Advisors find rewards in pro bono work
Prisoners serving sentences aren’t likely to have a financial advisor. That’s why John Boyd finds fulfillment in working with them on a pro bono basis.
Boyd, founder and lead wealth advisor at MDRN Wealth, teaches financial literacy to people incarcerated in Arizona. He helps them gain an understanding of personal finances, financial planning and business — skills that can help them get parole and build a life when they’re free.
“By teaching this course, we give them tools to be financially literate upon release so that there’s less chance they end up back in the system,” said Boyd, who holds a certified financial planner designation. “Serving a demographic no one would think twice to help out is really rewarding.”
The CFP Board of Standards Inc. is encouraging all CFPs to do what Boyd does — devote time to pro bono work. The organization announced Tuesday that it has approved a resolution recommending that CFP professionals commit a minimum of 20 hours annually to pro bono service. It also is pushing advisory firms to “make pro bono activities part of their workplace culture,” the CFP Board said in a statement.
That call resonates with Alvin Carlos, a CFP at District Capital Management. Carlos has participated three times in the Financial Planning Association’s Financial Planning Day. Those events involve CFPs offering their services for free to people who might not be able to afford an advisor.
“It’s nice to be able to help the regular people, the Main Street people, who may not be able to hire an advisor, who may be living paycheck to paycheck,” he said.
Carlos said CFPs who take part in Financial Planning Day embrace the chance to reach farther down on the financial spectrum.
“They are craving to give advice to
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