Finding financial institutions that truly care about the LGBTQ+ community goes beyond a rainbow logo.

You've likely seen rainbow-hued logos of familiar businesses on floats at your local Pride celebration this month, including financial institutions such as banks, real estate agencies, and investment brokerages.

Although many members of the LGBTQ+ community may appreciate the support, others may view such displays of solidarity with suspicion.

A recent survey from the Human Rights Campaign found that 30.8% of LGBTQ+ adults experienced discrimination when accessing financial services, with the figure rising to 40.3% among transgender and nonbinary individuals.

No one deserves to be treated unfairly, such as being denied access to certain properties or being excluded from estate plans based on their sexual or gender identity.

Chris Jay, a wealth management advisor at Merrill, believes that avoiding such situations is just the beginning of what queer people should expect from financial professionals.

"Everyone deserves a sensitivity or awareness quotient, and it's crucial to audit to avoid missing important nuances, as our community is unique," he explains. "Our community has a different history, and we approach wealth and financial planning differently."

To find financial assistance, queer people should seek out institutions and individuals who understand the community's specific financial requirements.

How LGBTQ+ individuals can find good financial help

Charles Chaffin, a financial psychologist, founded Affirming Advisor to help financial firms better serve LGBTQ+ clientele.

"Chaffin emphasizes the importance of effective communication with clients and addressing the concerns of the community. He also highlights the need for clients to find a supportive advisor and a secure environment for their financial needs, whether it's wealth management, banking, or any other service."

In the near future, you will be able to search a database to find professionals who have received training. For now, here's how to find a trustworthy financial pro.

Narrow your search

The CFP Board's search tool enables you to filter for certified financial planners who specialize in working with LGBTQ+ individuals and couples.

If you are a financial professional and not part of the LGBTQ community, you can consult your city's LGBTQ chamber of commerce. The National LGBT Chamber of Commerce has affiliate chapters listed on its website. Jay, who is part of the Seattle-based GSBA, says that their database of queer-friendly companies is "fantastic."

Although there is no searchable Affirming Advisor database, those who have completed Chaffin's training can display their credential on their website.

"Chaffin suggests that finding an affirming advisor is a good starting point, as they have identification to confirm our training and our safe space status."

Vet the firm

It's important to investigate a financial institution's history before assuming they are genuinely supportive of the LGBTQ+ community, even if they publicly state their support, according to Jay.

He suggests asking if an institution offered parental leave for queer folks before laws mandated it, and for an estate attorney, asking if they have any precedents or examples of work they've done with queer clients, and if there is any case law they authored or co-authored that advanced things.

"Just as you would when making any other financial decision or purchase, you should investigate the institution thoroughly," he advises. "When hiring an advisor, it's important to verify their background, including attorneys, accountants, advisors, and Realtors."

Vet the professional

The individual you work with can make or break your experience, even if an institution is saying and doing the right things, according to Chaffin.

"If a company participates in the Pride parade, it may indicate their commitment, or not," he remarks. "When I seek advice, the crucial question is whether the advisor comprehends the language I use when discussing LGBTQ+ family planning or my definition of a family."

It is wise to carefully evaluate any professional you intend to collaborate with.

Being a safe space for LGBTQ+ clients involves scrutinizing advisors' previous work, website, and advertising materials, as well as including pronouns in email signatures.

An insurance broker who may not be intentionally discriminatory but is unaware of your unique financial needs as an LGBTQ+ individual is what you should avoid. Chaffin recalls a recent call with such a broker.

"Those assumptions are significant and not small, little things," says Chaffin, a gay man. "He goes through the whole thing and says, 'Well, you probably want to talk to your wife and get some feedback.'"

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