Gay friendly financial advisor

[+ jessmapex]

I am gen x gay man. I started investing in my early thirties - mostly in ETFs, IRAs etc. My elder brother was my advisor. He is straight and financially savvy. In last 8-9 yrs he stopped advising me as my money grew. I work a tech job and make more than he does. 

I have always maxed my 401k contributions and have IRAs. 

As a left brained person, I have zero interest in financial matters. I would rather play piano, watch a movie or do something else than doing spreadsheets. If i were straight, I'd be the wife who leaves all money matters to the husband. But I am gay and on my own. I am getting increasingly worried that I am not managing my money well.

Over last 5-6 years i have relied on robot investment advisors like WealthFront and Betterment. 

Can someone here recommend a gay friendly financial advisor who understands my situation (unattached financially unsavvy gay man who makes a decent income but is not a superwealthy guy) . I live in Northern California. 

[ICTJOCK]

6 hours ago, jessmapex said:

I am gen x gay man. I started investing in my early thirties - mostly in ETFs, IRAs etc. My elder brother was my advisor. He is straight and financially savvy. In last 8-9 yrs he stopped advising me as my money grew. I work a tech job and make more than he does. 

I have always maxed my 401k contributions and have IRAs. 

As a left brained person, I have zero interest in financial matters. I would rather play piano, watch a movie or do something else than doing spreadsheets. If i were straight, I'd be the wife who leaves all money matters to the husband. But I am gay and on my own. I am getting increasingly worried that I am not managing my money well.

Over last 5-6 years i have relied on robot investment advisors like WealthFront and Betterment. 

Can someone here recommend a gay friendly financial advisor who understands my situation (unattached financially unsavvy gay man who makes a decent income but is not a superwealthy guy) . I live in Northern California. 

Well certainly one can be recommended and some good ones at that.   There may be a licensing  issue  (what state are you located)?.  FINRA requires that any advisor that you chat with needs to be licensed in your state and really with your investment type,  probably Series 7 would be wise.   

That may help in suggesting someone.

Edited September 27, 2023 by ICTJOCK

[BuffaloKyle]

I don't really think you need a gay friendly adviser just a good one. All they need to know is you're single and planning on staying that way when they give you financial advice.

[+ Charlie]

I don't think that most reputable financial advisors care about your sexual orientation, only about your financial resources and your objectives. In northern California, it would be hard for any financial advisor to avoid having gay clients, and it would probably be illegal to turn down a client because he was gay. Our financial advisors have always been straight men in the Philadelphia outer suburbs.

Edited September 27, 2023 by Charlie

[+ jessmapex]

11 hours ago, BuffaloKyle said:

I don't really think you need a gay friendly adviser just a good one

 

2 hours ago, Charlie said:

I don't think that most reputable financial advisors care about your sexual orientation, only

The gay context here is about finding an advisor who is not surprised by a grown man who can not confidently talk about terms such as annuity, equity, money market, asset class etc and does not take advantage of the situation to push investment products that benefit him more than me.

I do have a woman's intuition though. When financially savvy macho men were dancing on the rooftops about their crypto portfolio and NFTs a couple years ago, my intuition told me that there was something fishy about this. I stayed on the sidelines and that saved me some heartburn later.

 

Edited September 27, 2023 by jessmapex

[pubic_assistance]

22 hours ago, jessmapex said:

The gay context here is about finding an advisor who is not surprised by a grown man who can not confidently talk about terms such as annuity, equity, money market, asset class etc and does not take advantage of the situation to push investment products that benefit him more than me.

I hardly think you need to share a sexuality to have someone understand you're not skilled in finance issues.

These days, any professional in any major city wouldn't bat an eyelash about a gay client, nor would they bat an eyelash that anyone gay or straight (or bi) spends more time focused on their own career than learning about investing.

Edited September 28, 2023 by pubic_assistance
spelling

[Bokomaru]

I implore you when you hire a financial advisor to go with a fiduciary advisor. Perhaps this is obvious, but since you say you’re worried about having inappropriate financial products pushed on you, this suggests that you’re not aware of the difference. A fiduciary advisor is required by law to act in your best interest (not their own). And they tend to be less expensive anyway. 

[+ FrankR]

On 9/27/2023 at 1:09 AM, jessmapex said:

I am gen x gay man. I started investing in my early thirties - mostly in ETFs, IRAs etc. My elder brother was my advisor. He is straight and financially savvy. In last 8-9 yrs he stopped advising me as my money grew. I work a tech job and make more than he does. 

I have always maxed my 401k contributions and have IRAs. 

As a left brained person, I have zero interest in financial matters. I would rather play piano, watch a movie or do something else than doing spreadsheets. If i were straight, I'd be the wife who leaves all money matters to the husband. But I am gay and on my own. I am getting increasingly worried that I am not managing my money well.

Over last 5-6 years i have relied on robot investment advisors like WealthFront and Betterment. 

Can someone here recommend a gay friendly financial advisor who understands my situation (unattached financially unsavvy gay man who makes a decent income but is not a superwealthy guy) . I live in Northern California. 

I have a friend who specialize in financial wellness in the LGBTQ community. He is a CPA by training and independent advisor who worked for a large bank for many years before taking this on. He is not currently taking on new clients, but I will ask him if he knows anyone in Cali - he is based in NYC.  Will PM you. 
 

Most people who approach him are in the same position as you - they are doing all the “right things”, but would like someone to cast an experienced eye over their finances and point out what they are missing. 

Edited September 29, 2023 by FrankR

[Guest]

The principles of wise investing are simple to master. The #1 rule is diversification. The money needs to be well spread-out over as many industries and vehicles as possible, and should include both US and international. The #2 rule is to watch the fees. Carefully ask your advisor what his fees are, in addition to those of any investment vehicles. Unmanaged mutual funds and/or ETF's, such as those tied to the S&P 500 achieve both goals: they invest broadly, and they (should) have very low fees or loads (should be well under 0.2%). The #3 rule is to invest according to your time horizon. Any money you're sure you won't need to touch for over 10 years should be invested mostly in stocks. Do NOT sell if the market crashes. If the market crashes, the only move you should consider is moving more bond money into stocks. Money you'll need over 3-10 years should probably be mostly in bonds, with some more conservative investments. If you KNOW you'll need a certain amount of money in 1-2 years (for example, a house purchase), invest that money very securely, such as treasury bills. Most investors discourage annuities, because they usually have high fees. If you still want annuities, your advisor should be able to carefully explain all of the fees involved.

Here are some ETF's with fees under 0.1%:

 

The 3 Best S&P 500 Index Funds for 2023 | The Motley Fool

WWW.FOOL.COM

---

Find out which index funds tracking the S&P 500 have the lowest fees, highest assets under management, and most closely track the market.

"Fidelity has the lowest costs, with a 0.015% expense ratio. Schwab's is only slightly higher at 0.02%, while the Vanguard 500 Index Fund Admiral Shares has a 0.04% expense ratio..."

Edited September 30, 2023 by Unicorn

[ICTJOCK]

I do know a financial advisor who has clients in California and is happy to work with additional  new ones.

[Rudynate]

On 9/26/2023 at 10:09 PM, jessmapex said:

I am gen x gay man. I started investing in my early thirties - mostly in ETFs, IRAs etc. My elder brother was my advisor. He is straight and financially savvy. In last 8-9 yrs he stopped advising me as my money grew. I work a tech job and make more than he does. 

I have always maxed my 401k contributions and have IRAs. 

As a left brained person, I have zero interest in financial matters. I would rather play piano, watch a movie or do something else than doing spreadsheets. If i were straight, I'd be the wife who leaves all money matters to the husband. But I am gay and on my own. I am getting increasingly worried that I am not managing my money well.

Over last 5-6 years i have relied on robot investment advisors like WealthFront and Betterment. 

Can someone here recommend a gay friendly financial advisor who understands my situation (unattached financially unsavvy gay man who makes a decent income but is not a superwealthy guy) . I live in Northern California. 

I love my investment adviser.   He is straight but I feel completely comfortable with him.  His office is in Millbrae, close to SFO.  I will give you his name if you would like.  PM me. 

[TonyDown]

On 9/26/2023 at 10:09 PM, jessmapex said:

I am gen x gay man. I started investing in my early thirties - mostly in ETFs, IRAs etc. My elder brother was my advisor. He is straight and financially savvy. In last 8-9 yrs he stopped advising me as my money grew. I work a tech job and make more than he does. 

I have always maxed my 401k contributions and have IRAs. 

As a left brained person, I have zero interest in financial matters. I would rather play piano, watch a movie or do something else than doing spreadsheets. If i were straight, I'd be the wife who leaves all money matters to the husband. But I am gay and on my own. I am getting increasingly worried that I am not managing my money well.

Over last 5-6 years i have relied on robot investment advisors like WealthFront and Betterment. 

Can someone here recommend a gay friendly financial advisor who understands my situation (unattached financially unsavvy gay man who makes a decent income but is not a superwealthy guy) . I live in Northern California. 

Kudos for asking about selecting the right advisor.

Some folks claim you can't outperform high quality no-load index funds over the long term.

I hired a financial planner after college.  She turned out to be lesbian.  I am very satisfied.  She follows the rules, doesn't let emotions change the strategy, doesn't believe in timing the market and does not get involved in crypto.

So yeah do some research and don't hire anyone that seems driven by emotion.  

[+ Vegas_Millennial]

On 12/29/2023 at 8:20 PM, TonyDown said:

I hired a financial planner after college.  She turned out to be lesbian.  I am very satisfied.  She follows the rules, doesn't let emotions change the strategy, doesn't believe in timing the market and does not get involved in crypto.

Awesome, it sounds like you managed to hire Size Orman!  I love Suze

[Johnrom]

The key is to interview them and develop a comfort level with them. Watch the fees.!!  You should be able to meet with them a few times a year to review your goals and investments.  The best ones are the ones who can help or advise on insurance, taxes, estate planning etc.   It’s about getting a handle on your overall financial picture. The better connection you have with them the better the long term relationship ship. It will give you peace of mind.  And if things do go south you can always switch in the future. 

[Redwine56]

On 7/18/2024 at 5:05 PM, Johnrom said:

The key is to interview them and develop a comfort level with them. Watch the fees.!!  You should be able to meet with them a few times a year to review your goals and investments.  The best ones are the ones who can help or advise on insurance, taxes, estate planning etc.   It’s about getting a handle on your overall financial picture. The better connection you have with them the better the long term relationship ship. It will give you peace of mind.  And if things do go south you can always switch in the future. 

All excellent advice by you guys.  Awesome fellow forum members!

[handiacefailure]

Like others said, I don't think your sexual orientation should matter for a financial advisor.    

I'd also suggest listening to Suze Ormans podcast, I like her not because she is gay, but she has a lot of great advice for things like dollar cost averaging.   I'd also suggest getting on Keith Fitz-Geralds email list.   His basic daily email is free and he has some great advice.   I bought PLTR listening to him and Suze and wish I would have taken that advice more seriously because it's going trhough the roof and knocked American Airlines out of the S&P 500 friday.   Him and suze are working on some kind of newletter/advising program that is going to be affordabe and will probably subscribe to that once they release it.   

If there are certain stocks like homophobic companies you don't want you investment money going into, you can make that known to your investment advisor as well.   Our church is blessed with some very nice endowments and trust funds and our bank investment advisor was told to advoid companies that are gun dealers and to try to avoid mutual funds that have them in their portfolio and companies that are known to use child labor and pay an unfair living wage.

If you don't already have one, I'd get a living revocable trust in place and would use either a gay or gay friendly lawyer for that.  My lawyer is gay, and when I had the work done he suggested a couple changes on how I wanted to leave my assets.   He warned me a lot of churches charge collibarium fees and to have it stated that the fees were to be waived and if they weren't then they are to come off the estate fees and the amount being charged for those fees was to be taken from the percent (he has it set up that all my assets are liquated and prorated percentage wise) being left to my church and prorated beteen the other benefecaires.   I was also going to leave a little bit to HRC and he suggested using Lambda Legal instead.   

 

[top_guy_atl]

On 9/28/2023 at 6:20 PM, Bokomaru said:

I implore you when you hire a financial advisor to go with a fiduciary advisor. Perhaps this is obvious, but since you say you’re worried about having inappropriate financial products pushed on you, this suggests that you’re not aware of the difference. A fiduciary advisor is required by law to act in your best interest (not their own). And they tend to be less expensive anyway. 

This advice is probably the best advice I've seen in this thread and shouldn't be overlooked.  An advisor should only get paid by you for their service to you, not by receiving commissions from selling you garbage investments with high fees.  If they won't sign a fiduciary agreement with you, tell them goodbye.

[caramelsub]

6 hours ago, top_guy_atl said:

This advice is probably the best advice I've seen in this thread and shouldn't be overlooked.  An advisor should only get paid by you for their service to you, not by receiving commissions from selling you garbage investments with high fees.  If they won't sign a fiduciary agreement with you, tell them goodbye.

Also important to note, there is regulation and licensing required for any financial advisor to call themselves a fiduciary. They must be registered with the state they are located, which involves passing the series 65 or 7/66 combo, or be exempt from examination by holding the Certified Financial Planner designation or an equivalent designation. Probably best to look for a registered investment advisor firm, if one is looking for a fiduciary advisor versus a transactional sales broker. However investment advisors typically only work with high net worth clients, with significant assets.