Pro Bono: Advisers Meet Demand As The Cost Crisis Continues

As the cost of living spikes, advisers say they’ve seen an increase in people looking for pro bono help with their finances.

The chair of the Pro Bono Financial Advice Network (PFAN), FMD senior adviser Nicola Beswick, said people are becoming more aware of charitable offerings as things become tougher.

“I think definitely people are becoming more conscious about costs overall…Through the Pro Bono Financial Advice Network, people are enquiring more than they have previously,” she said.

Adviser Ratings data shows the median advice fee is more than $3500, which prices out many Australians. Consumer research we conducted last year found only one in 20 people would pay between $2500 and $5000 for advice.

PFAN helps people with serious illnesses or injuries, such as multiple sclerosis, who are suffering financial hardship. Previous research from the group and MS Queensland showed financial advice was one of the most sought after forms of help for people with the chronic illness.

‘Advisers want to help’

As the PFAN network grows, Ms Beswick said, she’s seeing more advisers putting their hands up to assist, especially as they recognise the challenges prospective clients are facing financially and in other parts of their lives.

“I think a lot of advisers like the idea of having some sort of structured format to give advice to people in the pro bono space,” she said.

Ms Beswick explained that many advisers already offer pro bono or low bono help to clients, but may not do so in a structured way via a charitable group or by advertising it broadly.

The senior adviser gave the example of one industry colleague who takes on five pro bono clients at any given time, then rotates new clients in when a financial plan has been sorted and the existing pro bono clients no longer need as much help.

PFAN is now building its relationship with other charities to try to assist more Australians in need of financial assistance.

Tips for other advisers

For advisers who wish to do more, Ms Beswick’s advice is to “work out what your capacity is”.

“When we’re talking to advisers, we always say, ‘All we ask is that you take on one case a year,’” she said.

Ms Beswick stressed it’s not always complex or comprehensive advice, either. 

“It could be an initial conversation with them for an hour and that can be all they need, versus helping someone understand in a bit more detail what they have and what their financial situation is,” she explained.

“The amount of benefit you can give someone for a small amount of time is enormous, but it is about understanding what works within each individual practice or business and what the scope is first.”

Advisers who are interested in helping out via PFAN can download an application here and learn more about PFAN's purposeful work by visiting their website.

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