How pro bono advice is tackling the accessibility crisis

Speaking on a recent ifa podcast, FMD financial adviser Nicola Beswick revealed the significance of offering free-of-charge advice to those who need it most and the growing traction of pro-bono advice among professionals across the country.

Ms Beswick is also the chair of the Pro Bono Financial Advice Network (PFAN), which connects financial advisers to Australians in times of financial hardship, specifically personal health crises.

Initially a lawyer, Ms Beswick made the major career change, choosing to transition to financial advice after her father was diagnosed with multiple sclerosis.

“He was really, really fortunate to have an income protection policy in place. Having that for the next 10 years of his life meant that we, as his family, were OK,” she recounted.

This was an eye-opening experience for the young lawyer. Seeing a loved one struggle with a progressive neurological disease (PND) revealed the financial hardship that could suddenly befall unsuspecting families.

“That experience in my life made me really see the value of sorting out your finances … so with the support and encouragement from my partner, I took the leap,” Ms Beswick said.

Knowing that she was helping someone change their life, Ms Beswick continued, has always been important to her as a professional.

“If someone feels like they can’t afford advice, they won’t get advice. But if they do get advice and they find someone that can help them, then that can change their world,” she said.

She warned that for those who cannot afford any level of advice, the consequences of not having that option could be far worse.

Moreover, Ms Beswick revealed that the willingness of her peers to take on pro bono cases had been “astounding”.

“When we connect with advisers, we ask them why they want to join and be a part of our network, and a lot of them are really driven by that sense of wanting to give back,” she said.

“For me, that journey is just incredibly rewarding, and what we’ve done with the community and how we’ve built it up is just incredible.”

While acknowledging that the increasing cost of financial services is necessary to cover the cost of doing business, Ms Beswick criticised the debate surrounding whether advice should be considered a “luxury” or a “commodity”.

For the PFAN chair, this discourse insinuates that everyone is looking for complex advice, while many Australians who live with a PND simply require a “point in the right direction”.

“Different levels of services clearly give different levels of information,” she explained.

“The Pro Bono Financial Advice Network really just brings it to people that can’t ordinarily afford it and gives them an avenue to connect with an adviser … to get some type of guidance, some kind of sounding board. To make sure that they’re doing the right thing and not be scared about their financial position.”

Hear more from Ms Beswick here.