“Are there pro bono financial services designed to support individuals who are experiencing financial hardship and are in need of professional assistance?"
-Question from Sofia in Ipswich, QLD
Top answer provided by:
Ricky Soo
Hi Sofia,
Thank you for your question in relation to pro bono financial services.
People who seek the services of professionals value their advice and services and pay accordingly. However, there are also those individuals who need the advice and services of these professionals but do not have the means to pay.
Some institutions and professionals offer pro bono services for the public good. These services are offered by the professionals for free or at a lower cost.
Professionals such as financial advisers and lawyers have an ethical professional responsibility to provide financial and legal assistance to those that cannot afford it.
I have included a number of organisations that offer pro bono services to those that are experiencing financial hardship.
Financial Advice Association Australia (FAAA)
The Financial Advice Association Australia (FAAA) is a leading professional association for financial advice professionals and it advocates for the interest of Financial Advisers.
The FAAA Pro Bono Service connects FAAA members with individuals and families who are in financial hardship. This includes the Cancer Council Pro Bono Program and pro bono advice with Financial Counselling Australia (FCA).
Cancer Council Pro Bono Program
The Cancer Council helps those affected by cancer by offering a Pro Bono Program that includes access to free legal, financial, small business accounting and workplace assistance.
In association with the FAAA, the program aims at providing those families affected by cancer the ability to connect with financial planners who can provide their services on a pro bono basis.
Some of these services include:
-Accessing Centrelink benefits
-Applying for early access to superannuation and insurance benefits
-Help with investing lump sum insurance payouts
-Develop and manage a budget
-Planning for the financial future
Financial Counselling Australia (FCA)
The FCA is a not-for-profit group for financial counsellors that assist those that find themselves with money problems. These counsellors are qualified professionals who provide information and support to people in financial hardship. Their services are free, independent and confidential. Their vision is to ensure Australia has fewer people with financial hardship.
Pro Bono Financial Advice Network (PFAN)
If you find yourself in financial hardship as a result of serious illness or disability, then the Pro Bono Financial Advice Network can assist with pro bono financial advice.
PFAN’s mission is to improve the financial wellbeing of Australians living with serious illness or disability through providing pro bono financial advice.
PFAN is a not-for-profit and relies on the support of organisational partners, such as Adviser Ratings, FAAA, Zurich and TAL just to name a few.
PFAN will connect you with financial planners that offer pro bono advice services to assist with:
-Centrelink matters
-Budgeting assistance
-Access to superannuation
-Insurance claims
-Debt management
Moneysmart
Moneysmart has financial counsellors who provide advice and support to people struggling with bills and debt. The financial counsellor can:
-Assess your financial situation
-Provide advice about what to do if you’re struggling to pay bills and fines
-Help you negotiate with Government agencies, your landlord, utilities, telcos and other creditors
-Assist you if you’re being harassed by debt collectors
Services Australia
Services Australia has a Financial Information Service (FIS) that provides free and confidential education and information. The FIS Officers can give you information about financial matters and help you make informed decisions about your finances. However, they cannot provide you with financial advice or counselling.
Law Society Pro Bono Scheme
If the professional assistance you require involves legal matters, there are many legal organisations, law firms and solicitors that provide pro bono services. One such program is the Law Society’s Pro Bono Scheme.
Eligible applicants are referred to volunteer solicitors who provide legal assistance for free or on a substantially reduced fee.
Legal assistance may include:
-Legal advice
-Assistance with drafting documents
-Representation at Mediation
-Representation in Court
-Ongoing legal representation
If you are experiencing financial hardship, there are a number of organisations that offer pro bono financial services. I have mentioned a few however this list is not exhaustive.
Sofia l hope l have been of some assistance and l wish you the very best in your endeavours.
Kind regards,
Ricky Soo
While the Adviser Ratings Website facilitates the question and answer functionality, all such communications are between users and authorised financial advisers, of which Adviser Ratings has no affiliation. Adviser Ratings is not the advice provider and does not provide financial product advice and only provides information that is general in nature.
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