This is the first column in a two-part series on what advisors can to do to make their practice more inclusive. This column discusses the importance of advisors showing they are an ally to LGBTQI+ clients and provides key questions to ask to better serve and know clients. The second column, will be about key questions to ask LGBTQI+ clients to better understand the unique financial circumstances and planning required to set them up for success.

Pride month has come and gone but we have come up with key takeaways that you can implement to make your practice inclusive all year round. We have previously written about the importance of meeting the diverse needs of clients, including serving women and seniors, in a compliant and effective manner. This blog will guide advisors on how to better serve LGBTQI+1 clients and assist with some of the unique considerations to be canvassed.

A recent survey from FP Canada found that the LGBTQI+ community have specific concerns about accessing financial services, including:

  • Only 55% of LGBTQI+ Canadians felt that professional financial advice was accessible to them;2
  • LGBTQI+ Canadians are more likely to have concerns about trusting financial professionals;3 and
  • LGBTQI+ Canadians are more concerned about experiencing discrimination when seeking advice from a financial professional.4

Show that you are an ally

Canada is home to approximately one million individuals who identify as LGBTQI+.5 Advisors may discover that many people in this demographic don't feel comfortable talking openly about their personal finances to a planning professional. What can advisors do to make their practice more inclusive? Here are a few ideas:

  • Educate yourself: Before you embark on an approach to be more inclusive, educate yourself. This includes using the correct pronouns, and asking each prospect what pronoun they would like you to use. You need to understand the financial challenges that are unique to the LGBTQI+ community.
  • Don't Generalize: Do not paint each prospect in the LGBTQI+ community with the same paintbrush. Just because you read something about the community as a whole, do not assume the other individuals you are talking to share the same issues.
  • Be an Ally: While it is important to display information at the office and on social media pages that demonstrate the advisor as an ally, know that is just a first step. You need to do more.
  • Be prepared for the question: "Have you worked with LGBTQI+ people or families before?" If you have, of course say so, but if you have not, think carefully about how you can answer this question in a way that builds trust.
  • Take a sensitive and empathetic approach: Understand that a client may be coming to the table guarded and distrustful. Advisors should think about what potential fears and discomfort the client may be feeling (especially if they are not "out" yet) and communicate in a way that makes the client feel understood and fosters trust. (Stay tuned for the next blog about possible tax implications!)
  • Ask for feedback: Don't be afraid to ask for feedback on your approach to determine whether questions are being asked and information provided in a way that makes the client feel respected.

Be sensitive to the client's personal goals as an individual, but also as a member of the LGBTQI+ community. Be open to listening to clients' needs and changing your approach to client management based on the feedback you receive. In short, be an ally.

Footnotes

1. LGBTQI+ means lesbian, gay, bisexual, transgender, queer and intersex. The "+" is inclusive of two-spirit, ace, and other identities not listed in the acronym.

2. FP CanadaTM IMAGINE 2030 Benchmark Report, 2021 FP Canada: https://www.fpcanada.ca/docs/default-source/default-document-library/fp-canada-imagine2030-benchmark_report_may22.pdf at pg. 9.

3. FP CanadaTM IMAGINE 2030 Benchmark Report, 2021 FP Canada: https://www.fpcanada.ca/docs/default-source/default-document-library/fp-canada-imagine2030-benchmark_report_may22.pdf at pg. 10.

4. FP CanadaTM IMAGINE 2030 Benchmark Report, 2021 FP Canada: https://www.fpcanada.ca/docs/default-source/default-document-library/fp-canada-imagine2030-benchmark_report_may22.pdf at pg. 11.

5. Statistic current as of June 2021. See "A statistical portrait of Canada's diverse LGBTQ2+ communities", Statistics Canada, 15 June 2021.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.