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CWF Financial Coaches Coach Each Other

Saturday, October 18, 2008

Financial coaches at LISC’s Centers for Working Families (CWF) draw on a wide range of resources to help their clients maintain or regain financial security. But sometimes the best resource they can tap is each other. CWF financial counselors from each of the 12 centers across the city meet regularly at peer learning sessions to share ideas, discuss current projects and offer each other support.

“We are inspired by our good work, by each other, by the nature of our business,” said O.S. Owen, a training specialist at the Center for Economic Progress who oversees financial coaching for CWF.

Based on a concept first conceived by the Annie E. Casey Foundation, CWF helps families and individuals become more financially secure in three critical areas: employment and/or increased wages, improved financial condition and improved access to public benefits. In addition to one-on-one financial coaching, the centers offer a spectrum of services, from referrals to local jobs to customized banking products to emergency cash and utility assistance.

Conversation at a recent learning session in August focused on what each center was doing and how they could learn from each other. Coaches shared experiences and strategies such as their outreach techniques, tax reporting issues to be aware of and how best to meet the financial needs of ex-offenders.

No two centers are the same: while Association House and Instituto del Progreso Latino have geared up to serve a large immigrant population, many of whom are working to build credit, the Southwest Reach Center, run by Greater Southwest Development Corporation, has developed a growing set of resources related to foreclosure.

Still, many of the challenges facing financial coaches are similar, like increasing caseloads. Several coaches reported expansions in service and staff to keep up with the demand for help. Petra Villazana of the Southwest Reach Center said that even with two new counselors and several administrative interns, the Center is scheduling financial counseling appointments up to two weeks out.

“It’s a lot,” Villazana said, “but it’s good. It’s working.”

Despite the challenges of their work, CWF financial coaches are overwhelmingly positive and deeply engaged in learning from each other to improve their services.

“We all come with various backgrounds and resources,” said Dedra Thomas of the Near West Side Community Development Corporation. “We’re all good resources for each other."

This article first appeared in the Fall 2008 issue of Working Capital, the quarterly newsletter of LISC/Chicago. See the entire issue, or back copies.