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BUSINESS Tuesday 26 May 2020
Find free, solid money advice in uncertain times

By LIZ WESTON of NerdWal- for a free consultation with
let an adviser, Wiggins says. If
If you have money ques- you're hoping to eventu-
tions — and who among us ally hire a financial adviser,
doesn't right now? — there you want to make sure the
are plenty of people willing person is a fiduciary, which
to offer advice: friends, rel- means they are required to
atives and random strang- put your interests ahead of
ers on the internet. their own.
Finding someone who "This could be your oppor-
knows what they're talking tunity to talk with some-
about, and who isn't try- body to get prepared for
ing to take advantage of the future," she says. "We
you, can be tougher. For- don't really know what's
tunately, several groups of going to happen. Let's
credentialed, trustworthy make sure we get our fi-
financial advisers are step- nances in order and set
ping up to offer free help. up a really good spending
Groups such as the Finan- plan."q
cial Planning Association,
the XY Planning Network,
the National Association of
Personal Financial Advisors,
the Association for Finan-
cial Counseling & Planning
Education and the Na-
tional Foundation for Credit
Counseling are among the
organizations offering free
consultations to help peo-
ple navigate the pandem-
ic's economic fallout. You
can find links to the pro-
grams by either navigating
to the organizations' sites or
searching for their names
and the phrase "pro bono
coronavirus." (Pro bono
means free.)
"There are so many differ-
ent pieces of information laws, temporarily banned on withdrawals, but the as budgeting, unemploy-
and misinformation," says certain foreclosures and tax bill can be spread over ment benefits, debt man-
Rebecca Wiggins, execu- evictions, made it easier to three years. If you pay the agement and making the
tive director of the AFCPE, tap retirement funds and money back, the taxes can best use of CARES Act relief
which grants credentials rewritten the rules on unem- be refunded. checks. Certified financial
to financial counselors ployment. Federal student What this reader actually planners with the FPA, the
and coaches. "If you're not loan payments have been got was a regular distribu- NAPFA and the XY Planning
working with somebody paused, and many lenders tion — in other words, the Network also can advise
who really understands are allowing people to skip 401(k) was cashed out. That on more specialized topics,
the full picture, you could payments on other debt. triggers taxes and potential such as the Paycheck Pro-
make really bad decisions." There are so many moving penalties without the op- tection Program and other
A HUGE AND GROWING parts that it's easy to make tion to spread out the tax help for small businesses.
NEED FOR HELP a mistake and pay an out- bill or pay the money back. Credit counselors, mean-
Nine out of 10 U.S. adults sized price. A qualified financial adviser while, work with creditors to
said the coronavirus pan- NOT GETTING GOOD AD- could have helped ensure arrange debt payoff plans
demic had caused them VICE CAN BE COSTLY that the plan offered the and know about available
financial stress in an early A reader recently reached hardship withdrawal option forbearance programs.
April survey by the Na- out to me after getting (not all do), that the reader "The options vary consid-
tional Endowment for Fi- what they thought was a was eligible (people must erably depending on the
nancial Education. Tens of coronavirus hardship with- be affected physically or lender you speak to, the
millions are unemployed, drawal from a former em- financially by COVID-19) type of loan or line of credit
furloughed or struggling ployer's 401(k). Coronavirus and that the paperwork that you have and the cir-
with pay cuts, and those hardship withdrawals, au- was properly filled out. cumstances that you're
numbers are expected to thorized by the Coronavirus WHAT HELP YOU CAN EX- dealing with," says NFCC
rise. A volatile stock market Aid, Relief, and Economic PECT spokesman Bruce McClary,
is hammering retirement Security Act, allow peo- Consultations typically will adding that a nonprofit
funds and other invest- ple to take up to $100,000 be virtual, taking place credit counseling agency
ments. from their retirement plan over the phone or using can help people prepare
At the same time, what balances without having videoconferencing soft- for those conversations
people need to know to pay the usual 10% early ware. All the financial ad- with creditors.
about money is changing. withdrawal penalty. In- visers offering free services Also, you don't have to be
Congress has altered tax come taxes are still owed can help with topics such in a financial crisis to ask