The survey found that three in 10 LGBTQ+ adults (30.8%) said they have experienced discrimination when accessing financial services. Recent research from the Human Rights CampaignFor transgender and non-binary people, this number jumps to 40.3%.
Of course, no one deserves to be treated this way, be kept away from certain assets because of their sexual or gender identity, or have same-sex partners excluded from estate planning.
But avoiding such situations is just the basis of what queer people should expect from financial professionals, says Chris Jay, a wealth management adviser at Merrill Lynch.
“There are sensitivities and awarenesses that everyone should have, and our community is different, so we really need to audit it to make sure we’re not missing important nuances,” he said. “We have different histories and different approaches to estate and financial planning.”
In other words, for queer people seeking financial assistance, it’s not enough to simply avoid discrimination; rather, they should strive to work with institutions and individuals who understand the unique financial needs of their community.
Making that process easier is the career goal of financial psychologist Charles Chaffin, who founded Affirming Advisors, a program designed to help financial institutions better serve their LGBTQ+ clients.
“The idea is to communicate better with our customers, understand the issues that the community brings to the table,” Chaffin said, “and help people find advisors they can trust and a safe place for them, whether that’s wealth management, banking or something else.”
He says that soon you’ll be able to search the database to find trained professionals. In the meantime, here’s how to find a financial pro you can trust.
Refine your search
If you are looking for a financial planner in particular, the CFP Board Search tools You can narrow down your search to certified financial planners who specialize in working with LGBTQ+ individuals and couples.
For additional financial professionals, consider consulting your local LGBTQ Chamber of Commerce: National LGBT Chamber of Commerce Listing affiliated chapters on websiteJay’s local chapter, the Seattle-based GSBA, has “a great database of queer-friendly businesses,” he says.
There is no searchable database of affirming advisors yet, but those who have received Chaffin’s training can list their qualifications on their websites.
“We have badges, so looking for positive advisors is a good start,” Chaffin said. “They have identification that says we’ve had this training and that we’re a safe place.”
Scrutinize the company
If a financial institution publicly supports the LGBTQ+ community, that’s certainly a good start, Jay says, but it’s worth digging into the company’s history to make sure it’s not just paying lip service to queer people every June.
For example, he suggests asking whether an institution has begun offering parental leave to queer people before it is required by law. In the case of estate lawyers, “do they have a precedent to set?” [for work they’ve done with queer clients]”Have you authored or co-authored any cases that have helped move things forward?” he says.
“You should research financial institutions just as you would any other financial decision or purchase,” he says. “If you hire an advisor, you should check their background. The same goes for lawyers, accountants, advisors and real estate agents.”
Vetting the experts
Even if an institution is saying and doing the right things, the individuals you work with will make or break your experience, Chaffin says.
“If a company has a float in the Pride parade, they may or may not be passionate about it,” he says. “When I call to find an advisor, the question is, do they understand the language I’m using when I’m talking to them? [LGBTQ+ family planning]or how do we define family?”
To that end, it’s wise to thoroughly research the professionals you plan to work with.
This includes everything from asking advisors about their previous work with LGBTQ+ clients to scrutinizing websites and advertising materials to make sure they are inclusive. “Email signatures are important; having pronouns listed is a big factor in being a safe space.”
What you want to avoid is someone who, while they may not be overtly discriminatory, doesn’t know your special financial needs as an LGBTQ+ individual. Chaffin recalls a recent call with an insurance broker who fit that description.
“He goes through everything and says, ‘Well, you probably want to talk to your wife and get her opinion,'” says Chaffin, a gay man. “Those kinds of assumptions are significant. They’re not trivial.”
Do you want to be a more confident communicator? Take CNBC’s new online course Becoming an Effective Communicator: Mastering Public SpeakingWe’ll teach you how to speak clearly and confidently, how to ease your nerves, what to say and what not to say, and body language techniques to make a great first impression. Sign up now and use code EARLYBIRD to receive an introductory discount of 30% off until 7/10/2024.
plus, Sign up for the CNBC Make It newsletter Learn tips and tricks for success in work, money and life.
