Looking for an LGBTQ+ financial advisor?
When it comes to most things in our personal lives, it's rarely "one size fits all". This can be especially true when looking for a financial advisor for the LBGTQ+ community. Of course, there are general pieces of advice and tips that can be used by anyone to enrich your financial knowledge, but true LGBTQ+ financial planning is much more personal...
As a member of the LGBTQ+ community, your long-term partnership with a financial advisor brings vulnerability and intimacy. It's essential to dig deep to find a financial advisor you're really into. This is a person with whom you will share your hopes and dreams, your greatest fears and maybe even feelings of inadequacy regarding your finances.
Unfortunately, our LGBTQ+ community has not always had an easy time finding reliable professionals with the skills and knowledge to meet our unique needs. It is critical to find an LGBTQ+ financial advisor who not only understands you, but is also adept at working with non-traditional families, adoptions, workplace discrimination, marriages, loss of family support, and many other concerns that affect are on our emotional and financial well-being.
Build a deeper relationship!
These topics are complex and emotional. A financial consultant to the LGBTQ+ community should be someone who not only understands the lives of their clients, but is also well versed in the often complex nuances of modern LGBTQ+ life.
While you're looking for this new financial professional, think of yourself as a modern-day Dr. Frankenstein, who builds his own perfect, beautiful "monster" of an advisor. What parts should you look for that forge a deeper connection? What makes this person the best advisor for you? What does your financial life look like with this person by your side? Let's collect the parts you need to find the best advisor for you.
Start with a brain - knowing what to look for.
Your advisor should certainly be a wise person. That said, even if he's the best and the brightest, does he have the unique skills you're looking for? Will he be able to meet your LGBTQ+ needs no matter how "Abby Normal" your life is?
To help determine this, there are three main things to consider:
1. Know his credentials
Financial "advisors" can be many different types of professionals - from brokers to portfolio managers to coaches - and not all of them are qualified in the way you would hope or expect. It is important to research an advisor's references, experience, and any complaints. There are many types of credentials. Which one's appeal to you and your needs? If they are not a Certified Financial or Retirement Planner, you cannot be sure about their expertise such as wealth management and financial planning. Normally, these advisors offer their services for a fixed fee and under no circumstances should they be paid with commissions.
2. Work with a Fiduciary Advisor
A fiduciary is a professional who is legally and ethically obligated to put the best interests of his clients before his own. Expat Wealth At Work is a performance-only fiduciary, which means we make our money from fees rather than commissions.
Why is this important? Because non-fiduciary advisors and financial firms will sell you investments or products that will ultimately cost you a lot of money but are not in your best financial interest.
Fiduciary advisors are required by law to put their clients' interests above their own, and all Certified Financial or Retirement Planners are fiduciaries.
3. Identify the scope of your needs
What specifically do you want to focus on when it comes to your financial life and plans? Do you need ongoing and comprehensive financial planning or just support for a project you are trying to build?
Comprehensive financial planning is all about living your best life and expanding what is possible with money. It's about your goals, habits, mindset, values, and priorities, and how each of these affects your financial life.
To find the right LGBTQ+ financial advisor, you must first determine your specific needs. Identifying what really matters to you is key to understanding what's best for you in the long run. For those in the LGBTQ+ community, these needs may include areas of expertise that some financial advisors are not fully versed in, such as in vitro fertilization (IVF), adoption considerations, or other financial considerations for LGBTQ+ family planning.
Once you know your specific needs, you can take full advantage of comprehensive financial planning. Comprehensive financial planning looks not only at setting goals and investments for retirement, but also at tax and estate planning, risk management, financial education, charitable giving, cash flow, and perhaps most importantly, aligning your money with your values.
Now that we've got the brains figured out, let's continue building the best LGBTQ+ financial advisor.
Building the Body - Tips for Finding an LGBTQ+ Financial Advisor
While dr. Frankenstein started his search in a cemetery, you can get your information in a much less spooky way. A simple web search can point you in the right direction to a financial consultant who identifies as LGBTQ+ or someone who is an ally well-versed in helping members of the LGBTQ+ community.
While searching for a financial advisor, you will likely come across a plethora of viable options. To narrow your search and speed up the process, keep an eye on the key qualifications listed above: references, fiduciary, and offered services. In addition, scan their website for indications that they are LGBTQ+ inclusive.
Is the financial advisor itself a member of the LGBTQ+ community? Does he offer services specifically for the LGBTQ+ community? Does he use inclusive language and depict LGBTQ+ families and individuals on his website?
Look for an advisor who wears his heart and values on his sleeve. At Expat Wealth At Work, for example, we celebrate diversity with pride. For example, we regularly publish blogs that address the questions and needs of the LGBTQ+ community.
Adding the Heart - How to Interview a Prospective Advisor
Once you find an advisor, your journey is almost complete. But before you flip the switch and bring your financial creation to life, you'll want to ask these remaining questions during your first appointment to ensure the best future relationship:
- How is he paid? Look for a "fee-only" advisor and not "fee-based"/"commissions-only". As mentioned earlier, it means that an advisor only makes money from the services he provides, not from sales and commissions.
- Is he a confidant? As discussed earlier, a fiduciary advisor is required by law to put the best interests of his clients before his own. Expat Wealth At Work is a fiduciary.
- Who is he online? What are his specialties? Do his blogs, articles and website talk about topics that appeal to you? Is he someone you would like to associate yourself with? If you doubt his authenticity or feel like he's just paying lip service to your needs, that feeling probably won't go away.
- How does the first impression feel? An advisor should answer all your questions. He should be interested and excited about the planning you need. An advisor should be excited to work with you and have values that align with you and your worldview.
- Am I honest with myself? Is this a person you want to share this part of your life with?
Turning the switch - time to get to work.
When all the pieces come together and you've built your perfect financial companion, you're ready for your new adventure of financial excellence in all areas of your fabulous life.