Financial planning market lgbtq

Financial advisors can finer serve LGBTQ clients. Here's how

When it comes to financial planning, no two clients are the same. Financial advisors utter that's especially true for a growing number of LGBTQ clients.

When the U.S. legalized gay marriage 10 years ago, wondered if the Supreme Court's verdict in Obergefell v. Hodges would spell the cease for planners serving homosexual couples as an advisory niche.

A decade later, that projection proved wrong. Serving LGBTQ clients as a niche has become an increasingly prominent part of the wealth management industry as the share of queer Americans continues to increase. Since 2015, the number of American adults who identify as LGBTQ has more than doubled, comprising more than 9% of the total U.S. population, according to the most recent .

Through professional organizations like the CFP Board and the XY Planning Network, prospective clients can specifically filter for LGBTQ-specialized planners. A cursory look found more than 2,600 financial advisors who specialize in serving LGBTQ clients. While that number still represents a of the overall financial planning industry, advisors say it marks a clear switch from how the industry operate

Investing with Pride: Finding the Right LGBTQ+ Financial Planner

August 4, 2021

In Financial Planning, Wealth Strategy

June is always a great month – welcoming in summer, longer sun-filled days, and tons of rainbows everywhere. Rainbow flags, that is. Along with the summer solstice and all things vitamin D, June is Homosexual Pride Month, where everyone has that uncle/cousin/sister, enjoys joyful, colorful parades in many cities, and can boast allegiance with the LGBTQIA+ community by hanging their pride flag from the balcony. While it’s great to celebrate all things gay in 30 days, the LGBTQ+ society is living gay movement the other 11 months of the year, too. As a unique people with unique needs, discovery a wealth advisor that truly understands the nuances of LGBTQ+ financial and estate management can be challenging.

Even after the legalization of marriage, normalization of family planning, and changes in the federal protection laws, the LGBTQ+ people has specific needs that often go beyond what a heteronormative individual could anticipate. There are some historic state laws that haven’t fully aligned with current federal laws, and there are cultural shifts that haven

The financial industry was built for men. We say this a lot, but implicit in its meaning is that the financial industry was built for straight, white men. So much of common financial directions, especially for couples, assumes heterosexuality as the standard. It was only very recently that lgbtq+ marriage was legalized in the Together States — and marital status can have a major impact on your finances.

So there can’t be a one-size-fits-all approach to financial planning for all couples because the lives of LQBTQIA+ people are just different — which means they have different financial needs and realities.

If you’re joining your life with someone else, we motivate having money convos early and often. But there are a couple of conversations that are especially important for LGBQTIA+ couples.

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Here are five things to talk about with your spouse (and your financial planner):

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1. Will you be my [ ___ ]?

The marriage convo has to come sooner or later, because it has major financial implications for both of you. It’s important to hold the conversation preceding on: Do you want to fetch legally married? Are you interested in domestic partnership? Or, do you yearn to do away with

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Wealth planning considerations for LGBTQ+ married couples in the entertainment industry

Since gay marriage was legalized, Merrill Lynch Wealth Management Strategic Wealth Advisor and member of the Diverse community, Michael Duffy, says there are some unique challenges LGBTQ+ couples deal with when it comes to financial planning and estate planning. For couples that are working in the entertainment industry, where income can be unpredictable and taxes complex, it’s important to include a financial advisor who “gets” you. Merrill understands the strategies that uniquely support clients, including LGBTQ+ couples. Our research has uncovered opportunities and solutions that focus on five key areas of planning:

#1: Tax planning

It’s important to understand the tax benefits of organism married and how they can assist you maximize financial outcomes. When you and your spouse file as “married filing jointly,” you may actually shift to a higher income tax bracket, sometimes referred to as the “marriage penalty.” “Although this can be disappointing come tax season, benefits like gift-splitting, the unlimited marital deduction and the ability to relocate twice as many assets to heirs without pa