Pride or Pandering: Questions to Ask Before Working with the LGBTQ+ Community

Financial advisors, either tied to a broker/dealer or RIA, can easily get overwhelmed by marketing. The broker/dealer has its promotional priorities bombarding advisors and firms with campaigns that are often of little to no interest to them. RIAs can face similar stress going it alone and worrying that they have to get in front of as many markets as possible without wanting to invest in targeted marketing collateral. Now that we have some context laid out, let’s talk about Pride Month.

The LGBTQ+ market is a profitable opportunity for advisors but only if they care enough about the market to invest time and resources. And if they don’t, that’s fine. Financial professionals with other niche focus areas shouldn’t be demonized for taking a pass on serving the community; however, they should be held to account if they do want to serve the community considering the unique emotional and financial challenges LGBTQ+ individuals face.

If you are a financial advisor contemplating leveraging the LGBTQ+ market for growth, here are five questions to ask yourself:

Do I really care about the LGBTQ+ community?

If you don’t, that’s ok. The gay police will not come for you. Let’s part as friends and good luck to you.

Does my brand identity align with the LGBTQ+ community?

You may be a super liberal person. You may be gay. If your brand comes across as rigid and cold, it may put off members of a community that are routinely treated as the other. Before you freak out that I’m pitching a total rebrand, take a breath. There are ways you can soften a brand identity for specific markets: making a subtle change in font, introducing a warmer color palette, using images of LGBTQ+ professionals, couples, and families.

Am I willing to be an outwardly facing LGBTQ+ community supporter and risk backlash from other clients, business partners, and potentially colleagues?

We have all been at companies where people have said derogatory things about the community only to preface it by saying, “But my best friend is gay!” Being a supporter means taking public steps to showcase your care and respect for the community; sharing your pronouns on a LinkedIn profile, introducing yourself with pronouns at the start of a meeting, correcting colleagues who make discriminatory comments whether they mean to or not, blogging or vlogging financial tips for the community 12 months out of the year, etc. Will some people in your network be put off by this approach? Sure. If this happens, explain that client service isn’t heteronormative. You want to make every client feel seen and heard. Moreover, you are interested in getting to know your clients on a deeper level beyond portfolios and policies. Get in the habit of finding out their favorite movies, restaurants, sports teams, and gardening hacks. There’s nothing woke about a good weed eating strategy.

Am I willing to admit and commit?

The community itself has differences of opinion socially, politically, and financially. It’s ok to come from a place of not knowing with the goal of better serving your clients. Your LGBTQ+ client is unique not solely because they are in the community but because they have different goals, portfolios and belief systems. The community is not a one size fits all group. If you are willing to admit to knowing what you don’t know and commit to learning how to communicate and relate to the community to forge relationships and truly become the trusted advisor, there are few individuals who wouldn’t want to work with you.  

Do I have LGBTQ+ centers of influence?

COIs are an important part of an advisory practice. They are also reflective of your brand. If you want your brand to be a LGBTQ+ supporter, it should represent the community across all COI industries; legal, accounting, marketing, estate planning, property and casualty, real estate, etc. One poor COI interaction could ruin your brand.

The LGBTQ+ market presents a significant growth opportunity for financial advisors who are willing to invest in understanding and serving this community. By fostering inclusivity, advisors can build strong, lasting relationships with LGBTQ+ clients and contribute to their financial security.