Financial Education Partners

 

Financial Education Partners (FEP) is a pro bono financial counseling initiative that works with the National Multiple Sclerosis Society and other community outreach organizations to offer financial guidance to individuals in need. FEP’s focus in recent years has been on clients dealing with financial insecurity because of a MS diagnosis. The program is a recipient of the Multiple Sclerosis Society’s prestigious “Making a Difference” award.

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Working with the National Multiple Sclerosis Society (NMSS)

 

Dick Bell, CLU, ChFC, CFP, MSFS, RHU, REBC, of Calabasas, California, serves as the main point person between NMSS Navigators and individuals who have contacted NMSS in need of financial planning services. Over the course of the past 10 years, Dick Bell has received 300 referrals from MS Navigators. These referrals look like this:

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• All contacts are by phone with follow up using email and phone.

• Most initial calls are 30-60 minutes long. Dick takes notes and emails his notes to the client (but not to the Navigator, for privacy reasons).

• There may be multiple follow-ups with referrals. 

 

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Nature of the Referrals and Financial Concerns

 

The MS Navigators understand that the nature of the guidance provided through FEP is on solving financial issues triggered by the MS diagnosis. They know that FEP does not make cash grants or offer advice on social welfare programs, such as Medicaid. Common threads among the callers are:

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• Dealing with the realization of a shortened work life and the implications this has for health insurance and medical expenses.

• Dealing with living as a disabled person, how to make savings last, and how to provide for long-term care needs

 

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Typical Initial Phone Session with Client Referred through NMSS

 

The initial session focuses on fact finding. The FEP counselor has no idea where one of these calls will lead or what the real concerns of the caller are. Once the client becomes comfortable that there will be no attempt to sell anything and that the counselor has the expertise to understand and explain some challenging topics, the client tends to open up with numerous concerns.

 

The FEP program provides guidance many of the callers would never receive because they do not have sufficient assets to attract the services of a financial planner, wealth manager, etc.

 

 

Change in Client’s Situation after Working with FEP Counselor

 

The client referred to the FEP program by an NMSS Navigator will typically better off after the consultation in the following areas:

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• They have a more accurate position of where they stand financially, i.e., what they own and what they owe.

• They better understand their employee benefits.

• They are better able to project where they want to be in the future and what adjustments they need to make now, if any, to achieve those goals.

• They understand that they may need to adjust to more realistic goals.

 

 

Required Skill Set of an FEP Counselor

 

FEP counselors need the following capabilities:

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• A good working knowledge of employee benefits to include various group insurances and retirement plans.

• A good working knowledge of Social Security and Medicare

• The ability to walk the talk of financial planning, who lives on less than is coming in, and who understands the peace of mind of financial stability.

• Be a good listener with compassion for somebody who has struggled financially in life with or without an MS diagnosis.

• Be a good written communicator who can summarize the main points of a phone call, including developing a list of action items for the referral.