The FPA has announced it will launch a pilot pro bono program with Cancer Council in an effort to help reduce the financial burden on families affected by cancer.
In a statement this morning, the FPA said the Pro Bono Financial Planning Referral Service will see families who cannot afford financial advice connect with financial advisers who can provide their services on a pro bono basis.
FPA chief executive Dante De Gori said, “In a report prepared for Cancer Council, Access Economics estimated the average cost of a cancer diagnosis to be almost $50,000.
“Many people simply cannot afford to resolve the financial issues that need to be addressed during this stressful time. Financial planners can make a huge difference to families in need of assistance.
“We are calling on FPA members to come forward and generously donate their time to assist cancer patients and their families with a wide range of financial issues on a pro bono basis.”
Some of the services families require include help with accessing Centrelink benefits, applying for early access to superannuation and attached insurance benefits, developing a strategy for investing lump sum insurance payouts, developing a budget and ensuring regular cash flow, and planning for the future.
Mr De Gori added that the program is open to CFP Professional and Financial Planner AFP membership categories. It will initially focus on a number of regional “priority areas”, the statement said.
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
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