Orion wants to help connect 10,000 advisors with families in need of a helping hand

One of the biggest names in wealthtech is doubling down on its support of the Foundation for Financial Planning and its ambitious goal to have 10,000 advisors give their time and expertise to families who need it most. 

On Monday, Orion Advisor Solutions announced expanded financial backing of the foundation's efforts, becoming a presenting sponsor of the ProBonoPlannerMatch platform, an online service that connects advisors with nonprofits serving low- and moderate-income people. 

Pro bono service opportunities available via the platform include provision of  free financial advice to low-wage workers, seniors, cancer patients, military veterans and more.

Orion, an Omaha, Nebraska-based provider of outsourced investment management and technology, has long been in the foundation's corner. Orion founder and CEO Eric Clarke serves as a member of the FFP's board of trustees and corporate advisory council. 

In 2021, as the pandemic drove economic uncertainty, Orion made its financial planning tool free for all advisors serving pro bono clients — even if they weren't regular users of the popular wealthtech platform. 

Clarke told Financial Planning that his team got strong positive feedback from advisors when they made their tech free for pro bono planning two years ago. Now, he said, Orion stands ready to help financial planners "transform the financial lives of pro bono clients." Full financial details of the expanded partnership were not disclosed. 

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"For us, it's been a long time coming to be able to step in and help make the match, so to speak," said Clarke, noting that Orion has been a partner to the foundation for about four years. " I think one of the biggest challenges for advisors who want to help is just leveraging the tools that they would normally use to serve individuals who are accumulating wealth or in retirement. What other resources and tools do I need to tap into to help people who are potentially dealing with a different set of problems?" 

Statistics show that the expanded partnership is coming at a crucial time. According to a Pew Research Center survey published last fall, one in four U.S parents say they've struggled to afford food or housing in the past year. The annual American Psychological Association Stress in America study released around the same time found that 72% of Americans reported feeling stressed about money at least some time in the prior month. 

And new research released at the start of the year by Suze Orman's emergency savings startup SecureSave found that just one in three Americans can comfortably cover a $400 emergency expense in today's difficult market. 

Jon Dauphiné, the CEO of the Foundation for Financial Planning, said that with the expanded commitment from Orion, FFP's lofty goal of registering 10,000 advisor volunteers to ProBonoPlannerMatch becomes that much more possible. 

By expanding access to these tools for pro bono clients, Orion eliminates one of the barriers to volunteer service at a time when millions are facing a looming recession, rising inflation and increased financial stress. 

But there is still work to be done in training and preparing advisors to take on this kind of work, and meet the extraordinary demand. 

"Orion is playing a significant role in providing access to pro bono financial planning tech solutions that can drive more scale and impact, which is critical to reaching underserved individuals and families during a time when many Americans have an unprecedented need for financial guidance," Dauphiné said in a statement. "FFP has seen an overwhelming response from financial advisors who want to help in the wake of the pandemic and its economic fallout, and we are proud to offer them a platform through which they can find opportunities to offer pro bono service, right from their desks."

Orion is the FFP's latest business ally as the organization works to connect advisors with underserved families and individuals. In November, a new partnership formed with CFP Board will provide training and resources related to pro bono services for advisors. The collaboration will bring additional attention to existing resources such as Pro Bono Financial Planning Volunteer Training, an educational program for which financial planners can earn continuing-education credit. 

The CFP Board has begun asking planners to log their volunteer hours every year when they apply for renewal of their certifications. The board also hired a full-time pro bono manager to increase the number of certified financial planners providing pro bono services by 10% year-over-year.

Shortly after the CFP Board announcement, Dauphiné told Financial Planning that many advisors had expressed anxiety about the prospect of dealing with a different sort of client, citing foundation training sessions not meant to teach a set of advising techniques. 

But for Clarke, it's important to keep in mind the unpredictability of life and how quickly the average American's  economic stability can lurch during a financial crisis. 

Losing a job, receiving a sudden medical diagnosis or being called upon to provide care for a loved one can derail even the best laid financial plans. 

"In life, we get opportunities to provide service to others. It feels good when we can help somebody, and being able to align someone's strengths and skill set with those people that need some help will create a real multiplying effect," Clarke said. 

"I think as an industry, we do struggle a little bit with perception of our services in the communities that we live in," he added. "This will help raise the profile of the good that we can do as an industry and as a collective group." 

Advisors interested in learning more, volunteering or getting training to provide pro bono services can visit www.ffpprobono.org/volunteers.