The LGBTQ+ community needs help meeting retirement and personal finance goals. Financial advisers have a huge opportunity to make a difference.

Many financial advisers aspire to run an inclusive practice that welcomes a diverse mix of clients. But that’s easier said than done. Even the most open-minded advisers who treat everyone with dignity and respect can struggle to serve the LGBTQ+ community. Despite the best intentions, they may feel unsure of how to communicate with this market.

Part of the challenge is that advisers often lack familiarity with the life experience of those who identify as lesbian, gay, bisexual, transgender and queer. They may not know the precise definitions of all these terms or feel confident asking for their business.

Yet this market is well-suited to benefit from advisers’ expertise. LGBTQ+ Americans are less likely to be on track to meet their financial goals, absorb unexpected expenses orbelieve in their ability to save for retirement, compared to the general population, according to a new survey by the Nationwide Retirement Institute.

With the LGBTQ+ community lagging on financial security, advisers have an opportunity to make a huge positive impact. The survey found that these individuals were less knowledgeable than the overall population on topics such as retirement planning, estate planning and stock investing.

For advisers eager to work with this community, the first step is self-education, says Rona Guymon, senior vice president of annuity distribution at Nationwide Financial in Columbus, Ohio.

She urges advisers not to lean too…

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