Case for Pro Bono

Progress has been made or is underway on many of the issues previously identified, although continuing outreach and education is needed to make all CFP^® professionals aware of the latest developments:

Liability Insurance
FFP offers free E&O liability coverage for eligible CFP^® professionals who volunteer with our grantees or for the nonprofit partners who post opportunities on FFP’s ProBonoPlannerMatch.Org site. Financial Planning Association® (FPA®) likewise offers free coverage for its eligible members.

Continuing Education Credit for Pro Bono Service
Currently, the National Association of Personal Financial Advisors (NAPFA), awards some CE credit for members who provide pro bono service.

Easier Access to Pro Bono Opportunities
FFP created ProBonoPlannerMatch.Org, our free, online volunteer matching platform, so that CFP® professionals can register, create a profile, and browse a diverse array of opportunities at nonprofits nationwide. Many are virtual opportunities, and the CFP® professional can volunteer right from their office or home.

Additional Pro Bono Training
FFP offers an introductory course for CFP® professionals to learn the basics of providing pro bono, plus skills-building webinars (live and on-demand) throughout the year.

Compliance Issues
FFP works with our pro bono compliance advisory firm, MarketCounsel, to maintain a “Compliance FAQ” for advisors to address the concerns that may be raised by advisors’ compliance departments. We also urge employers to put in place encouraging policies for pro bono so that advisor requests to volunteer are not treated as one-offs and instead have institutional support.

Employer Policies that Encourage Pro Bono
FFP is increasingly working with companies and firms who want to lead on pro bono service, not only because it’s the right thing to do, but also as part of their human capital and diversity, equity and inclusion strategies. As examples, the leaders who make up FFP’s Corporate Advisory Council and RIA Impact Partner firms are on the vanguard in helping to advance pro bono in the profession.

Pro Bono Service as a Professional Commitment
In July 2023, Certified Financial Planner Board of Standards, Inc. (CFP Board) announced that it recommends each CFP^® professional voluntarily provide at least 20 hours per year of pro bono service, and certificants are asked to log service hours as they renew their credential. FPA and NAPFA have long histories of encouraging members to provide pro bono. As the pro bono movement grows, each group has collaborated with FFP on helping it to advance.