By Carson Group, in collaboration with Laura LaTourette, CFP®, Managing Partner, Senior Wealth Advisor, Family Wealth Management Group
The LGBTQ+ community in the U.S. represents a significant and growing economic force, with an estimated $1.4 trillion in annual purchasing power – making it one of the most financially influential demographics in the country. Yet despite this strength, many LGBTQ+ individuals remain underserved in financial services. For advisors, this presents both a responsibility and an opportunity: to build trust with a community that has historically been excluded.
One of our Partners, Laura LaTourette, CFP®, has made it her life’s work to serve the LGBTQ+ community through her practice, Family Wealth Management Group, based in Dahlonega, Georgia. Laura is a nationally recognized advocate, author, and speaker on the unique financial needs of LGBTQ+ individuals and families. Laura’s perspective offers powerful insights on how advisors can bridge the gap in this underserved, and significantly opportunity-rich, client demographic.
Generational Wealth Perspectives Are Not One Size Fits All
Laura emphasizes that LGBTQ+ individuals approach money and planning differently depending on their generational experience.
“The Silent Generation lived most of their lives in secrecy,” she explains. “Many still don’t feel comfortable putting both partners on an account or discussing their finances publicly.” (LinkedIn, 2021)
By contrast, Gen Xers and Baby Boomers – the “Pride Generation,” as Laura calls them, came of age during decades of activism. While more likely to be open about their identity, many have also faced discrimination in housing, employment, or healthcare. That context impacts how they plan for retirement, especially with higher medical expenses or estranged family dynamics. (eMoney Advisor, 2023)
Meanwhile, younger LGBTQ+ Millennials and Gen Z clients are digitally fluent and value- driven. They’re looking for advisors who understand nontraditional family structures, ESG investing, and financial planning that aligns with their identity.
Legacy Means Something Different for Many LGBTQ+ Clients
Many LBGTQ+ individuals do not have children and often have close bonds with their chosen family instead of biological relatives. That shifts how they view legacy planning.
“Many of my clients want to leave a ‘legacy of love,’” Laura shares. “They want their wealth to support the communities and causes they care about, not necessarily pass down to children.” (BT Financial Podcast, 2022)
This creates unique estate planning needs: trusts, charitable giving strategies, and protections for long-term partners who may not have legal family status. Advisors who understand this nuance can be instrumental in crafting legacies that reflect the client’s full identity—not just their financial one.
Underserved and Underestimated
Despite the LGBTQ+ community’s growing visibility and financial power, it remains broadly underserved. Laura notes that many of her clients come to her after negative or dismissive experiences with other advisors.
“There’s a real trust deficit,” she says. “When LGBTQ+ clients find someone who truly sees and understands them, they become incredibly loyal. That’s not just a relationship win; it’s a business opportunity.” (LinkedIn, 2024)
This loyalty often extends beyond the individual client. When LGBTQ+ clients feel genuinely supported and understood, they are more likely to refer friends, family, and community members to advisors who have earned their trust. This word-of-mouth can be a powerful driver for expanding an advisor’s client base within the LGBTQ+ community.
With higher discretionary income and a desire for long-term partnership, LGBTQ+ clients represent significant potential in AUM and referrals. To earn their trust, advisors must go beyond generic outreach and take time to understand what truly matters to these clients -whether it’s legacy planning, chosen family dynamics, or aligning finances with personal values. Demonstrating cultural awareness, emotional intelligence, and a commitment to personalized service is what sets great advisors apart in this space.
How Carson, and Advisors Everywhere, Can Do Better
Laura’s advice for financial professionals:
- Educate yourself. Understand the unique planning needs of LGBTQ+ clients, especially around topics like legacy, healthcare, and chosen family.
- Know the client. Normalize asking about pronouns and avoid assumptions about family structures.
- Create a safe space. Clients should feel free to bring their full selves into the planning conversation.
- Build trust before talking assets. Many LGBTQ+ clients have experienced bias or exclusion in professional settings. As Laura puts it, “LGBTQ+ clients often need to fully trust their advisor before they’re willing to hand over their money. It’s not just about credentials—it’s about connection.” (BT Financial Podcast, 2022)
At Carson, we recognize that trust is earned. While we’re still growing in this space, we’re proud to learn from advisors like Laura who lead with empathy, inclusion, and expertise. Our commitment is to foster a network where every advisor, and every client, feels empowered to build a financial life that reflects who they are.
