David Rae with Michelle Obama at the White House

The Gay Financial Planner asks: Are Your Finances Gay Enough? Should you hire a gay (LGBT) financial planner or at least a gay-friendly financial advisor? Sometimes, it’s the money, honey, that speaks loudest, both personally and politically. You deserve the best gay financial advisor and the most fabulous personal finance advice.

A whopping 63% of Gay Americans don’t feel their financial advisor gets them, according to the Nationwide Retirement Institute. “LGBTQ Finances Flash Poll,” June 1, 2022. Your best LGBTQ financial advisor will get what you are trying to accomplish and help you find the fastest and easiest way to get there. Hopefully, this will make the process as fun and fabulous as possible along the way. If your basic financial advisor doesn’t get you, it may be time to find a gay financial planner.

By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™

Will A Gay Financial Advisor Help You Get The Best Gay Money Advice?

As a gay man who has been working as an out and proud Fiduciary Certified Financial Planner™ in Los Angeles for well two decades, I have to come out and admit homophobia has been great for my business. Indeed, providing a safe haven for my LGBT brothers and sisters seeking sound LGBT fiduciary financial advice has turned into a substantial part of my livelihood; thank you very much. For the record, my client base is full of wonderfully successful people of all races, genders, and sexual orientations, all of whom are vehemently supportive of those belonging to other races, genders, and sexual orientations.

Update: Now Offering Gay Financial Planning in Palm Springs and Los Angeles and across the country. Financial Planner LA is your go-to resource for fabulous gay money advice.

Money Business: Is A Gay Financial Planner Right For You?

Those of us who live in gay-friendly climes (most big cities and fabulous locales like West Hollywood, San Francisco, Palm Springs, or Miami) acknowledge that legal marriage equality notwithstanding, great swaths of this country inside and outside of our paradises still despise us, as they always have, for those we choose to love. Unfortunately, the financial sector seems to harbor way more than its share of homophobic dickheads. It may be evolving but to my mind, not nearly fast enough. How would you feel when you see your financial advisor wearing a MAGA hat?

The horror stories I’ve heard from clients and friends about their previous so-called financial advisers could fill a very sad, hate-filled book. Some clients were turned away or ignored based on their sexual identity. Others received dishonest or just plain inadequate advice like “You can’t have kids, and you’ll never be able to adopt.” I just saw a Facebook ad showing a woman at a CPAC event. This woman claims to work as a Financial Advisor to the LGBT community. Sashay away…

This is not to mention all the fun “comments” I’ve personally heard from some of my industry brethren.

My particular favorite was another advisor at a conference who asked me, “When are you transitioning?” What makes these questions really stand out is they came from an “advisor” who claimed to work heavily within the LGBT community and was seeking my advice on how to get even more gay financial planning clients. To be clear, I am gay, not transgender, and news flash: they’re not the same thing. Another time, I was asked how I felt about “Not being a real man since you can’t bear children.” BIG SIGH. The last time I looked, dude, straight men can’t bear children either.

Do You Need A Gay Financial Planner To Keep You On Track

In any given election year, a bunch of candidates vie to be the most anti-gay. Republican stragglers are still vowing to repeal marriage equality. But what does this all have to do with your finances? Simply this: if your financial advisers are supposed to work as fiduciaries 100% of the time (that is, putting your interests ahead of their own), yet support political candidates who want to make us second-class citizens again, are they really serving your best interests? Can they? The same goes for those backing officials closer to home who champion anti-gay legislation on a local level.

Speaking of presidents, I had the pleasure of meeting Barack and Michelle Obama at an LGBT Pride reception at the White House, and I have a picture of the First Lady displayed prominently on my website. (side note- no LGBT receptions while #DumpTrump was in office. I Good news is that they will be back under President Joe Biden). I subsequently received a few emails from prospective clients letting me know that they wouldn’t hire me because I have n-words for friends. Others didn’t like the Obamas and let me know it. If these messages were any indication, I probably dodged a few bullets by not ending up with homophobic financial planning clients who probably wouldn’t want to take any measure of advice from the “fabulous homo” that is Moi.

Gay Financial Planner David Rae with Michelle Obama — David Rae with Michelle Obama at the LGBT Pride Reception at the White House

Should I Only Choose A Gay Financial Adviser?

I’m not saying that when choosing a financial advisor, you have to ask how they’re voting or the specifics of their sexual orientation. But I suggest that you stay alert for the respect, sophistication, and grace that are as essential to do this job as financially savvy, ethics, and integrity. If someone isn’t accepting of your relationships, how can you truly partner with them to reach your important life and financial goals? You deserve the best gay money advice, and I don’t think a homophobe can give that to you.

Regardless of being straight or gay, if you don’t feel comfortable being honest and open with your financial professionals, they can’t give you the very best advice. And if being frank with them means they won’t show you their best advice, then it is time to look for a new adviser. In a fun twist, I have worked with a large number of straight couples who also chose to work with me because I am a great financial planner- who happens to be gay. Making gay financial planning as fun as humanly possible and at the same time, throwing in some gay tax planning along the way to help you keep more of your hard-earned money.

Fair Game, Without A Gay Financial Planner

Achieving financial independence is a team effort. If one member of your team isn’t pulling their weight or is downright not acting with your best interest in mind, you are facing a much steeper uphill climb to reach financial security. Scraping together enough money for retirement is hard enough; there is no reason to weigh yourself down with some dead weight. We work hard to ensure your financial life is better with us in it.

Back in the Dark Ages (i.e., up to June 2015), before we had marriage equality, the LGBT community faced a slew of financial issues our straight counterparts didn’t have to deal with. Hopefully, most of those gay tax issues, financial issues, and estate tax nightmares are behind us. (If the political climate is anything to go by, of course, the fight isn’t over yet.) Meanwhile, closer to home, you deserve to have a financial planner – gay or gay-friendly will work just fine — who supports the very essence of your being.

With proper fiduciary financial planning guidance, the LGBT community can retire early and retire fabulously.