“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.