Philadelphia Saves Wealth Building Coach

Posted by on June 3, 2005

[posted from Idealist.org]

Philadelphia Saves Wealth Building Coach

Philadelphia Saves: “Build Wealth, Not Debt”

Consumer Credit Counseling Service of Delaware Valley (CCCS) is the lead organization managing Philadelphia Saves, a coalition made-up of over 40 local organizations from nonprofit, government, education and private sectors to promote and increase savings among individuals and families throughout the Delaware Valley.

To enroll as a Philadelphia Saver, an individual must state their savings goal, such as purchasing a home, saving for education, retirement, emergency fund or paying off debt. Many of these goals improve one?s quality of living and contribute to a better community for the Saver to reside and work.

Savers qualify for various program benefits such as free or low fee savings accounts, a free phone consultation with a certified fiancial planner, newsletters that contain valuable information on issues related to saving, a chance to win Savings Bonds, and one-on-one Wealth Building Coaching to keep them motivated and on track.

COACHES ROLE:
The wealth-building coach will play a key role in the success of the Philadelphia Saves initiative. Good coaches express great confidence in the ability of the Saver to build wealth and provide encouragement as well as technical assistance, remembering that Savers are participating voluntarily. The functions of a wealth-building coach include:

–Encouraging people to save
–Discussing savings goal
–How much to save
–If Saver is unclear about goal, suggest they contact Financial Planner, mentioned in welcome letter.
–Discuss strategies to save
–Referring Savers to available services

It is not the role of a wealth-building coach to be a financial planner. The Philadelphia Saves program partners with professional financial planners, so those Savers that require sophisticated financial advice can be referred to a certified advisor.

REQUIREMENTS
Coaches should commit to volunteering at least 2 times within a six-month period.

Before each session, coaches will meet for a briefing with the Campaign coordinator who will review the information Savers receive. Also reviewed will be a list of frequently asked questions and motivational tips. Coaches will receive a list of resources they can share with savers including:
–Detailed list of all available accounts from partner financial institutions
–A sample Welcome Kit that Savers receive
–Information on CCCS education classes, FAN Clubs, and other financial education opportunities
–Resource Directory

For more information about the program visit http://www.philadelphiasaves.org.