Morgan Stanley Wealth Management has built one of the financial planning industry's most substantial pro bono advisor engagement programs.
The Foundation for Financial Planning has released a case study examining how the Wall Street firm has motivated a significant powerhouse of planning capabilities with more than 320 CFP professionals currently registered on the FFP's volunteer matching platform.
The firm has woven pro bono service into its advisor culture, compliance infrastructure, and performance conversations and in an interview with InvestmentNews, FFP CEO Jon Dauphiné said several deliberate choices drove participation to that level.
"Anthea Tjuanakis Cox, head of financial planning, and a high level leader in the company, was a visible champion of the effort,” he said. “[the firm] connected the pro bono initiative to its corporate mission and values, specifically the 'giving back' core pillar; launched the effort during their June Global Volunteer Month, offering its advisors a skills-based volunteerism opportunity that could especially leverage their unique talents, and then encouraged its advisors to perform pro bono service all year long."
The operational structure reinforced that cultural message and the firm allows advisors to volunteer their time during normal working hours with manager approval, and hours spent during Volunteer Month are captured and reported at the firm level.
“Employees are encouraged to add their volunteer work as a part of their annual goal setting and performance review process, and this helps emphasize that pro bono service is encouraged as part of the firm culture and advisor development,” said Dauphiné.
The firm also built out a dedicated online sign-up portal, ran an internal email campaign, held community calls, and actively pointed advisors to CFP Board's recommendation that all planners deliver at least 20 hours of pro bono service each year.
The case study highlights the professional development case for pro bono engagement, and FFP's own survey data gives that argument considerable weight.
"FFP surveyed more than 1,200 CFP professionals in 2023 and found that virtually all who do pro bono were motivated by the satisfaction from helping people in need, while more than 70% of those who did pro bono were also motivated by the 'skills and practice they gain from exposing themselves to new clients and issues,'" Dauphiné said. "Moreover, 57% said they do pro bono service because of the 'positive impact that it has on their business (through employee satisfaction, recruitment, public relations, etc).'"
Strong majorities of advisors surveyed said pro bono service strengthened their abilities across 15 areas tied to CFP Board's principal knowledge topics.
Specific soft skills also showed meaningful gains, with 71% reporting improved client listening and communications, 73% citing experience working with a more diverse client base, and 56% pointing to leadership development. Dauphiné noted that advisors under 35 agreed at higher rates across every category.
The recruitment and retention implications are increasingly difficult for firms to overlook.
"Newer entrants to the advisory field show a strong affinity for pro bono service, and forward looking firms are already baking this into their human capital strategies," Dauphiné said. "FFP surveyed individuals aspiring to become CFP professionals in 2024, and 88% reported that they planned to fulfill CFP Board's recommended 20 hours of pro bono service each year once certified; meanwhile a staggering 96% of these individuals said that the pro bono movement made them feel more positively about the profession."
Among currently certified advisors, around half said they would prefer to work at a firm with an encouraging pro bono policy, rising to 55% among women and those under 35. However, only about 28% believe their current employer has such a policy.
"This gap between what advisors are seeking and what they are finding presents a meaningful opportunity for firms who embrace pro bono to increase their appeal as employers of choice," Dauphiné said.
For firms not yet operating a formal pro bono initiative, Dauphiné recommended assessing cultural fit first, then assigning a firm-level leader and consulting compliance and HR teams before directing advisors to FFP's training and the matching platform.
His most pointed advice highlights what separates programs that work from those that don't.
"Probably the most important tip is to be authentic … don't say to advisors that pro bono service will be encouraged or valued if indeed the firm and its culture will not be on board with it and will not address processes and policies that may be getting in the way," he advised.
FFP has set a goal of mobilizing one-third of all CFP professionals into pro bono service by 2030, which Dauphiné said would enable at least 100,000 American families to receive free financial guidance each year.
Achieving it, he said, will require more structured employer participation, expanded training, deeper nonprofit partnerships, and earlier engagement with students in CFP Board-registered programs.
The full case study is available at FFPprobono.org/firm-case-studies.
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