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Local financial planners want to give you free advice

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CRANSTON, R.I. (WPRI) — If you just got married, started a new job, or bought a house, it may be time to reevaluate your finances.

“Think of financial planning as something that should be taking place any time there’s a transition in your life,” said Donna Sowa Allard, the president of the Financial Planning Association of Rhode Island. “Sometimes making one small, correct decision can have a really big impact that lasts.”

That’s why the Financial Planning Association is getting ready to host its fourth Financial Planning Day. Organizers say they want to help consumers tackle their questions for free.

“Maybe it’s just about your allocation for your 401(k),” Sowa Allard said. “Or maybe you’ve inherited some money and have some questions about what you should be doing with it and don’t know where to turn. It’s a great opportunity to dip your toe in and engage an advisor.”

Talking with a financial planner is something most people aren’t actually doing. A 2019 survey by CNBC and Acorns showed 75% of Americans manage their own money.

According to the survey, 31% of people 65 and older use a financial advisor, compared to 7% of 25- to 34-year-olds.

“If you are a younger person and you’re just trying to put some money away, a ‘roboadvisor’ or one of these algorithm-based systems may be appropriate for you and may be a good way for you to get some money invested,” Sowa Allard said. “I think what’s most important is that you have a plan.”

  • Saturday, Oct. 19
  • 9:30 a.m. – 12 p.m.
  • Cranston Public Library, 140 Sockanosset Cross Rd.

Financial Planning Day is open to anyone and does not require registration.

Susan Campbell ( is the Call 12 for Action and Target 12 consumer investigator for WPRI 12 and Fox Providence. Follow her on Twitter and on Facebook.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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