With his organization Philly Financial Planning, Thomas McDevitt, MBA ’02, has made it his mission to help empower Philadelphia’s most economically disadvantaged citizens. The nonprofit, currently in the startup phase, provides the tools and education necessary to make smart financial decisions over time and across all levels of literacy.
“Right now, we are seeking strategic partnerships with organizations,” McDevitt explains. “Philanthropists, faith-based organizations, local government officials, community and neighborhood leaders, Philadelphia-based corporations, learning institutions, banks and financial services firms can all play a meaningful role in helping us to achieve our long-term strategic goals of closing Philadelphia’s wealth gap.”
As part of Philly Financial Planning, McDevitt also hopes to roll out The Eagle’s Nest, a spin-off idea inspired by popular TV show Shark Tank. Local Philly entrepreneurs will have a chance to pitch for startup or expansion financing. An integral part of this service will be teaching inner-city entrepreneurs how to write a comprehensive business plan. His team is also working to kick off a city-wide Stock Market Challenge, where participants can win cash prizes for selecting top-performing stocks over defined, measured periods.
McDevitt has a rich history of giving back and educating diverse communities. After graduating from the Fox School with an MBA and a concentration in Finance, he co-founded a professional continuing education company, McDevitt & Kline, LLC. The second half of the organization’s namesake, Dr. Bill Kline received his PhD in Strategic Management from the Fox School in 2012. He currently oversees the daily operations at the firm as the business grows on a national scale. Since its inception, the team has provided continuing education courses to over 7,000 attorneys and CPAs.
Last year, McDevitt also became an IRS Enrolled Agent, Chartered Financial Analyst (CFA), and Certified Financial Planner (CFP). During this tax season, he is leveraging his expertise to give back to even more members of his community by providing affordable, low priced tax resolution services and financial literacy training for Philadelphia working families and small business owners.
“The financial literacy programs that exist in Philadelphia today are definitely not addressing the root causes of generational poverty,” McDevitt explains. “In my various roles, I hope to change that by providing transformative, lifelong learning experiences for Philadelphians.”