Preferred Advisors-GLBT Markets
The Lesbian & Gay Foundation of the United Kingdom stated that figures published by the Office for National Statistics (ONS) estimate the United Kingdom’s lesbian, gay and bisexual population to be 1.5%. of the total population… The figure of 1.5% is lower than that usually quoted, of between 5-7% of the population. The data comes from the latest Integrated Household Survey (IHS)
Let’s move quickly to the United States and we find Atlanta…one busy city, with its rumbling Marta trains, the Phillips Arena and midday traffic. Holding steady as one of top 50 largest cities in the United States, Atlanta is well-known for a number of things—the Georgia Aquarium, the Coca-Cola Company and its night life. However, many people may not know Atlanta holds the largest population of homosexuals in the US. Atlanta's gay and lesbian population makes up for almost half of city's population at about 38.4 percent.
The HuffingtonPost.com carried the article “Census: 50,000 Gay Marriages Reported” The article stated that nearly 150,000 same-sex couples reported being in marriage relationships in 2010…according to the first U.S. census figures released on same-sex marriages. About 27 percent of the estimated 564,743 total gay couples in the United States said they were in a relationship akin to "husband" and "wife," according to the Census Bureau tally provided to The Associated Press. That's compared with 91 percent of the 61.3 million total opposite-sex couples who reported being married. At the same time a consultant to the Census Bureau estimated there were roughly 100,000 official same-sex weddings.
Emerging Financial Planning Practice Focus
The numbers may still be fuzzy but they all point to the fact that Financial Professionals are facing a new emerging specialty focus that will demands that they be on their “A” game. This Lesbian, Gay, Bisexual, Transgender-LGBT market is not only smart…they are financial savvy and are amassing wealth. They are looking for answers that fit their lifestyles.
Accredited Domestic Partnership Advisor or ADPA
The College for Financial Planning helps prepares Financial Professionals to meet the unique needs of nontraditional families thru The Accredited Domestic Partnership Advisor-ADPA. This education program is built for financial advisors, CPAs, and attorneys whose practices include partners considered unmarried under state and/or federal law.
This course of study prepares financial advisors to meet the unique needs of lesbian, gay, bisexual, and transgender couples, as well as couples living in other nontraditional arrangements.
Available as either a self-study or an instructor-led online MENTOR course, the ADPA program addresses issues and challenges that distinguish financial planning for domestic partners from planning for married spouses, including issues pertaining to wealth transfer, taxation, retirement planning, and estate planning. Individuals who hold the ADPA designation have a high level insight and skills to address wealth transfers, federal taxation, retirement planning, and planning for financial and medical end-of-life needs for domestic partners. All designees have agreed to adhere to Standards of Professional Conduct and are subject to a disciplinary process.
Are we saying that anyone not holding this designation is not capable to take on LGBT clients? Absolutely not! Actually, the professional has other professional designations as well. The ADPA program provides advanced-level curriculum designed to augment a professional's existing skills to deliver a higher level of professional advice to the Lesbian, Gay, Bisexual, Transgender-LGBT market. To qualify, professionals must hold one or more of the following designations: CFP®, CIMA, ChFC, CPA, AAMS®, AWMA®, CRPC®, APMA, or a J.D.
Designees renew their designation every two-years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct and complying with self-disclosure requirements.
Adapt...and Stay On Mission
The faces of American’s households are changing…we must adapt to stay on mission. Our mission is to build, protect and manage the wealth of Americans and their households.
Sources
- College for Financial Planning ® The Accredited Domestic Partnership Advisor-ADPA program
- The Lesbian and Gay Foundation: works towards a world where we are free to live our lives without fear, without prejudice and without discrimination.
- Census:150,000 Gay Marriages Reported © 2011 - The HuffingtonPost.com, Inc.
- Harris Interactive® Survey: Gay and Lesbian Adults Are More Likely and More Frequent Blog Readers
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Jim Robinson posted on Thursday, July 21, 2011
Tags: Lesbian, Bisexual, Gay, Transgender, LBGT, Homosexual, Same Sex
Posted in: Financial Education, Site News
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