Coping with a difficult year: How your expert advice can change a life

Seven years ago, Serenity’s life took a drastic turn. After consulting several doctors about ongoing stomach pain, she was diagnosed with stage one gastroesophageal junction cancer. Following a painful surgery, a year of recovery and her daughter’s birth, Serenity’s cancer recurred — this time in her lungs. In the years that followed, she experienced multiple recurrences throughout her body, with radiation and chemotherapy effectively treating the cancer each time. Despite such challenging circumstances, Serenity pushed forward, maintained her job at a local museum and continued to meet her personal and financial goals. 

But in early 2020, everything changed. As the Covid-19 pandemic shut down the economy, Serenity was furloughed, and her cancer treatments became more rigorous, making re-entry into the workforce daunting. Serenity and her husband had diligently saved what they could, but their family’s financial stability was quickly slipping. 

For thousands of American families like Serenity’s, illness and unemployment have led to overwhelming financial uncertainty. Amid the Covid-19 pandemic, nearly 70% of Americans have experienced financial hardship, with three-quarters of that group struggling to keep up with basic expenses.  

FREE FINANCIAL ADVICE

Through our network of partners and grantees, Foundation for Financial Planning helps bring free financial advice and planning to people across the country who can’t afford access to a financial adviser, and in 2020 we were proud to reach more than 11,000 people with one-on-one financial advice, and another 32,000 through our educational workshops and webinars. Among these pro bono clients were Serenity and another 435 cancer patients and their caregivers, adding to the nearly 1,100 people helped through our signature Pro Bono for Cancer effort since 2018.

Serenity first learned of the option for pro bono support when she received an email from Minnesota-based FFP grantee, Angel Foundation, whose Financial Cancer Care Program pairs local patients and their families with certified financial planner professionals.

For adviser Leisa K. Olson, volunteering her time was a no-brainer: “For me, there is a real passion around trying to make something positive out of a terrible situation, and it’s a way for me to do something versus nothing.” 

With guidance from Leisa, Serenity learned she could take advantage of options afforded to her by the CARES Act, including new flexibility on retirement withdrawal fees and taxes. With a one-time withdrawal on her 401(k) retirement account, Serenity could bridge her family’s income gap to address a growing mountain of debt. 

“Thankfully, with the pandemic, the CARES Act allowed those impacted by Covid-19 to access their retirement accounts and spread the taxes over the next three years,” explains Leisa.  

Leisa also helped Serenity choose a health insurance plan that was right for her family’s needs and budget, and after just a few months, Serenity says they were back on their feet.

“It doesn’t seem like there is a lot of practical support out there to help middle-class people, so they don’t end up losing everything they’ve worked for. This program has been one of the most helpful things I’ve had access to as a cancer patient. Because of it, I feel a lot more secure about making it through this difficult year.”  

PRO BONO

The Pro Bono for Cancer effort is just one of many programs developed and supported by FFP, including programs for military and veterans, low-income frontline workers, communities of color, and more. Last year, we launched ProBonoPlannerMatch.org, a first-of-its-kind online initiative connecting financial planners to pro bono opportunities nationwide. CFP professionals can sign up to browse available opportunities — most of which are entirely virtual — while nonprofits around the country can post about their volunteer needs, resulting in a pro bono “job board” of sorts. All opportunities are thoroughly vetted by FFP, helping ensure that advisers can reach those truly in need of free services.  

Thanks to the support from the financial advisory profession, FFP raises over $1 million annually to help support these life-changing programs and is soon announcing a three-year goal of $5 million to scale our efforts more rapidly, through program expansion, broadened partnerships, and innovative technologies.  

Leisa’s advice to other advisers? “Just get involved. You’ll never realize what impact you could have. The experience I’ve had while working with Serenity … I almost feel like I got more out of that than she did.”

Kate Healy is chair of the Foundation for Financial Planning.

Related Topics: FFP, pro bono