Many LGBTQ2+ Canadians don’t see themselves reflected in the advice available to them.HRAUN/iStockPhoto / Getty Images
When it comes to financial planning and advice, LGBTQ2+ clients are often underserved. That isn’t because these clients lack interest in receiving advice. Rather, there’s a lack of representation and inclusion among the advisors who serve them.
Many LGBTQ2+ Canadians don’t see themselves reflected in the advice available to them, whether through advisors who share their identities or who truly understand their unique planning needs and realities.
As a proud member of the LGBTQ2+ community, I relate to this through my own experience. But advisors can also be strong allies by taking time to learn and familiarize themselves with the realities their clients face.
Even after nine years as an advisor, the lack of LGBTQ2+ representation in our industry still brings challenges. There’s discomfort in coming out constantly and often being the only same-sex couple in the room.
I’m fortunate to work with many LGBTQ2+ clients who openly share the barriers our community faces in accessing inclusive advice. While I’m proud of the progress we’ve made in making the industry more welcoming, there’s still more we can do.
Advice hinges on inclusivity, authenticity and trust
Authenticity and trust are the cornerstones of advisor-client relationships. To plan properly for the future, clients must feel safe to share their full selves – their goals, fears, family dynamics and identities. The moment a client feels, or fears being judged or misunderstood, that trust is compromised – so is the quality of advice they receive. That’s the reality for many LGBTQ2+ clients.
Language plays a vital role in creating an inclusive and respectful environment. That means not assuming a client’s gender, using inclusive language such as asking if a client has a partner instead of husband or wife, and using chosen names and preferred gender identities.
Inclusive language fosters more meaningful, authentic conversations. It helps clients feel comfortable sharing personal details such as relationship status, medical history and life experiences.
Advice for LGBTQ2+ realities
Estate and retirement planning often looks different for LGBTQ2+ clients. Adoption, surrogacy, and chosen families introduce unique considerations that require specialized knowledge and cultural sensitivity.
I once worked with a same-sex couple in Montreal who weren’t aware that, unlike common-law provinces, Quebec’s civil law offers limited protections for common-law partners. Given their strained family relationships, we immediately engaged a notary to create wills and ensure their wishes would be respected if anything happened. It was a reminder of how critical it is for advisors to understand these legal nuances – and to be proactive in raising them.
Accessing insurance can also bring challenges. Clients who’ve undergone multiple surgeries, changed medications or dealt with mental health concerns often worry they’ll be declined. That fear alone can keep people from applying, even when the need is clear.
I saw this firsthand with a client who had recently transitioned. She assumed her medical history would disqualify her from coverage and was hesitant to even start the process. But by understanding her situation and navigating the underwriting carefully, we were able to get her approved, offering not just financial security but also reassurance and dignity in the process.
Advisor allyship
While I feel fortunate to be able to relate to LGBTQ2+ clients on a personal level, allyship doesn’t require lived experience.
It starts with education, understanding and empathy. Advisors need to educate themselves about LGBTQ2+ clients’ realities to help them create a plan that aligns with their needs and goals.
As Pride Month ends, I encourage all advisors to help break down the barriers that prevent LGBTQ2+ individuals from accessing trusted, inclusive financial advice and to make space for advisors from the community to be seen, heard and supported.
When we foster a profession that reflects and respects the full diversity of the people we serve, we not only strengthen client relationships but also attract more talent from all backgrounds to this meaningful work.
Jeffrey Wu is president and financial planner with Unison Financial Solutions Inc. at Sun Life Financial Investment Services (Canada) Inc. in Montreal.