Advisors who give back can make a real difference GlobeInvestor
Advisors who participated in a Prosper Canada pilot program a few years ago helped low-income individuals learn to budget, pay back debt, access their credit scores and set up savings plans.Financial advisors who choose to “pay it forward” can have a profound impact by volunteering both in their communities and in developing their profession.
The pilot, which was funded by various asset-management companies, was a success in helping individuals budget, pay down debt, access their credit scores and set up savings plans. “If you have a [low-income] family with children that hasn’t filed taxes, they’re missing out on as much as $6,000 in child benefits in annual income,” says Ms. Mulholland. “[Agencies] also need volunteers to help back-file for people who haven’t filed [their taxes in] four or five years. If they have a disability or children what we can see is a family walking away with as much $50,000 or $60,000 or $70,000.
“Our volunteers tell us it’s really rewarding to help people to increase their income. It’s very real; it’s very concrete.”Story continues below advertisement
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