Fueled by a $500,000 matching commitment from Charles Schwab Foundation, the COVID-19 Fund will help bring free financial guidance to those most impacted by the crisis
Washington, D.C., May 14, 2020 (GLOBE NEWSWIRE) – The Foundation for Financial Planning (FFP), a 501(c)(3) nonprofit organization dedicated to expanding access to pro bono financial planning for people in crisis or need, has announced the launch of its COVID-19 Financial Resilience Fund, fueled by a $500,000 matching commitment from Charles Schwab Foundation. All qualified contributions to the Fund will be matched dollar-for-dollar, creating a total potential of $1 million to help bring pro bono financial planning and advice to low-income workers and other groups impacted by the COVID-19 pandemic.
The COVID-19 Financial Resilience Fund will help support a range of new offerings and programs that FFP has spearheaded in response to the crisis, including:
- Emergency Grants: FFP is offering special funding and technical assistance to grantees and partners to help them transition existing financial guidance programs to virtual delivery models, ensuring that families in need can still access these critical services amid the crisis.
- Connecting CFP Volunteers to Pro Bono Opportunities: Last month, FFP launched a first-of-its-kind online platform – CFPVolunteerMatch.org – that will make it easier than ever for CFP® professionals to find and connect with nonprofits offering virtual and community-based pro bono opportunities to help those in need. Available opportunities will continue to be added in the coming weeks and months.
- New Programs for High-risk Groups: FFP is working with partners to build and scale new programs to reach people most affected by the pandemic, including seniors and families affected by cancer. With compromised immune systems, cancer patients are experiencing significant healthcare challenges and worsening financial burden amid the crisis, making pro bono financial planning more important than ever. Through its Financial Planning for Cancer program, FFP will serve over 600 families facing cancer in 2020 alone. Programs for other vulnerable groups, including healthcare first responders, will be launched later this year.
- Relevant Training & Resources: FFP is actively curating and posting the most relevant resources for pro bono advisors and clients in its online Coronavirus & Pro Bono Planning Resource Center, including a COVID-19 Financial Resource Guide for planners, as well as conducting a special webinar series on how pro bono advisors can navigate the crisis. Its Pro Bono Financial Planning Volunteer Training is also available for any advisors preparing to volunteer for the first time.
“This pandemic has left millions of Americans facing financial hardship. Families have experienced a loss of income and are struggling to pay for food, housing, and other basic needs, while those on the frontline, like our healthcare first responders, have little to no time to focus on their finances,” said Jon Dauphiné, Chief Executive Officer of FFP. “The COVID-19 Financial Resilience Fund will help raise resources to bring free financial guidance to people who need it now more than ever, and we are so grateful to the Schwab Foundation for helping to make this possible.”
“Charles Schwab Foundation has long been committed to expanding access to quality financial education and advice,” said Carrie Schwab-Pomerantz, President of Charles Schwab Foundation. “In the face of this unprecedented crisis, we are proud to support FFP’s efforts to provide financially struggling families with a trusted expert they can turn to for help.”
Charles Schwab Foundation’s commitment to FFP is part of more than $2 million it has pledged in response to the COVID-19 crisis, having also made contributions in support of local food banks and community foundations, the CDC Foundation, the Boys & Girls Clubs of America’s Emergency Response Fund and more.
Bernie Clark, a longtime trustee of the Foundation for Financial Planning and Executive Vice President of Schwab Advisor Services, added that he expects financial advisors will rally around FFP’s call for service during this time of need: “RIAs always rise to the occasion, and they recognize the Foundation for Financial Planning as the driving force in pro bono engagement in this profession. I encourage all CFP® professionals to get involved by registering at CFPVolunteerMatch.org and donating to the COVID-19 Financial Resilience Fund. The need is great, and the mission is critical.”
Those interested in supporting the COVID-19 Financial Resilience Fund can learn more at FFPprobono.org/COVID-19Fund. Commitments of $1,000 or more can be paid over up to five years, and those pledging $25,000 over five years will be specially recognized as top champions of FFP’s COVID-19-related efforts.
About the Foundation for Financial Planning
The Foundation for Financial Planning is a Washington, DC-based 501(c)(3) charitable organization, solely devoted to supporting the delivery of pro bono financial planning to at-risk populations, including active military members and wounded veterans, people with cancer and other serious medical diagnoses, seniors and family caregivers, low-income individuals and their families, domestic violence survivors and many more. Dedicated to powering pro bono financial planning, FFP has provided close to $8 million in grants to national and community-based pro bono programs; worked with partners to activate more than 22,000 financial planners to volunteer their time and talents; and acted as a leader and catalyst to embed a rich tradition of pro bono service across the financial planning profession. Visit FFPprobono.org to learn more.