Any good advice prospecting "domestic partners"

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Jan 3, 2008 11:24 am

Guys,

 
I'm trying to dig for information here. For Niche marketing purposes, how would a financial advisor approach a gay couple's financial plan vs that of a "legitimately" recognized married couple? What differences come to mind and what approach would you recommend?
Jan 3, 2008 12:18 pm

Wear tight leather pants and a dog collar.  You could also have The Village People playing in your office when they come in to see you.

 
Seriously, your best bet to attract such niche clients is to be like-minded, and network with them.
Jan 3, 2008 1:49 pm

I assume you have to have SOME gay clients already, or you wouldn't just choose that one out of the blue.  So, you should probably ask them about their lives, their challenges, etc. (I'm not being sarcastic).

 
Seriously, though, a few things come to mind, and most would be similar to straight, un-married life partners:
1. estate planning - having the proper wills, trusts, etc. set up is CRITICAL.  Otherwise, a dead gay guy ends up leaving 500K to his cousin he's never met rather than his partner of 25 years.  This is probably issue #1 that is different from straight (married) people.
2. Insurance, pensions, annuities, etc. - Sort of related to above, but think beneficiaries and joint survivor options, etc.  Again, you don't want to leave a partner high and dry when you're dead because they are not a "recognized" partner.
3. "Equality" in retirement planning.  Stay with me here....let's say a gay couple is together 20 years, but not "officially" married.  One of them works less, earns less, saves less, etc. but lives with the wealthier partner.  Maybe they have some joint assets, maybe not.  They turn 55 or so and one of them ditches the other.  Is it a "divorce"?  Is the one with few assets entitled to anything?  Better make sure both partners are saving enough in their own names, and that "joint" savings is registered in "joint" name (along with house, cars, etc.).  A same-sex "prenup" may be beneficial.
 
Like any niche, I think you really need to find a few good clients in the gay community, then tell them you would like to get introductions to their friends.  In your meetings, stress how planning for life partners is different than "traditional" married partners.  This is a VERY close-knit community, so it's actually a great niche if you can get in (membership has a rather steep price, though .)  You should also research attorneys in the area that specialize in gay couples, family law, something like that.  They may be able to help you with these ideas (and laws in your state), as well as possibly throw you some business.
Jan 3, 2008 3:12 pm

You're both great, thanks! Yes I have had some clients fall on my lap (no pun intended) and I live in an area that is populated with them.

 
Indyone any suggestions on some leather pants?
Jan 3, 2008 3:47 pm

I'd go with the backless chaps...that should get you in easily...

Jan 3, 2008 3:59 pm
Indyone:

I'd go with the backless chaps...that should get you in easily...



You seem to have some very informed opinions on this matter.....

Jan 3, 2008 4:00 pm
anabuhabkuss:

Guys,

 
I'm trying to dig for information here. For Niche marketing purposes, how would a financial advisor approach a gay couple's financial plan vs that of a "legitimately" recognized married couple? What differences come to mind and what approach would you recommend?



Avoid using the terms 'back end load' when talking about the different classes of mutual funds.

Jan 3, 2008 7:23 pm

 HAHAHAHA! You guys crack me up!

 
Joe & Indy owe me a new monitor, since I spewed all over this one!
Jan 6, 2008 9:51 am

May I suggest watching Brokeback Mountain, while taking notes first? LoL   No seriously though... They have the same worries as we do! So think about what a couple (typical) would consider to be the first and foremost important issue that they'd want to discuss with you... b/c they (gay couple) certainly are thinking about similar issues.

Jan 15, 2008 4:53 pm

Thats fantastic! lol.

Jan 16, 2008 5:46 pm

Gay, straight, bisexual...who cares they all need mutual funds etc so whats the different 'approach" for?

Jan 17, 2008 3:36 pm
mrsobama:

Gay, straight, bisexual...who cares they all need mutual funds etc so whats the different 'approach" for?

 
Because they cannot be married the estate planning issues are COMPLETELY different, there is no unlimited marital deduction and living wills and trusts are even more neccessary than with other couples.
 
If you are only doing investments the approach isn't really any different.   If you are truly an advisor and estate planner it's like comparing apples with hand greandes.
Jan 17, 2008 4:26 pm
ExPropTrader:
mrsobama:

Gay, straight, bisexual...who cares they all need mutual funds etc so whats the different 'approach" for?



Because they cannot be married the estate planning issues are COMPLETELY different, there is no unlimited marital deduction and living wills and trusts are even more neccessary than with other couples.



If you are only doing investments the approach isn't really any different. If you are truly an advisor and estate planner it's like comparing apples with hand greandes.





Okay I see. Makes sense.



I wouldnt know coz in Canada they can legally marry.