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Financial Planners helping others

Jul 24, 2015



Financial Planners Helping Others

Carol Lynde is president of Bridgehouse Asset Managers selling mutual funds to middle income Canadians. After 25 years in financial services she is using her skills and connections for a bigger purpose.

She knows there are many people who need financial planning advice who can't afford it.

Under a pilot project funded by the investment industry, 100 people living on low incomes in Toronto will work with volunteer professional financial planners to set realistic goals and work to achieve them.

The one on one sessions will run for several months.

Carol talks to a lot of advisors who want to be part of this.

She wanted to start this in Canada after learning about a similar non-profit charity who helps underserved people who needed help in the U.S.

Ultimately she connected with Elizabeth Mulholland , president of Prosper Canada, a charity which expands economic opportunity for people living in poverty.

“Low-income people are better at budgeting than average Canadians for obvious reasons,” says Mulholland. “They have a lot of practice but they may use payday loans or go to fringe financial lenders because they worry about having money seized from a bank account. They may also face language barriers and literacy barriers.”

Mulholland asked the city of Toronto, which supports 90,000 families a year through 19 employment services offices, to become a partner.
With the help of Phil Eisler, director of workforce development and program support, low income people will be recruited to meet with financial planners such as Danny Carestia, Saeed Ally, John Stapleton and Frank Wiginton who all want to learn how to help less privileged people.
Carol Lynde emphasizes "This is about setting up a bank account or doing income taxes, not about selling products".

Adapted from the Toronto Star: http://www.thestar.com/business/personal_finance/2015/07/02/coaching-poor-to-build-financial-safety-net-roseman.html