LGBTQ Road to Financial Freedom

June 17, 2020

All of us have the same core needs, but not all needs are met the same way.  The cultural limits placed on women and LGBTQ populations, directly impact the ability to reach personal financial goals. Some of the issues that we need to be mindful of while working toward financial goals are job security, earning capacity, spending habits, and access to investment products. While it may be true that everyone has the same concerns, the institutionalized cultural biases make these issues a larger concern for LGBTQs. At SWM, we are all too familiar with this rich history of institutional bias around gender and sex and we use our understanding and experience to help LGBTQ manage assets and accumulate wealth. Our empathetic and honest approach to finance helps erase financial barriers and empowers clients to take control of financial goals.

The unbearable lightness of a dollar

Our passionate commitment to educating and empowering has helped our clients come to terms with wealth.  While working toward financial goals we highlight the issues surrounding earning capacity and job security. The Supreme Court recently granted LGBTQs protection by federal law forbidding discrimination, which is a powerful step in the right direction. Before this protection was passed, LGBTQs had very little job security which effected access to health care and interrupted cash flow. In addition to planning around income gaps, LGBTQs have to plan around earning roughly ten percent less than their straight colleagues. This earning deficiency is compounded by the fact that on average LGBTQS spend ten percent more than their straight friends. So, it is more important for LGBTQs to maintain a healthy emergency fund. Also important is access to supportive and honest advice surrounding investing and estate planning.  The investments available today allow investors to support the values and causes that matter most. It is now possible to choose meaningful investments from a spectrum of investment prices and products. Building and passing along wealth for LGBTQs require a solid estate plan. The issues of age, asset titles, and beneficiary designations are things to plan around to further protect financial assets. It is through informed choices around investment options and investment products that create the financial confidence needed to tackle unique financial goals. Our supportive inclusive culture makes SWM a great partner for all and a unique firm in modern finance.

Why two is better than one

When it comes to succeeding financially, we all need to stay informed and work with a partner that provides honesty, clarity, and integrity around financial solutions. We are proud to be leaders in financial empowerment and fortunate to work with a mix of authentic, sophisticated clients in our community. No matter what age or sex, we encourage financial liberation and the discovery of personal financial freedom. We would love to talk with you and hear what financial issues you face.

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