XY Planning Network advisors are offering free emergency financial advice to anyone who has lost a job, lost income from reduced work hours or taken unpaid sick leave as a result of the COVID-19 pandemic.
Those advisors can be found on the XYPlanningNetwork.com site using the keyword “coronavirus relief.”
“These remarkable individuals became financial planners to help people, and while they get to do that in the day-to-day work, today, they get to help people normally not reached by financial planning,” said XY Planning CEO Alan Moore, in a statement.
“It further cements that the future of the industry is for us to become a helping profession that isn’t limited to the wealthy but is for all consumers,” continued Moore, who co-founded the firm with Michael Kitces.
Within an hour of organizing the pro bono effort, 50 XYPN advisors signed on. “The number continues to rise as advisors make room in their schedules for volunteer work during an already hectic time,” Moore said. A day later three more advisors offered their services for no fee.
The XY Planning Network is a fee-for-service virtual network of 1,163 advisors, most state-registered, who provide comprehensive financial services for a monthly subscription fee and without product sales or asset minimums.
Creative Planning Helps Launch Free Food Initiative
Creative Planning, a $48 billion RIA based in Overland Park, Missouri, has donated $1 million to Harvesters — The Community Food Network, to launch a program that will deliver food, directly into cars, for vulnerable food-insecure families. The effort will focus on children that can no longer count on the free meals from their schools, which are now closed. Harvesters serves 26 counties in northwestern Missouri and northeastern Kansas.
“We are fortunate to be in a position to step up to serve our clients, ensure the financial security of our time, and at the same time rise up to serve our community,” said Peter Mallouk, president and chief investment officer of Creative Planning. “We hope this inspires other organizations to contribute however they can.”
Goldman, Citigroup Offer Relief
Goldman Sachs, the financial partner on the new Apple credit card, announced that all Apple credit cardholders who asked for help can skip their March bill and no interest will be charged. Its online Marcus platform is allowing customers to delay loan payments for a month.
Citigroup announced assistance for customers affected by the spreading coronavirus, including waivers on monthly fees for retail and small-business customers and waivers on penalties for early CD withdrawals by Citibank customers. The bank also has an “always on” assistance program for eligible credit card customers, including credit line increases and collection forbearance programs.
Citigroup and other banks are advising customers to call the numbers on their credit cards if they need hardship assistance. Bankrate.com is maintaining and updating a list of assistance that banks are providing for credit cardholders.
Check out more of ThinkAdvisor’s coronavirus guidance for financial advisors.
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