Erin Hadary MBA, CFP®, CAP® | Partner
Everyone deserves a financial advisor that listens to their concerns, understands their needs, and makes sound recommendations to help them achieve their financial goals. As a member of the LGBTQ community, you want to know that your advisor is attuned to the specific challenges that LGBTQ individuals may face. With the right research, you can find an LGBTQ-friendly financial advisor that helps you successfully plan your financial future.
1. Define what questions you want addressed
Before meeting with a financial advisor, spend some time thinking through your financial goals. Maybe you want to be financially independent and work by choice or maybe you want to save for your child’s college education. Or perhaps you’ve started a successful business, and you’re thinking about selling it. Whether you’re single, partnered, or married, it’s never too early to begin saving for retirement — according to SAGE, nearly half of LGBTQ older adults worry they will outlive their retirement savings.
No matter where you are in your financial journey today, think about where you’d like to be five, ten, or twenty years down the road. Deciding what your financial goals and dreams are ahead of time will help you narrow down what you’re looking for in a financial planner — whether you need investment strategy advice, a family CFO, or family office services.
2. Do Your Research
Once you’ve clarified your financial objectives, it’s time to narrow down the pool of potential planners. There are many online resources for locating LGTBQ-friendly financial advisors.
You can also consult with family and friends who have their own financial advisors. A personal recommendation is always helpful because they can share their individual experience with a particular professional. While conducting your search, it’s a good idea to review the credentials of any advisors on your list. Consider their experience, educational background, and certifications. It’s a good idea to work with an advisor who does not sell products and move on to the next sale; you want to seek a out a long-term partnership. Check for advisors that are certified with NAPFA and are CERTIFIED FINANCIAL PLANNER™ professionals.
3. Get Acquainted
Once you’ve identified an LGBTQ-Friendly advisor, set up a time for an initial meeting. You’ll likely discuss your current financial situation, go over your assets, and talk about your short and long-term financial goals. But it’s just as important for you to ask questions as it is to answer them. A good financial advisor will give you straightforward information about their experience and their approach to wealth management. Think about what you’d like to know about their background, and write down your questions in advance. For example, you may want to ask:
- Do you currently have other LGBTQ clients?
- How do you advise same-sex couples?
- Have you worked with LGBTQ clients with children?
- As an LGBTQ client, how would you help me protect my wealth and plan for my estate?
You should only choose a financial advisor that you feel comfortable with – the fit matters!. In addition to understanding their expertise in working with the LGBTQ community, you should also ask any potential advisor about their general approach. Ask about their investment strategy, and how they tailor their process to suit individual client needs. You should also be sure to inquire as to whether they are a fee-only fiduciary advisor and ask about their fee structure.
Contact Moneta to Learn About Our Fee-Only Advising Services
If you’re looking for an LGBTQ-friendly financial advisor, the Hadary Team is here to help. As part of Moneta, an independent, fee-only registered investment advisor (RIA), we provide tailored, boutique advising services with the resources and expertise of a big firm. The Hadary Team offers family office services that include tax and estate planning, socially responsible investing, and more. Schedule an appointment to learn more.
© 2022 Moneta Group Investment Advisors, LLC. All rights reserved. These materials were prepared for informational purposes only based on materials deemed reliable, but the accuracy of which has not been verified. Examples contained herein are for illustrative purposes only based on generic assumptions. This is not an offer to sell or buy securities, nor does it represent any specific recommendation. You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. Past performance is not indicative of future returns. These materials do not take into consideration your personal circumstances, financial or otherwise.
