Fewer Than Half In Same-Sex Marriages Seek Professional Guidance, Despite Ongoing Confusion Around Current Marriage Laws And Regulations – According to Wells Fargo Study
- Emergency savings (33%)
- A written retirement savings or investment strategy (28%)
- A plan or strategy to reduce debt (23%)
- A careful budget to manage spending (19%)
With recent changes in laws affecting same-sex relationships, more than half of surveyed LGBT investors (53%) would value professional guidance on wills and estate plans. A third would value help with powers of attorney (35%), tax issues (35%) and retirement planning (33%). Almost a quarter would value guidance on investing (24%) and beneficiary designations (23%). The survey found that needs vary among LGBT investors depending on their marital status.
- Seventy-four percent prefer working with financial professionals who have other LGBT customers
- Sixty-seven percent prefer working with financial professionals specifically trained on issues facing LGBT couples
- Fifty-two percent prefer working with financial professionals who are LGBT themselves
- Healthcare decision-making rights (61%)
- Insurance and healthcare coverage (58%)
- Inheritance rights (56%)
The Accredited Domestic Partnership Advisor (ADPA) program was created, through a partnership with the College for Financial Planning, to educate advisors about the unique needs and financial considerations of same-sex couples and domestic partners. Financial advisors who earn this designation are well equipped to work with domestic partners and lesbian, gay, bisexual, and transgender (LGBT) clients to develop a thoughtful approach to help identify and work toward their financial goals. Wells Fargo Advisors created ADPA in conjunction with the College for Financial Planning. Today, Wells Fargo Advisors has more than 100 ADPA-certified financial advisors nationwide, more than any other firm in the country.
These survey findings are based on an online survey conducted April 8 – April 25, 2014 among 875 Lesbian, Gay, Bisexual, or Transgender (LGBT) investors nationwide. Qualified respondents were non-students, ages 25-75, who are the primary or joint financial decision-maker in the household with household investable assets of at least $25,000. Survey results are weighted to reflect the overall LGBT population in the U.S. based on LGBT and same-sex relationship status. The survey also included a national comparison sample of 400 general population investors, weighted to reflect current Census data for gender, age, race, ethnicity, household income, and region. Assuming no sample bias, the maximum margin of error is ±3% for the LGBT sample and ±5% for the full U.S. sample.
Versta Research is a full-service market research firm, headquartered in Chicago, IL, specializing in customized strategic market research and public opinion polling. For more information, visit www.VerstaResearch.com.
Wells Fargo Wealth, Brokerage and Retirement (WBR) is one of the largest wealth managers in the U.S., with $1.6 trillion in assets. WBR includes Wells Fargo Private Bank, serving high-net-worth individuals and families; Wells Fargo Advisors¹, the third-largest brokerage firm in the U.S.; Wells Fargo Retirement, which manages $310 billion in employer-sponsored retirement plan assets for 3.7 million Americans; and Abbot Downing, serving ultra-high-net-worth individuals and families. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations.Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at wellsfargo.com/stories.
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