Pro Bono

DEFINITION of 'Pro Bono'

Professional services dispensed on a voluntary basis at no cost to the recipient. Derived from Latin, pro bono means to work for the public good, and is most commonly used in the legal profession. The provider of a pro bono service may generally do so only to a party that is unable to afford the service. In doing so, the provider is perceived to be imparting a benefit for the greater good, rather than for the usual profit motive.

BREAKING DOWN 'Pro Bono'

Some financial planners provide pro bono services to non-profit organizations and individuals who have impoverished themselves through financial mismanagement. Pro bono services offered may be of immense value to someone who can avert bankruptcy. For example, a family in financial troubles might need advice, but can not pay for it. Pro bono services are the only help available when the family needs it most.

RELATED TERMS
  1. Fiduciary

    A fiduciary is a person who acts on behalf of another person, ...
  2. Prudent Investor Rule

    A guideline that requires a fiduciary to invest trust assets ...
  3. Pro-Tanto

    A Latin phrase meaning "for so much" which is often associated ...
  4. Shingle Theory

    A suitability doctrine first introduced by the Securities and ...
  5. National Association Of Insurance ...

    A nonprofit group that works on behalf of its members to promote ...
  6. Financial Planner

    A qualified investment professional who helps individuals and ...
Related Articles
  1. Professionals

    Start Your Own Financial Planning Firm

    Read on to find business tips to make your dream a reality.
  2. Retirement

    Financial Planning: It's About More Than Money

    Determine what you need to do now to make a drastic lifestyle change later.
  3. Professionals

    Be A One-Stop Shop For Your Clients

    Offering comprehensive financial services can bring in business, but coordination is the key to success.
  4. Professionals

    Is A Career In Financial Planning In Your Future?

    Take our quiz to find out whether you're suited for this line of work.
  5. Personal Finance

    University Donations: Which Schools Got the Most

    A closer look at the staggering $40.3 billion donated to colleges and universities in 2015.
  6. Your Practice

    Tips on How to Discuss Philanthropy with Clients

    Advisors shouldn't overlook philanthropy when it comes to their clients' financial lives. Here's how to broach the topic with clients.
  7. Your Clients

    Why Millennials Should Talk Philanthropy Soon

    Charitable giving can provide advisors planning opportunities with millennials. Here's why.
  8. Philanthropy

    Guiding Clients on Charitable Remainder Trusts

    Clients who wish to make donations to charity can reap an enormous tax deduction with charitable remainder trusts, but it must be set up correctly.
  9. Taxes

    5 Top Charities to Donate to This Holiday Season

    The holiday season is the perfect time to make charitable donations. Here are the top five charities to donate to this season.
  10. Saving and Spending

    Top Tips for Maximizing Charitable Deductions

    Charitable donations can be a great financial planning tool. Here are some ways to make the most of them.
RELATED FAQS
  1. What does "pro bono" mean?

    The term pro bono is short for the Latin "pro bono publico," which means "for the public good." The term generally refers ... Read Full Answer >>
  2. How does revenue recognition differ between profit and non-profit companies?

    Under the generally accepted accounting principles, or GAAP, for-profit companies recognize revenue as it is earned through ... Read Full Answer >>
  3. What kind of philanthropy did Nathan Rothschild do?

    Nathan Rothschild contributed to many areas of philanthropy in the Jewish community. His family later expanded these charitable ... Read Full Answer >>
  4. What's the largest charitable donation Warren Buffett ever made?

    The most significant charitable donation Warren Buffett ever made is the $37 billion pledge to the Bill and Melinda Gates ... Read Full Answer >>
  5. Can I donate stock to charity?

    Giving stock, instead of cash, as a donation can greatly benefit both parties. You will find that most charities, hospitals, ... Read Full Answer >>
  6. Does the federal government fund any NGOs? Which ones?

    A non-governmental organization (NGO) is a non-profit, citizen-based group that functions independently of government. NGOs ... Read Full Answer >>
Hot Definitions
  1. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  2. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  3. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  4. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
  5. Dark Pool Liquidity

    The trading volume created by institutional orders that are unavailable to the public. The bulk of dark pool liquidity is ...
Trading Center