“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.

Castillo has made it a priority to serve the specialized needs of his clients. “Many LBGT clients enjoy being able to build up their community and often want to speak with their dollars politically; that’s something that requires a plan,” he said.

There are same-sex couples that have lived together and have assets together, but have no formal plan if something were to happen to them. In the event that they have an emergency or death, most want to learn how they can go about protecting each other, said Castillo.

People don’t realize that roughly 1,100 benefits are available to married couples that are not available to partnered couples and those in domestic partnerships, he added.

On June 26, 2015, in the case Obergefell v. Hodges, the Supreme Court ruled in favor of same-sex marriage, stating same-sex couples have a constitutional right to marry in all states. However, marriage is still a fairly new option for LBGT couples and many aren’t quick to marry, Castillo said.

Castillo helps clients navigate their options regardless of marital status and also supports them through the social and emotional dynamics of financial planning in same-sex partnerships. For example, there are cases where families of same-sex couples do not acknowledge the marriage the same way they acknowledge a heterosexual marriage. If one partner dies, the families will still try to go after the money, despite the presence of a widowed spouse, Castillo explained.

When there are children from previous relationships, transferring wealth can become even more complicated. It’s important to have the proper plan in place for that reason, he added.

Castillo encourages advisors to also get involved with communities they are interested in working with. Getting involved with organizations that serve the group an advisor may be interested in is a great way to start.  Leveraging social media and building an online presence can also be a powerful tool in helping advisors looking to share their message with larger audiences, he said.