Advisor Kevin Mahoney kickstarted an effort to help furloughed government workers, and more than 60 other Certified Financial Planners followed his lead.
Soon after Mahoney, CEO of Illumint in Washington, D.C. and a member of XY Planning Network, announced he’d offer free emergency planning advice to furloughed workers, XYPN put out a call to hundreds of its advisors. Within hours, more than 60 CFPs from coast to coast stepped up to offer their expertise free, with more still signing on.
"The shutdown is a good reminder of why financial planning is about so much more than just investments," says Mahoney. "In a situation like this, a financial advisor can help an impacted worker evaluate the challenging trade-offs that come with financial decisions during income uncertainty."
Advisors with XYPN are uniquely positioned to serve those most distressed by the shutdown, says XYPN co-founder Michael Kitces. "XYPN advisors are CFP professionals who are focused on serving Generation X and Generation Y consumers -- the bulk of today's workforce, including those who work for the federal government."
Mahoney agrees, "An advisor's input can empower these individuals to tune out the relentless public commentary about what's best for them. Everyone's financial circumstances are different, but only a financial advisor can provide people with the assurance that they're making the best decisions for their situation."
Federal employees who need free financial advice during the furlough can contact a planner through xyplanningnetwork.com's "Meet Our Advisors" section and searching for "furlough."
The federal goverment shutdown is the longest in U.S. history, at 27 days and counting. A disagreement between President Trump and Democrats in Congress over funding for a border wall between the United States and Mexico has led to a stalemate over a budget agreement to fund the U.S. government. Since Congress and the President haven't agreed on a funding bill, many federal departments have been closed.