LGBTQIA+

By: Gerard Forristal – Independent Financial Adviser (He/Him)

For those of us from the LGBTQ+ community we have seen much progress and equality in the past twenty years since Civil Partnerships were introduced in the UK in 2005 and Equal Marriage in 2014.  However, legislation that protects our rights is not the entire story or indeed the end of our story.  Research has shown that there is still work to do protect basic rights.

Financial wellbeing is of particular concern to the LGBTQIA+ community.  We are not all ‘loaded’ because we live a life described (frequently and inaccurately by the finance industry) as ‘double income no kids’.  That’s an outdated cliché of course because the reality today is that far too many LGBTQIA+ people struggle with their financial security and the ability to save for retirement.

Civil Partnerships and Equal marriage have certainly led to an increase in LGBTQIA+ households than in the previous twenty years and more LGBTQIA+ partners are having children.  Passing on inheritance to heirs is important now more than it was in previous decades.  But it’s not all about Civil Partnership and Equal Marriage.  Not every LGBTQIA+ person takes that route or starts a family.  

Many LGBTQIA+ people are held back in their careers and research has also shown that they are often paid less.  We are seeing improvements with every passing year but the reality for many LGBTQIA+ people is that the workplace is not the ‘equality utopia’ that many would have us believe – particularly for trans individuals.

I’m a proud openly gay man and I’m privileged to work in a firm that respects equality and diversity.  But it is only in recent years that I have been far more open in my broader professional career.  In my role I have been shocked by what I hear from LGBTQIA+ clients and prospective clients about their experiences with financial institutions and advising firms including the use of inappropriate comments about lifestyle and misgendering.  A 2022 survey found 30% of LGBTQIA+ adults have experienced bias, discrimination, or exclusion in the financial services sector, either from individuals or organisations*.

LGBTQIA+ people want to deal with people who understand or share their lived experiences.  My job is to take a truly holistic approach to your financial planning by discussing your unique circumstances with you.  As a truly independent financial adviser I can search the entire marketplace to find the right solutions to help you acheive your specific financial goals and objectives. 

There’s never a good time to start saving and investing for your financial future but the earlier you start the better!  It’s not a big scary thing to feel overwhelmed by, I promise you.  Even small amounts invested can add up to a considerable sum over time.

I will help guide you through your financial planning experience and take the fear out of securing a financial future you can look forward to with confidence.

You can contact me directly by emailing me here: gforristal@scotiawm.co.uk 

Pride Edinburgh

Run entirely by volunteers, Pride Edinburgh organise both the annual pride march in the city and a community based festival to celebrate progress, diversity and personal identity.

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Adviser Greame Lobban, Scotia director Bill Smith, Adviser Gerry Forristal

We proudly take a stall at the Pride Edinburgh community fair each year to connect and celebrate with the LGBTQIA+ community.  The day was about raising awareness as well as having some fun.  We also used the day to help raise funds for our chosen charity so thank you to everyone who gave money.

Pride Glasgow

The picture below shows advisers Gerry Forristal, Scotia director Bill Smith and adviser Graeme Lobban at the Pride event in Glasgow Green.  Once again the people who attended gave many donations to help us in our charity fundraising.  

The team from Scotia Wealth Management had a stall at the community fair.  The day was about raising awareness as well as having some fun.