Melissa's Story

When the COVID-19 pandemic swept across the globe in 2020, Melissa Brennan, a financial advisor with 20 years of experience, felt the need to make a difference. Sensitive to the unique struggles that widows would face during this crisis—particularly their heightened isolation as social gatherings became restricted—she was driven to give back: “I realized that widows would be unsupported during this time, as they, especially, would be lacking a support system because of the quarantine.” This realization spurred her mission to find a meaningful way to offer support to those who needed it most.

Melissa started by reaching out to local funeral directors, and eventually to funeral home newsletters, to find ways to help—reading Cemetery and Funeral Home News, she found an article about the Foundation for Financial Planning (FFP) grantee, Wings for Widows. Wings for Widows is a Minnesota-based nonprofit organization that helps widowed individuals navigate finances after their loss. Melissa reached out to founder Chris Bentley about how to get involved; since then, she has helped eight clients navigate their finances.

One of Melissa’s clients, Sandy, lacked financial confidence and was worried that she might not be able to retire (see Sandy's Story). In their sessions together, Melissa helped Sandy navigate her money and gain a baseline understanding of financial literacy, answering questions about health insurance and taxes and figuring out how to best leverage the modest investments that her husband had previously managed. Working with Melissa, Sandy was able to make a plan that put her on the path to retirement, an emotional accomplishment for both women: “She and I were both in tears: it was apparent that she would now be able to achieve the life that she wanted.” As a result of their meetings, Sandy has found financial freedom and is planning on retiring.

Melissa’s most recent client was only 40 — her husband passed away while she was on maternity leave with their newborn. Complicating her situation, her client hadn’t been named the beneficiary on her husband’s life insurance, and he had died intestate. She had recently moved in with her parents, leaving her townhome vacant, and was worried about paying off her husband’s $200,000 in student loan debt. Her probate attorney recommended she work out a settlement with the lenders. Her client was facing immense stress. Melissa sat down with her to figure out the best solutions for her and her family: “When you’re a new widow, there is so much stress hormone in your brain, and you don’t have the bandwidth to pick up new financial language. I’m there to make it simpler and translate what is being said by other professionals, what processes to undertake, and how to best navigate their situation.” Melissa helped streamline the process for her client to move forward. Together, they walked through how to sell her townhouse and use the money to buy a home in a more convenient location. Melissa also researched stipulations for student loan forgiveness and discovered that her husband’s loans qualified for full loan forgiveness. “It felt amazing to send her the email saying she wouldn’t have to pay anything, because I knew how much of a stressor those loans were.”

When asked if she had advice for other advisors who are interested in doing pro bono work, she said, “When meeting with widows, a lot of people are concerned about saying the right thing. The key thing to remember is that we are there to use our knowledge to help them on their healing journey and to ease some of the emotional labor that comes from dealing with finances.”

Published on October 2, 2024. Reprinted here with permission from the Foundation for Financial Planning.