LGBTQ+: How to Find a Financial Advisor That’s Right for You

A gay male couple holding hands talking to financial advisor

A good financial plan should bring you confidence, security, and hope – in the present and in the future. But achieving those sought-after goals is hardly the same experience for everyone.

Financial planning for the LGBTQ+ community embodies a wide range of topics like marriage decisions, financial protection, family planning, legacy planning, all designed to give you the tools to live your life with fullness and depth. 

The LGBTQ+ community is rich and diverse, and our advisors at Abacus celebrate that diversity with pride.

We welcome all people and seek to create an environment where everyone can be their whole selves while getting support and advice tailored to their unique needs and dreams.

How can you find the right advisor for your needs? 

Find an Advisor You Can Trust

Money is deeply personal, making it essential to share this vulnerable piece of your life with an advisor you can trust. Trust, in this case, becomes two-fold:

  • Someone with the skills and expertise to help you navigate your financial journey with purpose and confidence.
  • Someone you can trust with your personal and financial goals, hopes, and dreams for the future. 

How can you find a trustworthy advisor? Consider the following:

  • Set up an interview. How do they answer your questions? Are they genuinely invested in your answers? How do they talk about financial planning? Is their philosophy aligned with your goals and vision?
  • Know how they’re compensated. Financial payment structures can get messy and complex, so work with an advisor whose fee structure is transparent and, most importantly, puts your interests first. At Abacus, we are committed to our fee-only structure, meaning we make money solely from the services we provide – not commissions or sales of products. 
  • Work with a fiduciary. Fiduciary advisors like Abacus are legally obligated to put their client’s interests before their own. It’s a great way to know you’re working with an advisor whose recommendations solely support your goals.
  • Explore their online content. What are the advisor’s specialties? Do they talk about topics that pertain to you? Are you intrigued by the way they view financial planning? An advisor’s website, blog, and social media can reveal a lot about their philosophy and style.
  • Go with your gut. Financial planning has a lot to do with chemistry. You both want to be good fits for each other. Be honest with yourself about this as you’re looking for an advisor.

When it comes to financial planning, trust is everything – trust that the professional can help you achieve your goals and trust in your ability to be your authentic self around them. 

Work with Someone Who Understands Your Needs as an LGBTQ+ Person

Financial planning is unique for every person, couple, and family, and there are several different planning possibilities for those in the LGBTQ+ community. It’s critical to work with an advisor well-versed in the opportunities and challenges the community faces daily.  

An End to Legal Workplace Discrimination Doesn’t Mean Workplace (or Financial) Equality

Job security in the U.S for members of the LGBTQ+ community has been precarious at best. Until 2020, you could be fired in 28 states for simply being an LGBTQ+ person. Thankfully, in June, that narrative changed. 

The Supreme Court ruled with a 6-3 majority that the 1964 Civil Rights Act protects LGBTQ+ employees from discrimination based on sex. This landmark case was expected to increase employment rights for nearly 3.6 million LGBT adults according to the Williams Institute. 

While a huge win for the LGBTQ+ community, it doesn’t end the troubles many are facing at work. A recent study found:

  • 50% of those surveyed feared being “out” would hurt their career (i.e passed over for promotion or job loss).
  • Over 50% experienced or witnessed anti-LGBTQ comments from co-workers.
  • 4 out of 10 LGBTQ workers aren’t fully “out” at work.

These startling statistics reveal there is still a long way to go in building safe and inclusive workplaces. Lack of inclusivity isn’t just harmful on a personal level, it also can impede financial progress – lack of mobility, lower overall earnings, staying in toxic workplaces, etc. 

A Prudential study found that lesbian women, on average, make less than heterosexual women (by nearly $6,000), while gay men make less than heterosexual men (a difference of over $26,000). 

It’s critical to work with an advisor that can help you maximize your career opportunities, including living for today and saving for the future. 

Family Planning

For clients that want children, an extensive amount of planning often goes into this choice, which can be costly. For example, if surrogacy is important to you, you could be facing several thousand dollars to $100,000 or more. 

Our team can work with you to understand your goals and build family planning into your cash flow

At Abacus, we can help you plan for your family whether you’re interested in adoption, fostering, IUI, IVF, or surrogacy. 

Married or Single, We Help You Prioritize Financial Security. 

While marriage equality is the law (and offers extensive tax, health, and legal benefits), it isn’t right for every couple or person. We seek to help couples:

Your financial security is our top priority. We work closely with you to help establish the right safety net for you and your family.

Focus on Comprehensive Financial Planning

Financial planning is more than investments and insurance, it’s how your goals, habits, mindset, values, and priorities impact your financial experience. 

An advisor specializing in comprehensive financial planning can help you see how each piece of your financial plan works together. This type of planning looks at:

  • Goal-setting
  • Investments
  • Tax planning
  • Estate planning
  • Risk management
  • Financial education
  • Charitable giving
  • Cash flow
  • Aligning your money and values

This list is just the start. Approaching your finances from a holistic lens opens up greater opportunities for financial success and future impact. We want to be your trusted partners along your financial journey, charting a course that’s authentic to your lived experience. 

Why Abacus?

The LGBTQ+ community should have access to quality financial advice specifically tailored to their unique needs. At Abacus, we work to create an environment where everyone can be their authentic selves and celebrate their unique role in the LGBTQ+ community. 

If you’re looking for an advisor who’s sensitive to your needs and excited about your future, reach out to our team today.  

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