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LGBTQ retirement tips for financial advisors

by UNN Feed

When it comes to retirement, LGBTQ clients have many of the same needs as non-LGBTQ clients, such as accumulating savings and exploring benefits.

However, as they prepare to settle down and retire, LGBTQ people tend to have higher debt and lower confidence, which can make them particularly vulnerable as they plan for retirement.

READ MORE: LGBTQ Americans are less prepared for and confident about retirement

Advisors can take steps to make sure they are conscious and respectful of how clients’ identities may affect their retirement planning. 

Financial Planning spoke with three LGBTQ advisors who service clients in their community and asked them about how they best provide top-notch advice to their clients.

  • Jana Davis, a financial advisor with Santa Monica, California-based registered investment advisory firm Abacus Wealth Partners
  • Landon Tan, founder, planning lead and financial advisor with Brooklyn, New York-based registered investment advisory firm Query Capital
  • Jennifer Hatch, president, partner and senior financial advisor at New York-based registered investment advisory firm Christopher Street Financial

Create a welcoming space
To best serve clients, advisors should foster an environment that communicates acceptance and approachability.

Tan said advisors should create practices that are welcoming to people of all gender identities and sexualities.

“Before you put any rainbow paraphernalia in your office, make sure you have those skills down so you’re not falsely advertising a safe space,” he said.

Tan recommends creating systems that ensure that people can “show up as themselves,” by making sure that forms, customer relationship management systems and facilities allow use of preferred names, gender pronouns and bathrooms.

“You really have to do the work, fix your system and practice the way you’re addressing people,” he said.

READ MORE: The positive business impact of genuine inclusion

Tan noted that LGBTQ clients have historically struggled to access financial services…

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