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Financial Services Corps Personalized Financial Advice for Lower Income Families

Financial Services Corps Personalized Financial Advice for Lower Income Families. 2009 NCLR Annual Conference Melissa Koide New America Foundation. Financial Services Corps: Rationale. Economic Insecurity and Instability Lack of Savings Complex Financial Services

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Financial Services Corps Personalized Financial Advice for Lower Income Families

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  1. Financial Services CorpsPersonalized Financial Advice for Lower Income Families 2009 NCLR Annual Conference Melissa Koide New America Foundation

  2. Financial Services Corps: Rationale • Economic Insecurity and Instability • Lack of Savings • Complex Financial Services • Dissolution of Safety Nets • Family • Government • No Trusted Source for Financial Advice

  3. Financial Services Corps: Purpose • National FSC would provide: • Infrastructure • Funding • Resources and Support • Connect financial experts and advisors -- from certified financial planners to trained financial counselors -- with low and moderate income families and communities • Provide families with financial expertise and tools • navigate the complexities of the financial services sector, • access assistance when facing financial difficulties, and • plan for savings and investment goals.

  4. Financial Services Corps • Stand alone entity, private, nonprofit organization, established by Congress • Governed by a board of directors, which are appointed by the President with advice and consent of the Senate • Funding appropriated through Congress • Funds over 100 local Financial Development Clinics with as many as 1,000 offices across the country

  5. Financial Services Corps • Makes grants to establish local Financial Development Clinics • Engage financial experts in the Financial Services Corps • Brings financial advise and counseling resources to lower income families, through the Financial Development Clinics and through a web portal and a toll free number • Conducts research to understand the broad range of financial needs encountered by lower income families

  6. U.S. Congress Approp Individual Financial Planners and Counselors Standards Info Resources Professional Financial Associations FSC Funds Guidelines Marketing Financial Planning Employers Consumer data Local Financial Development Clinics Pro Bono Services Online Portal & Toll Free Phone Number Consumers

  7. Financial Services Corps: Financial Development Clinics • Dedicated, permanent staff • Administer the Clinics • Triage: Assessment of the individual’s financial circumstances • Engage and coordinate debt counselors, homeownership counselors, legal services • Work with the national FSC to engage local financial experts to provide personalized financial counseling and planning for mid to longer term financial goals • Personalized financial assessment and planning through pro bono engagement of professional financial planners and trained financial counselors

  8. Financial Services CorpsResources and Research • Collects information from the financial development clinics to • Develop tools and resources to improve families’ financial circumstances • Creates online resources - from budgeting tools, to financial calculators, to guides on savings and comparison shopping for financial products • Develop the materials used by the Clinics and financial experts to assess and advise clients • Develop financial advice standards offered through the financial development clinics • Conducts and seeds research to understand the broad range of financial needs encountered by lower income families

  9. New America Foundation Melissa Koide Koide@newamerica.net newamerica.net/programs/asset_building

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