“I attended a lot of events and joined organizations to connect with the communities I wanted to work with -- eventually becoming the gay financial advisor of LA,” said Robert Castillo, an investment advisor with Gerber Kawasaki Wealth Management in Santa Monica, Calif.
Robert Castillo has considered himself an LGBT-rights activist since coming out to his family at age 16. He comes from a Mexican background and is the son of two immigrant parents. Today, Castillo specializes in financial planning for both Spanish-speaking and LBGT clients.
He was recently recognized for his efforts in diversity by the Financial Planning Association (FPA) and awarded one of four annual diversity scholarships, which covered the cost of attendance and travel to the 2018 FPA Annual Conference and a complimentary one-year registration with the association.
He was also asked to be a regular contributor for FPA publications, specifically on LGBT financial planning strategies and is working toward achieving the Certified Financial Planner (CFP) designation.
Castillo joined the firm in 2009 after graduating from The University of California, Los Angeles (UCLA). He was used to the liberal environment of the university and decided not to disclose his sexuality at work for the fear of being judged, he said.
But he met someone in 2013 and decided to come out to his colleagues. Danilo Kawasaki, vice president of Gerber Kawasaki, encouraged him to specialize in financial planning for the LBGT community. He obtained the Accredited Domestic Partnership Advisor (ADPA) designation the following year.
Castillo currently serves on the board of COLORS, an LGBT affirmative Youth Counseling Center. He has been involved with the organization since before coming out to his firm. He has done pro-bono workshops, given financial advice on Spanish TV networks, produced digital content, and created an extensive social media footprint to expand the reach of his initiatives.
"I decided to focus my business on people in my own community, mainly because LBGT and Spanish-speaking communities are largely underserved by the financial services industry," Castillo said.
Trust is a common barrier for Spanish-speaking clients. Some have emigrated to the U.S. and don’t trust the system; others have no experience working with a financial planner so the language and cultural barriers inflate that disparity, he said.
Clients who identify as LBGT are more comfortable using LBGT-friendly services, while Spanish-speaking clients appreciate being able to communicate in Spanish, Castillo explained.