Speaking with ifa, Nicola Beswick, senior financial adviser at FMD Financial and chair of the Pro Bono Financial Advice Network (PFAN), said that more advisers should consider offering pro bono advice.
Prior to becoming a financial adviser, Beswick was a lawyer specialising in intellectual property for almost 10 years and a genetic scientist.
Following her father’s diagnosis of multiple sclerosis (MS), Beswick said she came to appreciate the value of understanding one’s finances and was inspired to become a financial adviser.
“That was the transformational part of my life, to have that big career switch, and now that’s really propelled me into, not only becoming an adviser and moving into this space, but then also contributing through the Pro Bono Financial Advice Network, where we help those people that are less fortunate,” Beswick said.
“That’s almost the highlight of my career so far is being a part of that network and being able to chair the board for the last three years.”
While Beswick’s motivation to engage in pro bono work is deeply personal, she finds that many other advisers are also looking for a way to give back to their community.
“It’s really interesting, because I think, a lot of advisers, they want to be able to give back in a meaningful way, they just sometimes don’t know how to, and a lot of advisers that I speak to already kind of give pro bono advice by helping someone that may not necessarily be able to afford advice,” she said.
Additionally, Beswick said that participating in the pro bono advice space can help remind advisers of the positive impact they can have, particularly following the challenges of recent years for the profession.
“There’s been so much put on us from governments and all this regulatory change … and people that have been in it a lot longer than me would have been through a lot, and you can get worn down by it,” she said.
“I think this is a really good way of coming back to that reason why a lot of advisers got into the profession, because they’re genuinely wanting to help people, and I think this is a good way of getting back that spark.”
Balancing costs
When it comes to offering pro bono advice, many advisers say that they can’t due to the already high cost to provide advice, which are largely attributed to excessive regulatory burdens.
However, while Beswick acknowledged the costs associated with providing pro bono services, she also said that “waiving that cost can help someone make better and informed decisions”, and that the impact for clients receiving that advice can be transformative.
“The cost sometimes to yourself as a business owner or an adviser can be just an hour or two, just to have a conversation with someone and point them in the right direction, and that can really change their lives,” she said.
She also noted that advisers in the network are only asked to take on one case a year, and furthermore, clients who go through PFAN aren’t necessarily in need of full comprehensive advice, some are simply in need of guidance, reducing the cost to the adviser.
“Sometimes, the clients that come through don’t necessarily always go to the statement of advice, full advice process, sometimes it is an hour or two on the phone just to point people in the right direction, the general overview of what they can do. So, the needs of clients coming through are very, very different, and it all depends on what that person wants,” she said.
