There Is No “One Size Fits All” Approach to Financial Planning

A year ago Michael and I found ourselves at an industry conference listening to the politically incorrect keynote speaker.  He focused a portion of his presentation on the issues with children who aren’t raised in households of married heterosexual families.  He asserted that these children weren’t as capable as those who were raised by a married mother and father.  By the end, we were both feeling pretty offended by the fact that the organizers of this conference felt it was appropriate to bring this person to present to us.        

I’ve been an advisor for nearly 15 years and have found myself in numerous situations where the views of my industry haven’t aligned with my values.  Even the industry assumption of the average client, a white man with a wife and children, doesn’t reflect all the different types of households that exist in this country (or in our client base).  And how this disconnect impact clients and potential clients?

More than 11 million adults in this country identify as LGBT according to a 2018 Gallup Poll, yet in a 2018 financial planning study, more than 44% of LGBTQ respondents said they struggle to maintain adequate savings.  38% of respondents in the general population felt the same way. That’s a 15%+ difference.  This is even more concerning when you consider the fact that most states don’t have explicit laws prohibiting LGBTQ discrimination in employment, housing, and public accommodations, which increases the risk of financial instability

Our Mission at Merino Wealth is simple:

Empowering you to reach your possibilities.  Investing in equality.

Families come in all shapes and sizes so there’s no “one size fits all” approach to financial planning.  We also find that some things are universal whether you’re gay, straight, single, or coupled.  The key is having a plan in place that aligns with your priorities and helps you to make more confident financial decisions.  It also helps if you have an advisor that “gets you” so you can share these priorities open and honestly.  Love is love. 

The views expressed today are my own and do not necessarily represent the views of my broker-dealer, The Investment Center, Inc. or my Registered Investment Advisor, IC Advisory Services, Inc. The information contained is derived from sources believed to be accurate. However we do not guarantee its accuracy. The information contained is for general use and it is not intended to cover all aspects of a particular matter. Neither the information presented nor any opinion expressed constitutes a representation by us or a solicitation of the purchase or sale of any securities. The information contained is not appropriate, by itself, to guide investment decisions.

All Securities Offered Through The Investment Center, Inc. Member FINRA/SIPC. Advisory Services Provided Through IC Advisory Services, Inc. – An SEC Registered Investment Advisor. Jessica Merino is a registered representative of The Investment Center, Inc. Merino Wealth Management is not affiliated with The Investment Center, Inc. or IC Advisory Services, Inc.