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Family, friends face finances
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November 13, 2001: 8:00 a.m. ET
Two months after Sept. 11, those left behind begin to seek financial help.
By Staff Writer Meghan Collins
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NEW YORK (CNN/Money) - It's been two months since terrorist attacks on the World Trade Center and Pentagon claimed the lives of close to 5,000 people and displaced countless others from lower Manhattan. But only now is the raw emotion turning to realism for those left behind.
Several organizations, now offering voluntary financial planning services, say calls are just beginning to trickle in from individuals who lost loved ones, their jobs, or their homes on Sept. 11.
"We will be there for them when they're ready to deal with it," said Alfred Osbourne, a certified public accountant helping in the pro-bono effort through the Financial Planning Association and the American Institute of Certified Public Accountants.
In the wake the terrorist attacks, many companies and individuals have encouraged and aided in the relief effort. Some have donated money, and others services including accounting and financial planning assistance for those effected by the tragedy.
The Financial Planning Association, a national organization of certified financial planners, has enlisted the help of 300 certified financial planners in New York, Washington, D.C., New Jersey, Connecticut and Pennsylvania for volunteer work. These CFPs are on hand to consult spouses, parents and children of victims of the attacks.
Other organizations, including the American Institute of Certified Public Accountants and the New Jersey State Society of Certified Public Accountants also have set up referral services. The AICPA, for example, has enlisted the help of 400 of its members for free personal financial planning assistance, including helping victims' families switch bank accounts into their names and explaining what documents they need.
Financial planners give free advice
Walter Gowen, a Prudential Securities financial planner with the Financial Planning Association, counseled a widow who is a mother of two and was struggling with what to do with the substantial sum of money left after her husband was killed. She assumed there were only two options - taking it as a lump sum or as an annuity.
Gowen said rather than take the lump sum, which she would have to share with Uncle Sam, she could roll over the 403(B) retirement account into an IRA. Since she didn't need the money immediately, he said, this option would save her from paying taxes - something she hadn't even considered, he said.
"The service gives people a chance to ask questions in a safe environment," he explained. "They don't have to worry about being pressured or someone trying to sell them something."
The Financial Planning Association's support center fields calls from those affected by the tragedy throughout the business day, from 10 a.m. to 6 p.m. ET. Upon receiving the inquiries, the center's two staffers refer callers directly affected by the attacks to financial planners in their local areas. Callers worried about indirect effects are referred back to the association's Web site to conduct their own online search for a planner near them.
The support line, which is available nationwide, fields 10-to-15 calls per day and has referred about 90 callers on to certified financial planners, said Jenna Ryles, the member services manager who supervises the call center. She said about 60 percent of the calls are from people directly affected by the tragedy.
Support slow to catch on
Most have questions about estate planning, retirement accounts, how to invest dollars and where to put insurance money. Some are worried about the job market, especially those who have never had a job before. And others call because they lost their apartments or their jobs.
However, the response rate has been less than robust so far. Support center staff and financial planners attribute the low rate to lack of knowledge about the service, the fact that people are not ready to deal with the finances of deceased loved ones, and the possibility that people have family members or friends advising them.
"It doesn't seem like a lot of individuals are using the service," said Ken Secemski, who is a wealth management advisor at Merrill Lynch working on a pro-bono basis for victims.
Secemski, who also is receiving referrals from the New Jersey State Society of Certified Public Accountants, said he has advised only a handful of people.
"It's been slow because the families aren't ready to address the fact that they've lost someone," said Clare Stenstrom, president of the New York chapter of the Financial Planning Association. "We think it's going to pick up. It takes four-to-six months for people to work through the grief."
Stenstrom said she thinks the call center, which will remain open indefinitely, will field calls related to the tragedy for up to two years.
"We haven't heard from a lot of people," said Linda Dunbar, a spokesperson for the American Institute of Certified Public Accountants.
The AICPA has only worked with a few relatives of the tragedy's victims and Dunbar said she hopes more people will come forward. She expects more response after the holidays.
"I hope people can get the courage and strength to call in and get the help," Stenstrom added. "It's a tough thing to do." 
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