Free Financial Clinics Expanded to Alexandria with support of Foundation for Financial Planning

Tacy Paul Roby, CFP®, Co-Director of FPA NCA Pro Bono Activities

In view of the May 1 Chapter’s golf tournament to support the Foundation for Financial Planning and local charities, it would be good to be aware of a local program supported by the Foundation and our chapter.  This program is the Free Financial Counseling Sessions run by Our Daily Bread in conjunction with Reston Interfaith, Connections for Hope and United Community Ministries.

Since February 2011, our chapter has provided a steady stream of volunteers to provide advice to low-and moderate-income adults to a monthly evening clinic in Herndon.  During the first year of the program, 20 financial planners have volunteered 267 hours to counsel 85 adults.

The program has a remarkable success rate –81% of the participants have improved their financial situation. Based on the 2011 success of the program, the chapter’s support of the program and Our Daily Bread’s strong application, the Foundation awarded a grant to Our Daily Bread to support the expansion of their Free Financial Counseling clinics to another location in Northern Virginia.  And, at the April 10, 2013 kick-off of the FCC-Alexandria, ten clients received one-on-one financial counseling.  Photos from the evening may be viewed on https://www.facebook.com/FPANationalCapitalArea

There are many secrets to the program’s success.   Fairfax County social workers refer the participants to identify those who would benefit from this kind of financial planning advice.  Outstanding CFP practitioner volunteers provide a one-time, 45-minute session one evening per month.  Childcare is provided for families who need it.  The materials are available in both Spanish and English.  And, there is extensive tracking of the participants through both follow-up phone calls and on-line survey after 90-days.  Over 80% of the participants respond to the survey.  

So, as you swing your club or attend the celebratory dinner on May 1, know that your contribution helps advance financial planning among those in our community who very much need it.