If you’ve been to your local Pride celebration this month, you’ve probably seen all sorts of floats emblazoned with the rainbow-colored logos of familiar businesses. In many cases, parade sponsors and participants include financial institutions, from banks to real estate agencies to investment brokerage firms.
While many members of the LGBTQ+ community are likely grateful for their support, many others might view such displays of solidarity with skepticism.
According to a recent survey by the Human Rights Campaign, approximately 3 in 10 LGBTQ+ adults (30.8%) say they have experienced discrimination when accessing financial services. This figure rises to 40.3% among transgender and non-binary people.
Naturally, no one deserves this kind of treatment, whether it’s being kept from certain properties because of their sexual or gender identity or excluding same-sex partners from estate plans.
But avoiding such situations is just a baseline of what gay people should expect from financial professionals, says Chris Jay, a wealth management advisor at Merrill.
“There is a sensitivity or awareness quotient that everyone deserves, and you really have to audit to make sure you’re not missing important nuances because our community is different,” he says. “We have a different history and our approach to wealth and financial planning is different.”
In other words, for queer people seeking financial assistance, it’s not enough to avoid discrimination. Instead, seek to work with institutions and individuals who are aware of the unique financial needs of the community.
How LGBTQ+ people can find good financial help
Making this process easier is a career goal for Charles Chaffin, a financial psychologist who founded Affirming Advisor, a program designed to help financial companies better serve LGBTQ+ customers.
“It’s about communicating better with customers and understanding the issues in the community,” Chaffin says. “And we want people to be able to find a proven advisor and be able to find a safe space for them, whether it’s wealth management or banking or whatever.”
Soon, he says, you’ll be able to search a database to locate professionals who have received training. In the meantime, here’s how to find a financial professional you can trust.
Refine your search
If you’re looking for a specific financial planner, the CFP Board search tool allows you to filter for certified financial planners who specialize in working with LGBTQ+ individuals and couples.
For other financial professionals, consider checking out your city’s LGBTQ chamber of commerce. The National LGBT Chamber of Commerce lists affiliated chapters on its website. Jay’s local affiliate, GSBA, based in Seattle, has “a fantastic database of gay-friendly businesses,” he says.
And while there isn’t yet a searchable Affirming Advisor database, those who have completed Chaffin’s training can view the credentials on their website.
“We have a badge, so looking for an experienced advisor is a good place to start,” says Chaffin. “They have identification to say we have this training and we are in a safe space.”
Verify Company
If a financial institution publicly supports the LGBTQ+ community, that’s certainly a good start, says Jay. But it’s worth digging into the company’s history to make sure it’s not just paying lip service to gay people every June.
He suggests, for example, asking whether an institution began offering parental leave to gay people before laws required it. In the case of a probate attorney, “do they have any precedents (for work they have done with queer clients)?” he says. “Is there any case law that you have authored or co-authored that has helped move things forward?”
“You should review the institution as you would any other financial decision or purchase,” he says. “If you’re hiring an advisor, you want to check their background – and that goes for lawyers, accountants, advisors and real estate agents.”
Veterinarian the professional
Even if an institution says and does the right things, the person you work with will make or break your experience, Chaffin says.
“If a company has a float in the Pride parade, maybe they’re committed, maybe they’re not,” he says. “When I call them to find a counselor, the question is: Does this person understand the language I bring when I speak (LGBTQ+ family planning), or how I define a family?”
To this end, it makes sense to thoroughly vet any professional you consider working with.
This involves everything from asking a counselor about their past work with LGBTQ+ clients to scrutinizing their website and advertising materials to ensure they are inclusive. “Email signatures are an important thing. Listing pronouns is an important part of being a safe space.”
What you’re looking to avoid is someone who, while perhaps not overtly discriminatory, ignores your unique financial needs as an LGBTQ+ person. Chaffin recalls a recent call with an insurance broker who fit that description.
“He goes through all of that and says, ‘Well, you probably want to talk to your wife and get some feedback,'” said Chaffin, a gay man. “These types of assumptions are important. They’re not small things.”
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