25 October 2023
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 that they are an ally to LGBTQI+ clients and provides tips on how to put allyship into practice. 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.
In part one of this blog series, we explore tips for advisors to enhance inclusivity within their practice. 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:
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:
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.
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.