GW: Part of my pro-bono work is to help provide financial education in local schools.
This averages out at something like a half-day per month over the course of a year. I’ve also completed around 30 pro-bono coaching sessions with individual clients since starting my business, which is just under 10 per cent of my overall activity.
I’ve also partnered up with a charitable organisation, which provides support to survivors of childhood abuse.
This is particularly important given the emotional aspect of the work and the overwhelm that can often be experienced upon receipt of redress by survivors.
This type of work is generally completed at a discount, taking into account the coaching time and preparation required.
FTA: Who is your pro-bono work targeted towards/how do you pick ‘worthy’ causes?
GW: Some potential clients who get in touch show a real determination to learn and develop new habits and skills, but are currently in a challenging financial situation and fees for coaching might put further strain on their finances.
In these cases, even just a couple of pro-bono sessions can make a big difference and free up cash.
For example, one client was able to reduce their monthly outgoings by more than £500 by developing more intentional spending habits.
So where there’s drive and determination to change behaviours, pro-bono coaching can be effective.
Others, who may be really struggling financially, could be better served by charitable organisations like StepChange and the Citizens Advice Bureau.
I think care needs to be taken when offering pro-bono work to individuals. There’s a risk it could devalue the service being offered and on occasion there simply isn’t the same buy-in if a financial commitment has not been made.
FTA: Why is pro-bono work nevertheless important to you?
GW: I feel that everyone should have the opportunity to learn about money and financial planning, regardless of their financial circumstances.
Importantly, knowledge in itself is not enough. It’s our relationship with money, our habits and our attitudes that will largely determine our financial future.
That applies to everyone, regardless of demographic or financial status right now, so pro-bono work can help bridge the financial literacy gap.
In my early days as a coach, it was also a great help for gaining experience and testing different ways of working.
Each client is uniquely different and pro-bono work helped me accelerate my learning.
FTA: What do you get in return?
GW: Commercially speaking, my best example is from working with one individual on a pro-bono basis, who then recommended my services to five different paying clients.
In general, it can really help spread the word on the value you bring as a financial professional and if pro-bono clients become true advocates, then it pays dividends.
