The Pro Bono Financial Advice Network (PFAN) has partnered with the Pancare Foundation and MND Victoria, expanding their services to more Australians living with a serious illness or disability.
Initially established in 2014, PFAN has been working with MS Australia, connecting those living with multiple sclerosis to its network of financial advisers across Australia, volunteering their services to those in need.
PFAN’s newest partnerships will allow those affected by pancreatic and upper gastrointestinal (GI) cancer and motor neuron disease (MND) to access free financial advice from a local partnered adviser, helping them manage the significant financial burden of living with their illness.
PFAN chair Nicola Beswick, said the new partnerships support the organisation’s mission to connect more individuals living with a personal health crisis with locally based advisers.
“Helping to improve the financial wellbeing of Australians living with a serious illness or disability is the reason behind PFAN’s inception. So being able to extend the network of charities we work with means we can help more people in need with access to financial advice,” she said.
“As an adviser myself, I know firsthand the value of advice in helping to reduce financial worries and stress and create a clear pathway forward for clients in terms of feeling confident about being able to plan for and achieve a comfortable retirement.
“Having access to advice is nothing short of life-changing, especially for people who are experiencing financial hardship because of a personal health crisis.”
Beswick attributed PFAN’s growth to the ongoing support of associated financial advisers, corporate sponsors – including HUB24, Innova and Milford – and supporters such as, TAL, FAAA, SMSF Association, and Adviser Ratings.
Pancare Foundation’s head of PanSupport, David Menzies, said exuberant costs associated with pancreatic cancer mean access to financial advice and support is crucial but unattainable for some, making the partnership incredibly invaluable.
“Evidence suggests that over 5 per cent of patients and carers in our recent survey reported out-of-pocket costs in excess of $10,000, which causes stress on household budgets in the current cost-of-living crisis,” he said.
“Being able to link our patients into the PFAN network helps alleviate the stress of trying to manage their personal finances, whilst dealing with a cancer diagnosis and undergoing treatment.”
MND general manager support services, Jo Whitehouse, said receiving an MND diagnosis is life altering and access to support services like financial advice make a significant difference.
“We’re delighted to partner with PFAN as they provide pro bono financial advice through their network of financial advisers, which aligns with our mission of providing and promoting the best possible care and support to people living with MND,” she said.
“Many of the advisers who join the PFAN network and become part of its community offer their financial planning expertise because they want to make a real difference to people’s lives.”
Advice professionals working with PFAN to deliver pro bono advice shared positive sentiments about their experience working with the not-for-profit organisation and the motivations behind the decision to volunteer their services.
Bruno Dimasi, My Wealth Strategy director and RDV Financial Solutions senior financial adviser, said: “Having seen firsthand the impact these conditions have on the lives they affect and the remarkable work the associated charities do for them, I wanted to give back and help out as best I could which is in the area of financial planning.”
Find Wealth founder and managing director Warren Strybosch said: “As a founder of a not-for-profit myself, I am keen to make a difference in my local community where possible. So, it was an easy decision to join the PFAN community to offer my financial planning services to those who are in need.”
Beswick added: “Through PFAN, it is our hope to inspire the next generation of advisers and increase awareness of the value that we bring to others through our profession. So, I encourage any adviser who is interested in giving back to consider joining.”
