Investment and Wealth Management and the LGBTQ Community

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Wealth management has become an increasingly important necessity for the LGBTQ community over the past few years. The complexity of the issues facing the community has grown significantly and the financial needs have grown in parallel. Legal rights come with financial challenges that must be addressed by the individual and the community.

For example, the increasing number of same-sex marriages has brought with it the need for the management of combined investments, taxes and life insurance to secure a desired lifestyle. The number of LGBTQ parents is on the rise and this requires specific financial planning to meet family needs. Meanwhile, those individuals remaining single have had to manage their assets to support themselves during volatile financial markets. Travel and leisure is an important part of life for many in the LGBTQ community but this requires careful financial planning to achieve. Members of the LGBTQ community are more sensitive to environmental and social issues and want to support these efforts with charitable work and donations, both requiring financial management. With AIDS and now COVID, health issues for the LGBTQ community can be different than society as a whole - the increasing cost of health requires good financial planning. Similarly, an ageing population base has focused the community on the need to plan, save and invest for a retirement that is comfortable and secure and which allows the LGBTQ individual to remain out and proud during a challenging time in their life.

The financial planning and research firm LGBTQ Capital estimates that the LGBT population’s share of Global Household Wealth to be around US$18 trillion. This estimate is derived from Household Wealth research and data from the Credit Suisse Research Institute publications “Global Wealth Report 2017” and “Global Wealth Databook 2017”, combined with LGBT-specific metrics. This is not a small amount of capital to be professionally managed, yet in a recent poll published in the Journal of Financial Management, two thirds of the 86% of LGBT people surveyed who reported they need wealth management services have not yet chosen a financial advisor.

Historically, the investment community has not been tolerant of the LGBTQ community. Wealth management has traditionally been a male-dominated profession. Since American Walter Schubert became the first public gay individual to be a member of the New York Stock Exchange in 1992 and founded The Gay Financial Network, the visible participation of prominent LGBTQ members in the profession has materially improved.

We have identified the following prominent individuals associated with investment and wealth management within the LGBTQ community. Simply click on their names to read their fascinating biographies.

Australia

Canada

Great Britain

Germany

Portugal

United States

See Also

Further Reading/Research


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