of the time you can help a client by talking to them for an hour and giving them some basic pointers, and some you may need to provide a bit more time or expertise to. In the case of Laura, all it took was one simple meeting to deliver her a life changing result.
You won’t be alone through the PFAN process, as we’ll work with you to ensure you have the support you need to help MS clients.
Together we can then help more people in need.
Find out more at www.probonoadvice.com.au
Or download and return an expression of interest form
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