Expert independent financial advice for the LGBT+ community
As independent financial advisers, we understand that every individual has unique financial goals and challenges. This is especially true for members of the LGBT+ community, who may face additional financial hurdles due to societal and legal discrimination. Mather & Murray Financial was founded in Swindon, by a member of this community, and ensuring everyone gets access to independent financial advice, by someone who is willing to understand their personal objectives, is still a key goal.
In this article, I will outline some scenarios that could effect LGBT+ people, and key considerations that LGBT+ people should keep in mind when seeking financial advice.
- Find an LGBT+ friendly financial adviser: It’s important to work with a financial adviser who understands the specific financial concerns of the LGBT+ community. Look for advisers who have experience working with LGBT+ clients or who are themselves members of the community. These advisers will be better equipped to offer guidance on how financial planning is affected by issues such as same-sex marriage, adoption, and estate planning.
- Consider your legal status: Depending on whether you are single, living with your partner, in a civil partnership or married, your legal status as an LGBT+ person may affect your finances. For example, if you are in a same-sex marriage, you may be eligible for certain tax benefits and estate planning strategies that someone who is living with their partner is not. Make sure your financial adviser is aware of your legal status so they can provide tailored advice.
- Plan for retirement: LGBT+ people may face unique challenges when planning for retirement. After equal marriage was introduced throughout the UK, many thought this was true equality, but there remains discrimination in some pension schemes. Some schemes will only give you death benefits from provisions built up after 2005. Therefore, it is really important to discuss your retirement goals and existing provisions with your independent financial adviser, at our head office in Swindon or local to you, so we can analyse what is being offered.
- Life Insurance: Thankfully, HIV is no longer a death sentence, but it is still a life long condition. Society has changed since the 1980’s and it is now accepted that this disease can effect anyone, but for many reasons it disproportionally effected the LGBT+ community. Developments in the treatments for HIV has meant that life assurers are more flexible when offering terms to clients. We have excellent relationships with life companies and work with you to ensure you get the right cover that you need. We can obtain life cover for clients living with HIV.
- Protect your assets: Whatever your legal status, it is important that LGBT+ people protect their assets for those they want to receive them on their death. You need to speak to an independent expert who can take the time to listen your requirement and offer recommendations that suit your needs.
In conclusion, seeking financial advice is an important step for anyone looking to secure their financial future. For LGBT+ people, it’s especially important to work with an adviser who understands the unique challenges they may face. By keeping these considerations in mind, you can take control of your finances and achieve your long-term financial goals.