Experts answer callers' financial questions

Tax season may be over, but free help with your financial goals never goes out of season.

A team of financial experts with the Financial Planning Association of Illinois manned the phones Wednesday evening to provide free financial advice to Daily Herald Subscriber Total Access members, as well as members of the military, veterans and retirees. The event, part of Illinois Smart Money Week, was hosted by the Daily Herald Media Group in collaboration with the Financial Planning Association of Illinois, BMO Harris Financial Advisors, Economic Awareness Council and Army OneSource.

The volunteers assisting callers had a wide range of financial expertise from budgeting, debt and investment management to mortgage and bankruptcy.

“We have different people from all walks of life here to assist,” said adviser Phil Hogg of Park Ridge. “So if we don't know the answers, we can send the caller to someone who does.

“For us, it's about making small victories, one person at a time,” he added.

Kate Leipprant of Baldwin Financial Systems in Arlington Heights said the callers she talked with were focused primarily on debt issues, and she was able to refer them to sources that help them manage and resolve their issues. She added the callers were very appreciative of the service.

“When you've got people pointed in the right direction, then it's a good thing,” Leipprant said.

Kevin Koyner of Genworth Financial fielded calls regarding mortgage issues and the ability to refinance at a time when interest rates are so low.

“Many of them were worried about being able to refinance their mortgages given their current financial condition,” he said.

The event had an added bonus of being open to members of the military around the world, said LeKrisha Lindo with Army OneSource. It was the first time the military had collaborated with FPA of Illinois to provide the service to military personnel, and a toll-free number was established for soldiers to call from places such as Afghanistan.

“This is a huge deal for us,” Lindo said. “We're excited to be working with FPA on this.”

Jeff Bruce, director of public awareness for the FPA, noted the event provided a unique opportunity for callers to talk about personal financial issues in a way they may not be comfortable with doing face-to-face.

“A lot of people don't want to ask for help, because if they're looking at someone eye-to-eye, they're hesitant to reveal everything,” Bruce said. “The anonymous nature of calling in makes people feel more free to talk about their worst financial fears.”

The advisers agreed that, given the information flying around on the Internet and in the media, the callers were most concerned with finding a credible and knowledgeable source for help in managing their financial situations.

“There's just too much information out there, and what they're looking for is someone to trust,” Leipprant said.