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 For years, same-sex couples in domestic partnerships needed
financial advisers to navigate a patchwork of marriage laws and to
recreate marital protections via complicated legal documents.
So, did LGBT-focused advisers who supported gay marriage lobby
themselves out of a job? Not so fast. Gay clients still face
discriminatory laws and complicated adoption procedures, these
advisers say.
Clients may even need help dismantling complex financial
arrangements that are now unnecessary thanks to the ruling.
While the ruling is a game-changer for LGBT-focused advisers, it
affects some more than others, based mainly on location.
"We don’t look at it as are you gay or straight anymore - it’s are
you married or unmarried,” said Joshua Hatfield Charles, a
Washington area certified financial planner.
Meanwhile, Ryan Miracle, a certified financial planner near
Charlottesville, Virginia, said his couple of dozen gay clients
still may need decades before they feel really comfortable in their
southern community.
The largest wealth management firms, Wells Fargo Advisors, Morgan
Stanley Wealth Management, Bank of America’s Merrill Lynch and UBS
Wealth Management Americas, confirmed that their programs to help
LGBT clients are ongoing.
The following are some areas that LGBT-focused advisers are helping
clients navigate:
WORKPLACE DISCRIMINATION
Some gay clients are concerned that by getting married, they will
“out” themselves to employers, who may discriminate against them,
advisers said. A minority of states have laws that specifically
protect LGBT people, according to the American Civil Liberties Union
(ACLU).
Advisers should review clients’ employee handbooks to see if
companies have policies forbidding discrimination on the basis of
sexual orientation, said James Anderson, a senior vice president
with Anderson Asset Management in Bell Buckle, Tennessee.
Regardless, Anderson recommended getting clients in touch with a
lawyer to fully explain their rights if they come out to employers.
CHILD-REARING
Jennifer Hatch, president of New York-based Christopher Street
Financial, said she would not let LGBT clients take chances about
parental rights just because they can now marry.
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For instance, if a gay client has a biological child, Hatch wants to
make sure the other spouse can also legally demonstrate full
parental rights. Gay couples should not assume this will
automatically happen simply because they can wed anywhere in the
country.
Hatch recommended that advisers educate themselves on the legal,
medical and financial documents needed to help gay clients navigate
second-parent adoption procedures. The website
marriageequalityfacts.org, developed by a coalition of pro
gay-marriage groups, including the ACLU, includes extensive
information.
LEGAL FORMS
Some legal and financial forms still say “husband” and “wife.”
Review clients’ legal and financial forms to make sure this won’t
create problems, said Miracle, the Virginia adviser.
After gay clients marry, update estate plans and beneficiary
information to reflect, for instance, “spouse” instead of “partner,”
said Anderson, whose firm is affiliated with Wells Fargo.
That may seem redundant, but as with much of the planning for LGBT
clients, it’s better safe than sorry.
(The writer is a Reuters columnist. The opinions expressed are her
own.)
(Reporting by Jennifer Cummings; editing by Suzanne Barlyn and David
Gregorio)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
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