Last month (FA, 25 September) I finished my article by saying: “I do not believe that success can simply be measured by the money advisers earn or the tax that they save for clients. It is also important that as a profession, we are aware of those less fortunate in life and show compassion.”
So this month I will explore this view further, and in particular show you how volunteering to help others can be both stimulating and rewarding.
There are many excellent sources of information on the benefits of volunteering – benefits both to you and to the recipients of your help. One I particularly like is the UN’s World Volunteering website, which lists 10 benefits, from which I would highlight the following:
• Learn or develop a new skill
Volunteering is the perfect vehicle to discover something you are really good at and develop a new skill. It is never too late to stop learning.
• Be part of your community
We sometimes take for granted the community that we live in, and forget that people and societies depend on each other for both survival and for growth. By volunteering to help others you are giving something back.
The site goes on to say that as a volunteer, you also “return to society some of the benefits that society gives you”, which is an important consideration. Your success to date has probably been due to help that you have received on the way. Should you not reciprocate?
Community work can cover a wide variety of activities and pursuits including: Round Table and Rotary associations; Scouts and Guides; church and charities; village halls and sports clubs (I know several advisers who are now too old or injured to play regular rugby, but who have found a talent for coaching the youth teams) – the list goes on. However, often these activities keep you within the same environment or socio-economic group, and sometimes the real prize is gained by going ‘off-piste’. More of this later.
• Motivation and sense of achievement
Volunteering is about giving your time and skills to help others because you want to, which can enhance your sense of achievement: the ‘feelgood factor’.
• Boost your career options
The UN website also includes the results of a survey carried out by TimeBank through Reed Executive showing that among 200 of the UK’s leading businesses:
• 73 per cent of employers would recruit a candidate with volunteering experience over one without,
• 94 per cent of employers believe that volunteering can add to skills, and
• 94 per cent of employees who volunteered to learn new skills had benefited either by getting their first job, improving their salary, or being promoted.
Also, if you are thinking of a career change, volunteering is a perfect way to sound out new fields or explore new interests and hobbies.
If you want to keep anchored to financial services or because you recognise that your skill set is a valuable commodity that can improve the lives of others – particularly those less fortunate than yourself – then I would heartily recommend the Personal Finance Society’s pro bono initiative MoneyPlan, which runs in conjunction with Citizens’ Advice Bureaux.
As Mark Hutchinson, head of marketing at the PFS, recently stated: “Pro bono work is a key feature of most professions, and an important part of our ongoing campaign to build trust among consumers and consumer organisations.”
Having been involved with the original MoneyPlan pilots, I am delighted that MoneyPlan is now operating in CABs across the country. For me a key benefit of the scheme is that advisers gain an understanding of the needs of those who traditionally do not have contact with the profession. Often they are on low to middle incomes, or depend on welfare benefits. In other words, they really need our help. The only drawback is that the scheme is only open to PFS members who are authorised advisers.
In recognition of the many PFS members that are actively involved in pro bono initiatives, the PFS Chartered Awards include a specific pro bono category. The awards dinner is being held on 6 November at the PFS annual conference, so keep an eye out for this year’s winner.
Finally, another option to consider is to take part in the IFP’s Financial Planning Week. This is about taking financial planning into the community and raising awareness of what we do. With only 2,000 members, the IFP struggle to cover the entire UK effectively, but I have always admired them for their ability to punch above their weight, and I am pleased that they continue to promote this excellent idea. Financial Planning Week is being held from 23 to 29 November.
Dr Peter Williams is an independent business consultant and chartered financial planner
