The Certified Financial Planner Board of Standards Inc. has donated $25,000 in support of the Foundation for Financial Planning’s Covid-19 Financial Resilience Fund that's designed to help bring pro bono financial planning and advice to low-income workers and other groups impacted by the pandemic, according to a press release today.
The fund is supported by a $500,000 total match commitment from the Charles Schwab Foundation, creating a total potential of $1 million in support, the release said. All new gifts and pledges from individuals and independent firms will be matched.
The fund offers emergency grants to help transition existing financial guidance programs to virtual delivery models and connect more pro bono CFP professionals to volunteer opportunities through CFPVolunteerMatch.org. It also supports new programs for high-risk groups most affected by the pandemic.
Kevin Keller, CFP Board's CEO, said the board is proud to join forces with the FFP to help Americans in need gain access to quality financial guidance from volunteer CFP professionals. "This extraordinary time demands extraordinary outreach to help others," he said in a statement.
Keller noted that a CFP Board survey last year found that about two-thirds of surveyed CFP professionals are engaging in pro bono service, providing an average of 31 hours per year. He also added that the CFP Board and the Foundation have collaborated extensively to advance pro bono financial planning and advice in the profession.
Jon Dauphiné, FFP’s CEO, said the donation from CFP sets an important example for the profession “Financial planners have a unique role to play in this crisis, and we hope all CFP professionals will consider joining us as donors, pro bono volunteers, or both,” he said.
To learn more about the fund and to make a donation, visit the FFP's website. All contributions to the Foundation for Financial Planning (tax ID: 58-1446336) are tax-deductible as provided by law, the release said.