Financial planning group plans more military outreach

The Foundation for Financial Planning is in talks that could significantly expand the group’s efforts to provide volunteer financial planning services to military professionals.
The organization is currently discussing an arrangement with a group called Give an Hour, which provides free mental health services to military professionals, according to James A. Peniston, the executive director and chief executive of the foundation. He spoke with InvestmentNews Saturday in Seattle on the sidelines of the annual conference of the Financial Planning Association, a foundation partner.
As part of the arrangement, the military-oriented nonprofit could provide referrals to financial planning professionals willing to volunteer their time offering free support. And financial advisers could give guidance to professionals who provide mental health services to the military.
Give an Hour works with military personnel and a network of some 6,700 mental health professionals including psychologists, social workers and drug counselors, according to its website. A Give an Hour spokesperson could not immediately be reached by e-mail.
An alliance with the Foundation would offer access to at least 3,000 advisers who currently work, on a pro-bono basis, with current and former members of the armed forces.
Financial planning issues frequently figure into the mental health challenges members of the military face, according to Kari McClellan, a Portland, Ore.-based regional director for Operation Homefront, a charity that already works with the foundation. She said ex-military are also particularly prone to predatory lending.
“There are military regulations that essentially restrict folks from coming in out of fear they’re sold products,” said John R. Power, an adviser and retired Army colonel.
He said advisers should work with more ex-military and others who don’t meet asset minimums.
“It takes us further as a profession,” he said. “Everybody needs a financial plan.”
The Foundation for Financial Planning is an industry-financed nonprofit offering grants to organizations and facilitating volunteer opportunities for pro bono work. The group also works with organizations including Homes for Our Troops, the Yellow Ribbon Fund and USA Cares, according to Mr. Peniston.