How to Get Financial Planning At No Charge (or Cheap)

A financial planner can help guide you through your short-term and long term financial goals and support you in achieving them confidently. But the cost of a comprehensive financial plan ranges from hundreds to thousands of dollars, making it beyond the reach of many people. Fortunately, some financial planners provide certain clients with services at lower cost, including on a pro bono basis – that is, at no charge.

If you’re a person who might benefit from pro bono financial planning, or know someone who is, read on for more on how these programs work and how you can sign up for them. We also cover options for those who may make too much to qualify for fully pro bono financial planning services, such as ways to get planning at lower cost and education that can support your financial journey.

Who offers pro bono financial plans

Fortunately, a host of financial planners volunteer their time and planning prowess to help people in need of a financial roadmap. Nearly two-thirds of the professionals who completed the questionnaire for our best financial planners project said they did some pro bono work – and the proportion was higher still among the 80 planners who made our list.

As with the legal world, where many lawyers offer pro bono services, personal finances can be confusing and complex to navigate, and professional help is invaluable. Under pro bono planning programs, the planner or company sets aside a certain proportion of their time to serve people who otherwise could not afford to commission a financial plan. The motivation is to give back to the community and help more people realize the benefits of financial planning.

Who qualifies for pro bono planning

Pro bono financial planning is available mostly to populations who haven't traditionally had access to such services. For example, the Foundation for Financial Planning (FFP), which connects financial planning volunteers with nonprofits and community based organizations.

The FFP describes the recipients of pro bono financial planning help as including low-income individuals and families. While there's no universal definition for such a classification, nonprofit organizations who provide pro bono services often use the benchmark used by the U.S. Department of Housing and Urban Development. That agency considers people who are making less than 80% of the median income in the area they live to be low-income.

Some pro bono programs aim to serve specific populations. Examples are initiatives aimed at military personnel/veterans, domestic violence survivors, people affected by natural disasters and those who have suffered financially from a serious medical crisis.

What to expect from a pro bono financial plan

Pro bono financial planning involves many of the same steps involved with hiring a paid planner. After signing the letter of engagement, you’ll need to share documentation and meet for an initial consultation to discuss your financial situation and goals. Then, after an agreed time, you’ll receive the plan itself and probably also have an opportunity to address your questions about it.

A pro bono financial plan doesn’t provide the full scope of a paid one, which may include paying the planner to implement and monitor the plan. Rather, it delivers actionable steps the client can use to help realize their financial goals.

How to apply for pro bono financial planning

If you think you qualify for pro bono planning, and want to engage a planner, a good first stop may be a non-profit organization. Certain groups connect financial planners to the pro bono programs and the community, offering them resources to use for various topics and needs, as well as professional insurance. Some financial planning firms also have dedicated pro bono programs as part of their corporate social responsibility initiatives. Lastly, local community centers and non-profits often partner with financial planners to provide these services.

A good first stop is the Financial Planning Association (FPA), a leading professional group of financial planners. The association coordinates pro bono services through its many regional chapters, and the pro bono page on its website also details other resources that can help.

If they can help, the FPA planner will ask you to complete a letter of engagement that outlines what is entailed in the pro bono relationship and the expectations of all parties, including for confidentiality and data security. Both the planner and the client sign an agreement to ensure the service is purely educational and objective, not commercial or sales-driven.

Other Low-Cost Planning Alternatives

If you aren’t successful in getting pro bono planning, or if you’re accepted but face a long wait time, there are other options. Some planners have a sliding scale, geared to income, for their fees. Ask planners you’re considering such fee arrangements, which might suit you if the full cost for a plan is more than you can manage but you could afford to pay something for a plan.

There are also community-based programs. These may not provide the scope you’ll get from a comprehensive financial plan, but they do allow you to get expert advice, generally through a less formal process.

Try an online search for free financial literacy workshops offered by community centers, libraries and other non-profit groups; these may feature a lecture, 1:1 consultation or both. If debt is among the issues you face, non-profit credit counseling agencies provide free or low-cost debt management advice, sometimes in an ongoing basis in which you regularly work with a counselor over a period of time.

Community resources aside, you can also engage another type of financial professional for issues such as budgeting and reducing debt. An Accredited Financial Counselor (AFC) – who is certified by the Association for Financial Counseling & Planning Education – can coach you through a current financial challenge and instill habits that are compatible with a healthier financial life.