Volunteering

All true professions share their expertise by giving something back to the community. Growing numbers of professionals value the opportunity to benefit others from their experience and are enthusiastically volunteering their time to help others.

Many PFS members are actively involved with their local communities both on a personal level and in an attempt to improve the professional image of financial advice. Many work with schools, associations and local businesses to help improve financial awareness, understanding and capability.

The Personal Finance Society encourages its members to get involved with pro-bono initiatives and actively works with charities and other third parties to provide opportunities for them to do so.

Here you can find details of some of the initiatives the PFS and its members are currently involved with.

Citizens Advice MoneyPlanner

Overview

A key objective of Citizens Advice is to help clients better understand their finances so they can make informed decisions and avoid the distress of unmanageable debt.

In 2007 Citizens Advice launched a second pilot project to give Citizens Advice Bureau clients access to free generic financial advice. Thirty-six financial adviser members of the Personal Finance Society volunteered their time and expertise to the MoneyPlan initiative to deliver this pro-bono service, benefitting over 1,100 consumers.

A recent review of the MoneyPlan pilot has indicated that the initiative has succeeded in reaching people who had not previously been able to access to financial advice, and that the service has been highly valued. View the review PDF.

All of the PFS members that have volunteered their time, energy and expertise to this initiative must be commended for making such a positive contribution. In 2009, at its inaugural Chartered Awards, the Personal Finance Society recognised three of its members for their enthusiastic and selfless contribution to the success of this project. See the winners of our 2009 MoneyPlanner of the Year Chartered Awards here

Next steps

Citizens Advice is committed to seeking additional resources to support the existing volunteer projects and continue to develop additional projects and extend the reach of MoneyPlan. The PFS will continue to work closely with Citizens Advice and its bureaux in helping consumers better understand financial matters.

Getting involved

With the appropriate funding MoneyPlan may be rolled out nationally. If you are a PFS member and would like further information about getting involved with future phases of the project please let us know .

The Personal Finance Education Group (pfeg)

Overview

In 2009 the PFS entered into a partnership with pfeg whereby PFS members could volunteer to assist local schools and communities to improve the financial capability of young people. Research reveals that 800,000 school leavers believed that an ISA was an iPod accessory!

The PFS is helping to support the delivery of financial capability in schools as part of pfeg’s Use Your Expertise initiative, partnering experienced financial advisers with local schools keen to develop personal finance lessons and activities relevant to today’s world. Then President of the PFS, Paul Lothian, enthusiastically backed the scheme saying “It is essential that we are able to give our next generation the understanding, skills and confidence to make everyday financial decisions. As a profession, financial advisers are perfectly placed to help. The PFS has a rich stream of highly experienced and talented professionals that will be keen to engage and inspire young people by making finance interesting and relevant to their lives.”

Activities already taking place include a ’Deal or no deal’ session, helping pupils learn about choosing a mobile phone contract, and a ‘Stock Market Challenge’ day where pupils become City investors in a role play simulation of the sto ck market.

Wendy van den Hende, Chief Executive of pfeg commented: “We are delighted to have the backing of the Personal Finance Society. There is a wealth of expertise amongst its 25,000 members and this will represent a significant boost to the Use Your Expertise initiative. With 90% of teenagers worrying about money on a daily basis, improving their financial capability will give them the fundamental skills and knowledge in financial matters to participate fully in society.”

Following an initial PFS member invitation on 30 April, some 360 members across the UK have already expressed an interest in being added to a database to help PFEG match advisers to local schools. And in the 2009 My Money Week more than half of the 110 volunteers that supported regional activities throughout the UK were PFS members.

Getting involved

This partnership presents an exciting opportunity for PFS members to get involved by volunteering to take part in activities that give pupils insight into the financial world enabling them to develop personal finance and enterprise skills. Volunteers will participate in a one day training and development course after which they will be partnered with local schools. PFS Members interested in getting involved should email their details to pfeg@thepfs.org.

The Pensions Advisory Service (TPAS)

The Pensions Advisory Service provides free information and guidance to members of the public. As part of its Workplace & Communities Service they are currently delivering generic retirement planning talks within companies and other organisations.

TPAS are currently looking for advisers to help with this initiative and have asked if any PFS members would consider helping. For more information please call a member of their Workplace team on 020 7630 2275 or visit www.pensionsadvisoryservice.org.uk.