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December 24, 2021

Advisors challenged when dealing with same-sex couples: report

Between 2006 and 2011, the number of same-sex married couples nearly tripled, according to the most recent census data.

As a result, demand for specialized financial services has also increased, as thousands of LGBT individuals strive to get their financial houses in order and deal with complicated issues such as income splitting and estate planning.

But advisors anxious to serve this growing market say that traditional financial planning software doesn’t adequately meet the needs of such couples, the Financial Planning Association reports.  

The FPA survey showed:
  • 71% of advisors currently provide financial planning services to couples that are unmarried and/or in same-sex relationships and most expect an increase in same-sex couples.
  • 55% of advisors want software that will give them accurate calculation of benefits for non-spouse beneficiaries for pension entitlements.
  • 52% of advisors want software to allow for different drawdown percentages on a couple’s aggregated portfolio. 
  • 50% of advisors want software that models the tax impact in estate planning for unmarried and same-sex couples.

If you find yourself in this demographic, are you confident that your financial plan is adequate? Or is it really somewhat homemade?

By Gordon Powers, MSN Money




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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...