Considerations for the LGBTQ community
A Gallup poll released in 2017 estimated that 4.5% of Americans identify as LGBTQ (Lesbian, Gay, Bisexual, Transgender, Queer/Questioning). Other data suggests this number rises to 7.3% among Millennials, those born between 1980 and 1998.
Yet, beyond ever-changing estimates and demographics, one thing has remained the same for more than 30 years: The Millstone Evans Group’s commitment to helping LGBTQ clients.
A Matter of Trust
According to Senior Vice President of Investments Sacha Millstone, “In general, many LGBTQ clients have not had great experiences with financial advisors. They feel like advisors cannot relate to them.”
“There’s a wide spectrum of reasons, but it is true that most financial advisors are older, conservative white men, and only 16% of advisors are women, according to a 2017 survey by the research and consulting firm Cerulli Associates. Many LGBTQ folks just haven't found an advisor they can relax with or trust."
A Simple Difference
“I have a lot of experience with diversity,” Sacha says. “I grew up in Washington, D.C. My elementary school was like the United Nations. So I think that when prospective clients come to chat with me for the first time, they feel comfortable because I’m comfortable. It’s as simple as that. I get a lot of referrals from the LGBTQ community, and I love working with them.”
From Finances to Families
These days, it’s less about specifically LGBTQ issues, because now, everyone can get married or have federal benefits.
“We don’t have so many different aspects from state to state," Sacha says, "but there’s still the issue of financial insecurity because many states can still just fire people for being gay.”
“At the same time, we have a whole new variety of households to factor in,” Sacha adds. “If you’re not married, but have children, or if you’re married and one child is a person’s biological child, but not the other, you may need to seek legal and financial counsel. So it’s really about all kinds of families, and how that melds with the law, and how that melds with financial benefits and risks.”
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All opinions expressed are those of the author and not necessarily those of Raymond James. Opinions expressed are as of this date and subject to change at any time without notice.