How To Get The Best Gay Financial Planning Advice

How to get the best LGBT financial planning advice.  If you are lucky enough to be part of the LGBTQ+ community, a Gay Financial Planner just might be the best for your financial future. I’m going to use Gay Financial Planner and Gay Financial planning but know we are including the entire spectrum of the Queer Communities financial advice needs in this conversation.

Why not make financial planning fun and fabulous. Take Pride in your money. (Photo by Diane Bondareff/Invision for Greater Fort Lauderdale Convention Visitors Bureau/AP Images)

Invision for Greater Fort Lauderdale Convention Visitors Burea

 

You are Fabulous, and Your Financial Planning Should Be Too!

I won’t eat at Chic-Filet because I don’t like fried food. I encourage people not to eat at Chic-Filet because of their anti-gay corporate policies.  If you agree with some of this gay boycott, why would you spend your financial planning dollars with an advisor who is not part of the Queer Community, or at the very least supportive of it?

When looking at demographics the truth is the overall financial advice industry- my industry- tends to be older, is less likely to be of color, and skews more socially conservative as a group that the overall U.S. population.

As a gay financial planner, working in West Hollywood, not many of my clients are Trump supporters.  All the same, I would be remiss if I didn’t point out I have no idea of your financial advisor is a Trump supporter or not.  For that matter, just because someone is wearing a #MAGA hat, it doesn’t necessarily mean that they are a homophobe or anti-gay.   However, it would be fair to be concerned about this possibility.   As a group the gay community can vote with our dollars and our wallets, so why not Queer Eye your money- and work with a Queer Financial Planner?

What difference does sexual orientation or gender identity make when it comes to financial planning?   To put it as simply as possible, the way you choose to spend your money and live your lives has everything to do who you are and how you live. Not to mention your career paths and even where you choose to live and retire.  If someone has is repulsed by you and your choice of a mate, how can you expect them to give you the very best financial advice possible?

The Queer Eye guys Bobby Berk, Tan France, Jonathan Van Ness, and Antoni Porowski can clean up your home, and Queer Financial Planner can clean up your financial life. (Photo By Tom Williams/CQ Roll Call)

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1 – The Queer Eye of a Gay Financial Planner

 

Over the years when I’ve attended a financial industry event, I’ve been reminded how conservative many in the financial advice industry are.  They may be nice people, but they not likely my people.  Some of this just boils down to age, or place in life.   I love kids, but I’m not a parent for example.  Further, I’d rather discuss Hamilton or Dear Evan Hansen (or any other Broadway musical) as opposed to Gold or Shooting things or fishing.  Not trying to be stereotypical here, but I like what I like.  I can discuss sports, but I spent way too much time as a child watching pro-football games when my Dad was playing. (Mike Rae -USC, Raiders, Redskins).

Sadly, in light of the #metoo movement, many females I’ve spoken with have described their family’s financial person as creepy.  Not exactly a skill you should be looking for in a person you want to help you get your financial house in order and make like changing financial choices.

While not all in the gay community are democrats or liberal, as a group we do tend to skew this direction.   A gay financial expert is more likely to share your political and social views and values.  You may ask, is this all important?  Plain and simply YES.  It boils down to empathy and trust.  In the political climate of Trump, it can be extremely difficult to trust someone or feeling empathy for – or in turn, receive empathy or be trust by- someone with a vastly different political view of the world.

Gay, straight or otherwise you should only hire a financial planner that you can trust .  The truth is that many in the Queer Community have found it easier to trust another member of the community.  This is no different from women looking for a female advisor, for example.

Related: From Pride to Fabulous Queer Financial Priorities

Can you afford a wig collection like Moira? Or are you one missed paycheck away from having to move to Schitt$ Creek yourself? (L-R) Co-creator/Executive producer/Actor Daniel Levy, actors Catherine O’Hara and Annie Murphy, and co-creator/executive producer/actor Eugene Levy of ‘Schitt’s Creek’ speak onstage during the POPTV portion of the 2018 Winter Television Critics Association Press Tour at The Langham Huntington, Pasadena on January 14, 2018 in Pasadena, California. (Photo by Frederick M. Brown/Getty Images)

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2 The Gay Lifestyle and What It Means for Your Financial Plan

Homophobia is alive and well even today in 2019.  I’d love to live in a city like the one on Schitt$ Creek where homophobia is not even a thing.  I do feel comfortable walking down the street in Los Angeles, but I will tell you there is still anti-gay sentiment here.

I’ve known many same-sex couples who have been afraid to come out to their financial advisors over the years. You are entrusting your financial life to this person, with the hope that they can lead you to LGBT financial freedom, but you don’t trust them enough to come out to them?  If you omit this major part of your life, they won’t have all the information necessary to help you accomplish your most important financial goals.

A few times over the years I’ve reviewed comprehensive written financial plans where the sex of the second spouse was changed to cover the fact that this was a same-sex couple. The will lead to two huge problems down the road:

1)  The dreams of both partners were not included in this Financial Plan.  Financial Planning for couples (gay or straight) is not a solo sport.  Also, how committed will you be to a financial plan that you were not part of crafting? Not much I’d guess.

2) The queer community does have our own financial planning needs and goals.   Think of things like unique health care needs. Not to mention that life expectancy is quite different if a couple is two women, versus two men.  The difference may not seem dramatic now but can prove quite sizable over time.

Don’t get burned, with less than fiduciary financial advice. Gay straight or otherwise.

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Essential Checklist for a Gay Financial Plan

How to choose the best gay financial planner. This may be one of the more important choices you will make as a real-life adult. Here is what you should be looking for.

  • Seek out a financial advisor that provides the services and advice that you need to help you accomplish your specific life and financial goals. This person may be down the street or across the country.  With technology, you don’t always need to see your financial person face to face.  We help clients across the country and around the world.
  • Do your wallet a favor and upgrade to a person who actually does comprehensive financial planning. Don’t waste your time with someone who just gets paid by selling investments, annuities or Life insurance products.
  • Make sure to look for professional designations like Certified Financial Planner™and Accredited Investment Fiduciary™.   I mean really, would you want a ‘doctor’ who didn’t go to med school?
  • It is imperative that your financial planner works on the Fiduciary Standard. This will mean that they are obligated to put your financial best interests before their own and must offer unbiased advice. Want to know if they are working under the fiduciary standard? Just ask.
  • While age is just a number, if you are approaching retirement, you may also want to consider your advisor’s age. When an advisor is much older than you, will they still be working when you need them most in the later years of your own retirement? If not, is there a younger partner in place to assure seamless succession? No one wants to look for another financial advisor when they are eighty years old.

Congrats on reading to the bottom of this post.   Take some time and think about your current financial advisor, if you have one, and do they measure up to as a fabulously gay financial planner?   If the answer is anything but a resounding yes, do yourself and favor and upgrade.  Let a Queer Eye maximize your money. At the very least it should make the road to financial freedom a bit more fun.

What Steps Are You Going To Take To Improve Your Finances Today?

 

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