Morgan Stanley has launched a lesbian, gay, bisexual and transgender client initiative that provides advisors with wealth planning tools, business development and marketing resources designed specifically for LGBT prospects and clients, officials said.
As part of the initiative, Morgan Stanley has crafted a new client educational resource, LGBT On Your Terms, that is available to help same-sex couples understand the factors that are likely to affect their family's finances and long-term plans.The 24-page white paper provides prospective clients with information on such pertinent topics as "knowing the law;" "same-sex family finances;" "planning your retirement;" and "controlling your legacy."
"In today's ever-changing financial and legal environment, it is important for LGBT couples to work with a wealth management organization that specializes in LGBT wealth planning issues,” Douglas J. Ketterer, head of U.S. field management for Morgan Stanley, said in a statement.
Same-sex marriage is legal in Iowa, Massachusetts, Connecticut, Vermont, New Hampshire, New York, Washington and the District of Columbia, and in the process of being implemented in Maine and Maryland. Other states have either a variety of civil union laws or no legal standing at all for same-sex couples.
As a result of the varied state laws, same-sex married couples often face a bevy of financial planning issues when buying a home, making a will, designating beneficiaries, transferring assets or making sure partners have hospital visitation rights, “We are equipping our financial advisors with the tools they need to advise on these and other issues,” Ketterer said.
The Accredited Domestic Partnership Advisors program, a professional designation which equips advisors to meet the unique financial planning needs of couples who are considered to be unmarried under either state or federal law, or both.
Morgan Stanley’s Diversity Council, a 19-member group of financial advisors and branch managers who meet to advise management on diversity issues, contributed to the development of this initiative.