ATTENTION ALL U.S. MILITARY, VETERANS, AND FIRST RESPONDERS
Definitions of Importance
Pro Bono
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"Pro bono is short for the Latin phrase pro bono publico, which means "for the public good." Pro bono work involves providing free services, rather than cash or goods, to those in need. There is a long tradition of pro bono work in America, and the financial industry is part of that tradition." - CARLA TARDI, Investopedia
Financial planners are fiduciaries.
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Forbes.com/advisor: All planners are fiduciaries. They are required to be unbiased, transparent, and act in your best interest.
Fiduciary duty is the requirement that certain professionals, like lawyers or financial advisors, work in the best financial interest of their clients. U.S. law dictates that members of certain professions who are doing business for certain clients be bound by fiduciary duty. Let’s take a closer look at fiduciary duty, what a fiduciary is, which professions commonly have fiduciary responsibilities and which types of financial advisors are actually fiduciaries.
What Is a Fiduciary?
A fiduciary is someone who manages property or money on behalf of someone else. When you become a fiduciary, the law requires you to manage the person’s assets for their benefit—and not your own.
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In a fiduciary relationship, the person who must prioritize their clients’ interests over their own is called the fiduciary. The person receiving services or assistance is called the beneficiary or principal.
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A fiduciary relationship can exist between friends or family members. For example, you might manage a friend’s expenses if they become ill and undergo medical treatment. But more commonly, you’ll deal with a fiduciary when working with certain types of professionals, such as lawyers and financial advisors. Directors of corporations also have a fiduciary responsibility to act in the best interest of their company and shareholders.
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Fiduciary duty is a serious obligation. If a fiduciary doesn’t fulfill their duties, called a breach of fiduciary duty, the beneficiary could be entitled to damages.
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How Fiduciary Duty Works
Fiduciaries have key two duties when managing a beneficiary’s money: duty of care and duty of loyalty.
Duty of Care. Under the duty of care, fiduciaries must make informed business decisions after reviewing available information with a critical eye. Financial advisors might fulfill this by analyzing comprehensive information about your financial life before making recommendations or plans. Directors of companies, on the other hand, might consult industry experts and maintain detailed records and best practices for the company.
Duty of Loyalty. To abide by the duty of loyalty, fiduciaries must not have any undisclosed economic or personal conflict of interest. They cannot use their position to further their private interests. Fiduciary financial advisors might adhere to the duty of loyalty by disclosing any recommendations they’ll receive a commission on.
Fiduciaries may have additional duties, depending on their industry. Those in the financial services industry, such as chartered financial analysts (CFAs) and corporate directors, must at a minimum abide by the duty of care and duty of loyalty.
Mail: 40609 California Oaks Rd. #405, Murrieta, CA. 92062
Main: (844) 729-3253 email: rdale@advisorforveterans.com
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LETTER OF ENGAGEMENT FOR PRO BONO FINANCIAL PLANNING SERVICES
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We, the undersigned financial planner (hereafter “planner”) and pro bono recipient (“pro bono client”), acknowledge that we are entering into a limited pro bono financial planning engagement for which the planner will receive no compensation for services provided.
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The scope of this engagement is to provide to the pro bono client general financial planning advice and consultation that may include, but are not necessarily limited to, the following:
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Written or verbal financial planning advice from the planner.
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Organization of family finances.
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Banking issues, payment of bills, and budget and cash flow management.
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Medical, disability, life, property, and casualty insurance, including information about VA or other
benefits, settlements and claims administration.
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Review of savings and investments.
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Review of retirement plans and investment options.
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Income Tax issues.
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Review of estate planning.
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Access to available financial benefits to which the pro bono client and his or her family may be eligible.
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Consulting with other allied professionals such as accountants, attorneys, insurance professional, real
estate professionals and mortgage consultants.
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Powers of Attorney for health and financial decisions. Living Will or other end-of-life planning.
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Special planning ( to be defined.)
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The duration of this pro bono engagement is not intended to be a long-term or ongoing relationship. A basic pro bono engagement generally consists of three steps –
1) gathering data and setting goals,
2) data review and clarification,
3) planning discussion, including financial statements, assessment of risk or tax implications.This engagement does not provide for implementation of the advice by the planner. The client is responsible for making all decisions and may pursue other options to implement the financial plan.
All rights are retained and under copywrite laws by Raymond Dale, Raymond Dale, Inc. 2019-2021
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The planner will receive no compensation for this engagement, and will comply with all regulatory, professional and ethical obligations, including but not limited to those imposed by the Securities and Exchange Commission (SEC), state securities and insurance regulators. Further, the planner is prohibited from charging for additional services not anticipated but provided during the period of engagement. The planner affirms that all professional licenses and certifications held by the planner are in good standing, and that the planner has not at any time been censored, convicted or otherwise found by competent authority to be guilty of any fraudulent activity or professional misconduct.
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Neither the planner, nor anyone in the planner’s office, is allowed to engage in a financial planning business relationship with the pro bono client, other than the pro bono engagement. If the pro bono client wishes to pursue services from another pro bono planner, the pro bono client may refer to www.plannersearch.org. This policy is necessary to avoid even the appearance of a conflict of interest.
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The financial planner participating in this letter of engagement may be participating in a program that is funded or otherwise supported by the Foundation for Financial Planning (FFP). If so, the planner agrees to abide by FFP’s Volunteer Engagement. Neither FFP, its officers, nor its staff assume responsibility or liability for the accuracy or appropriateness of the advice given by said planner. By accepting assistance, the pro bono client acknowledges and agrees that FFP does not purport to provide, or hold out as providing, any financial advice to the participant and FFP, nor any of its directors, officers, employees, and grantees, has any professional or business relationship with, or has or assumes any responsibility or liability for the accuracy or appropriateness of any advice or assistance provided by the planner. The pro bono client acknowledges that he or she must make an independent judgment regarding a particular planner's qualifications and suitability for the pro bono client’s needs and circumstances.
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The pro bono client further agrees to hold the individual financial planner, the business, or affiliated organizations, harmless from any loss, damage, cost or liability in any way arising from such advice, acts or omissions. The pro bono client understands that the responsibility for financial planning decisions are his/her own and that he/she is under no obligation to follow, either wholly or in part, any recommendation or suggestion provided by the pro bono planner. The pro bono client also understands that completion of the planning process may be a prerequisite to engaging the planner or affiliates for implementation and a different engagement contract will be required.
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Should any concern arise regarding this advisory relationship, it is agreed that the parties will consult with each other to resolve such issues. Any unresolved issue shall then be submitted to non-binding mediation under the Commercial Mediation Rules of the American Arbitration Association. Any dispute still unresolved may then be submitted to binding arbitration under the Securities Industry Arbitration Rules of the American Arbitration Association.
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The terms of this agreement are limited to those items described below and this agreement will terminate upon the completion of the services described below or the allotted time, or the engagement may be terminated by either party upon written notice.
​​Plan of Work & Completion of Engagement
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The planner will work with the pro bono client to establish goals and provide advice and planning.
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It is the pro bono client’s responsibility to report any financial plan details and subsequent goals,
material changes to client’s financial situation and progress to the planner during the pro bono
engagement.
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The planner will do NO reporting of financial details to ANY organization or related partner unless required by law. Client’s financial situations are confidential. The planner will share suggestions and the plan with the pro bono client only or to any others only with specific permission from the pro bono client.
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The client shall not suggest that the planner’s advice be implemented by any other persons.
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It is the pro bono client’s responsibility to return calls or email contacts from the pro bono planner. If the pro
bono client has not maintained contact the planner may terminate the engagement.
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Establish end date of the Pro Bono Engagement:
â–¡ Once presented with the final financial planning advice the engagement will terminate. Client may implement some or all of the recommendations on his/her own.
â–¡ Client has elected to set up future pro bono sessions on the approximate dates below (to be determined) and the pro bono relationship will be terminated at the end of these sessions or on:
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The pro bono financial planning engagement is acceptable and binding on all parties as evidenced by the signatures below:
Client name (print):____________________________ Client signature:___________________________ Date:________________________
Client name(print):____________________________ Client signature:___________________________ Date:________________________
Pro Bono Planner: Raymond Dale, Inc. Raymond Dale CEO
_____________________________ Planner Signature
Date:________________________
Note: The planner will be responsible for the engagement but may delegate tasks to others, including allied professionals, para-planners, CFP candidates, etc. with client’s permission. Such persons will sign confidentiality and non-disclosure agreements to protect client’s confidentiality.
Note: Copies to pro bono client and por bono planner are herein acknowledged.
All rights are retained and under copywrite laws by Raymond Dale, Raymond Dale, Inc. 2019-2021