Editor's Note: This article is part of the Financial Advisor series "How I Solved It." Advisors describe a client with a problem and what they did to help.

Members of the LGBTQ community face many of the same financial problems that are experienced by straight couples, including money issues tied to adopting a child.

Matthew Schechner, founder and president of of Essential Advisory Services in Westbury, N.Y., had a case that illustrated this involving female partners who were clients of his.

Schechner said his firm is a "judgment free" financial planning firm that helps people from all backgrounds. With $100 million in AUM, Essential Advisory clients include traditional couples, women and members of the LGBTQ community in about equal measure.

This case involved two women, both in their 40s, who wanted to adopt a child, he said.

“As all mixes of couples have found, adopting a child can cost $50,000 and, if they decide to go the surrogacy route, it can cost as much as $200,000,” said Schechner, who has been in the financial industry since 1994 and founded Essential Advisory Services in 2018," he said.

This case, like otheors involving the addition of a child, involved hard financial choices, Schechner said.

"No one wants to take large withdrawals from retirement accounts at that stage in life, so something had to change. The women valued having a family ... and spent five years drastically trimming their expenses,” he said. “Sometimes they did not like me very much because I had to say ‘no’ a lot when they wanted to spend money on other things.”

For example, the women wanted to upgrade to a new car, take more frequent vacations, go out to nice dinners and make home renovations, Schechner said. “For other clients, it can be jewelry or clothes. The process of cutting back is an awakening for people. But when you’re planning a family later in life, you already have a strong understanding of the level of commitment that’s required. What these families need from me is guidance and advocacy.”

The couple lived in an urban area, which drove up their cost of living, he noted.

“Fortunately, these women were capable and productive earners. But still, preparing for the costs of adoption while juggling everyday life, retirement savings and the unexpected occurrences of life requires a great deal of commitment,” he said.

The women began saving $1,500 a month and accumulated more than $100,000 for the adoption of their son. Both women had salary increases over time that helped them reach their saving’s goals.

“They crossed the finish line with the successful adoption and they have continued with their pre-adoption budget to a certain extent so they can pay for family expenses,” Schechner said. “I think that is a tribute to both our process and to their determination. The couple and their son are doing great now. This is a perfect example of goals based planning.

“What makes our process unique is our commitment to understanding the situation. We have the ability to remain objective but respect the emotional component of the situation,” he added. “The clients are with us every step of the decision-making process. Also, as goals-based planners, we adhere and respect the ultimate goal of making sure that the plan fits well within the overall personal financial plan that we’ve created with our clients.”

However, members of some of communities, such as women and LGBTQ, still face an uphill battle when it comes to financial issues, in part because they are underserved, he said.

For example, 28 states don't have laws that protect people from discrimination on the basis of sexual orientation or gender identity in employment, housing and public accommodations, according to the advocacy group Freedom for All Americans.

“There is a lot of talk in our industry about helping underserved communities, but not a lot of follow through. Many people are being ignored,” Schechner said. “Advisors need to find out where clients are going and then the clients need to be empowered to get there, no matter who they are.

“The LGBTQ community is at the forefront of changing times and financial plans need to be able to adapt,” Schechner said.