MFLC Personal Financial Counseling (PFC) Program
Personal Financial Counseling (PFC) joined the list of valuable services offered through the MFLC Program to military service members, including Guard and Reserve Components and their families effective January of 2008. Throughout a military career, service members and their families can benefit from assistance in managing personal and household finances due to deployments, raising a family and other situational stressors. PFC services are designed to support short and long term financial needs, plans and goals. Services include financial education, counseling and training on how to access effective financial tools and military resources, which incorporate the eight DoD pillars of financial readiness. Through this program, specially trained Personal Financial Counselors help service members and their families develop realistic spending plans, reduce debt, save for the future, and attain both "wants" and needs.
Personal Financial Counselors provide professional, individualized financial planning and consultation services, including assistance with money management, credit and debt liquidation, analysis of assets and liabilities, and establishing and building savings plans. In cases of extreme financial hardship, the Counselor ensures that service members and their families are referred to the appropriate military organization or resource for additional assistance. Additionally, Financial Counselors conduct command-requested training that addresses financial planning for family separation, short notice deployments, permanent change of station, and transition from the military. Financial Counselors assist Service members and their families with personal financial readiness.
Professional Ethics & Conflicts of Interests:
Personal and professional integrity is the first priority when providing financial management counseling services under the MFLC contract. It is MHNGS policy, and a requirement of each Financial Counselor's contract, that they shall completely avoid any actual or potential personal or professional conflict of interest, including avoiding even the appearance of the same. Financial Counselors are fully briefed on the scope of care to be rendered, and the limits within which they must agree to operate, before they are assigned any activities under the MFLC contract. To ensure unbiased, conflict-of-interest-free counseling, Financial Counselors:
- Shall not sell nor market any insurance, loan, finance, investment, or other financial product(s); and
- Shall not endorse nor favor any commercial supplier, product or service of such products.
All Personal Financial Counselors have been trained in the unique financial challenges of service members and their families, the military pay system and allowances, and military culture. Counselors are required to maintain certification from one of several national accreditation organizations, including the Association for Financial Counseling and Planning Education (AFCPE), Accredited Financial Counselor (AFC), Chartered Financial Consultant (ChFC), or Certified Financial Planner (CFP). Counselors are required to receive continuing education on personal financial management, and have prior experience working with service members and their families.
Company Disclaimer: MHNGS PFCs:
- Shall not sell nor market to any individual, or group of, military Service member(s), including the Guard/Reserve components, any insurance, loan, finance, investment, or other financial product(s); and
- Shall not endorse nor favor any commercial supplier, product or service of such products; and
- Shall not refer any military member or their family members to any such commercial suppliers, products or services, including subcontractor's own private business/services/products or to any other with which the subcontractor otherwise has a personal, financial or other particular interest.
