A large portion of the LGBTQ community is reluctant to go to an advisor because they’re afraid of having to talk about their lifestyle. How can the LGBTQ+ community benefit from financial planning?

In this episode, Tim Volk introduces Ben Galloway, CFP®, a Senior Financial Advisor in Greenspring Advisors’ Private Client Group. They talk about the importance of financial planning for same-sex couples and the LGBTQ+  community. Ben shares his career journey and how he found his passion for providing support and guidance in financial decisions. They also talk about the challenges faced by the LGBTQ+ community in terms of financial planning and the need for peace of mind, starting a family, and retirement and caregiving. They emphasize the importance of estate planning and the need for professionals who understand the unique challenges faced by LGBTQ+ individuals. They also touch on the importance of asking the right questions and seeking advice from trusted advisors.

Tim and Ben converse about: 

• What they love most about being financial advisors and part of the LGBTQ+ community
  
• Ben’s personal story that has led him to the work he’s doing
  
• Why financial planning is important for the LGBTQ+ community
  
• Why members of the LGBTQ+ community are less likely to use financial planning tools and are reluctant to go to an advisor
  
• How working with financial professionals can help protect you from the unexpected
  
• The key “aha” moments Ben has had in his work
  
• The advice Ben wishes to share with anxious clients as they walk through the door
  
• What’s up next: EQ vs. IQ,  and the new technical aspects of financial planning
  
• And more
  

Resources:

• A Guide to Non-Binary Families
  
• Your Relationship With Money Part 1: Scarcity & Abundance With Jill Shipley (Ep. 9)
  
• Your Relationship With Money Part 2: Redefining Success With Jill Shipley (Ep. 10)
  
• Hairspray On Tour
  
• Sage USA: Facts On LGBT Aging
  
• Aging With Dignity as an LGBTQ+ Person with Arden O’Connor and Sam Van Kalkeren (Ep. 4)
  
• Queer Money Podcast
  
• Kingdom Advisors
  
• https://www.sageusa.org/
  
• https://www.hrc.org/
  
• https://www.thetrevorproject.org/
  
• https://aver.us/
  
• https://www.aclu.org/issues/lgbtq-rights?redirect=lgbt-rights
  
• https://lambdalegal.org/
  
• https://lgbtqbar.org/
  
• https://pflag.org/
  
• https://www.youcanplayproject.org/
  
• https://www.athleteally.org/
  

References:

• https://www.ipsos.com/en-us/knowledge/media-brand-communication/the-influential-affluents
  
• https://www.fool.com/research/lgbtq-money-study/
  
• https://www.sageusa.org/your-rights-resources/social-isolation/
  
• https://www.sageusa.org/news-posts/lgbtq-seniors-fear-having-to-go-back-in-closet-for-the-care-they-need/
  
• https://www.cdc.gov/emotional-wellbeing/social-connectedness/loneliness.htm
  
• https://www.cdc.gov/hiv/group/gender/men/index.html
  
• https://nickwolny.com/what-is-pink-money
  

Connect with Tim Volk: 

• T. Volk & Company
  
• LinkedIn: T. Volk & Company
  
• LinkedIn: Tim Volk
  
• tim.volk@tvolkco.com
  
• Phone: 312-636-5855
  

Connect with Ben Galloway: 

• Greenspring Advisors
  
• LinkedIn: Ben Galloway
  
• ben.galloway@greenspringadvisors.com
  
• Phone: 443-564-4600
  
• Instagram: @benny.nd.the.jets
  
• Twitter/X:  @ItsBenGalloway
  

About our Guest: 

Ben is a Senior Financial Advisor and CFP® in Greenspring Advisors’ Private Client Group.  Ben’s practice focuses on serving the financial planning needs of business owners and executives, especially related to sudden wealth and intergenerational wealth transfers.  His work includes a special emphasis on the unique needs of same-sex couples and other members of the LGBTQ+ community.  Ben works with clients to develop financial, tax, and estate planning strategies specific to complex wealth needs, including concentrated stock, real estate, buy-sell agreements, and charitable giving.  An enhanced and remarkable client experience through exceptional service is pivotal to Ben’s practice.  Whether it is helping clients sell a business, plan for retirement, save for college, or start a family, Ben prioritizes an educational and evidence-driven investment and planning approach.