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 Economic Insecurity and Instability Lack of Savings Lack of Savings Complex Financial Services Complex Financial Services Dissolution of Safety Nets Dissolution of Safety Nets Family Family Government Government No Trusted Source for Financial Advice No Trusted Source for Financial Advice

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

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

Financial Services Corps Makes grants to establish local Financial Development Clinics Makes grants to establish local Financial Development Clinics Engage financial experts in the Financial Services Corps 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 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 Conducts research to understand the broad range of financial needs encountered by lower income families

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

Financial Services Corps: Financial Development Clinics Dedicated, permanent staff Dedicated, permanent staff Administer the Clinics Administer the Clinics Triage: Assessment of the individuals financial circumstances Triage: Assessment of the individuals financial circumstances Engage and coordinate debt counselors, homeownership counselors, legal services 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 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 Personalized financial assessment and planning through pro bono engagement of professional financial planners and trained financial counselors

Financial Services Corps Resources and Research Collects information from the financial development clinics to Collects information from the financial development clinics to Develop tools and resources to improve families financial circumstances 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 productsCreates 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 clientsDevelop the materials used by the Clinics and financial experts to assess and advise clients Develop financial advice standards offered through the financial development clinics 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 Conducts and seeds research to understand the broad range of financial needs encountered by lower income families

New America Foundation Melissa Koide