Choosing a CERTIFIED FINANCIAL PLANNER™ professional who aligns with your specific needs and goals is important. If you’re part of the LGBTQ+ community, you may want to seek out an LGBTQ+ CFP® professional. Below are five ways that an LGBTQ+ CFP® professional can help you.
- Understanding Your Unique Financial Needs:
As a member of the LGBTQ+ community, you often face specific financial challenges related to legal issues, healthcare and family planning. An LGBTQ+ CFP® professional can better understand these unique needs and provide tailored advice and strategies to address them effectively, especially since we often have personal experience with these challenges. Through our shared stories, we can relate to each other’s financial paths on a deeper level.
For example, when it comes to family planning, LGBTQ+ individuals and couples may face higher expenses or even discriminatory practices when pursuing adoption or fertility treatments. An LGBTQ+ CFP® professional may have experience navigating this and can help you understand your financial options.
- Sensitivity and Cultural Competence:
You deserve an environment where you can openly discuss your financial goals and concerns without fear of judgment or discrimination. You should feel comfortable sharing sensitive personal information that is vital to reaching your financial goals. As an LGBTQ+ individual, working with an LGBTQ+ CFP® professional will help ensure that you have a safe and inclusive environment free from discrimination.
An LGBTQ+ CFP® professional will be understanding and supportive if, for example, their transgender and gender non-conforming clients are seeking financial planning advice to afford gender-affirming healthcare. Treatments such as hormone therapy, gender confirmation surgeries and counseling services may not be covered by health insurance plans, and clients may need to budget carefully to afford these services.
- Knowledge of LGBTQ-specific Resources:
LGBTQ+ financial planners are more likely to be familiar with resources, organizations and programs that cater specifically to our community. We can help clients access financial benefits and services that may be useful for their unique circumstances. The community is often self-contained, and we build a network of resources and professionals who are also in the LGBTQ+ community.
An LGBTQ+ CFP® professional will have resources to offer for challenges such as retirement planning and elder care as an older LGBTQ+ adult or choosing the best insurance option.
- Advocacy and Support:
It’s nice to have allies, but we often need more help — we need advocates for our community. Many LGBTQ+ CFP® professionals act as advocates for our clients within the financial services ecosystem, helping to address any potential discrimination or bias they may encounter. We can also offer emotional support and guidance during significant life events, such as marriage, a new job or transitioning.
- Community Connection:
By working with an LGBTQ+ financial planner, you can contribute to strengthening the LGBTQ+ community. Choosing professionals who identify as LGBTQ+, or are allies/advocates, can help you feel good about financial planning and the professionals you’re supporting. It creates a sense of solidarity while promoting diversity, inclusion and belonging.
It is important to note that the financial challenges LGBTQ+ people face may vary depending on factors such as location and legal protections. Efforts are being made to address financial disparities and discriminatory practices through policy changes, increased awareness and advocacy for LGBTQ+ rights.
While I highlight the potential benefits of working with an LGBTQ+ CFP® professional, personal preferences and individual circumstances may vary. A CFP® professional who is an ally to the LGBTQ+ community could also be a good choice for you. No matter what type of CFP® professional you’re looking for, you can find them today at LetsMakeAPlan.org.
Get started on securing your financial future today
Find a CFP® professional