From assumptions to understanding: financial inclusion for the LGBTQ+ community

Is inclusion for the LGBTQ+ community still a distant dot on the horizon? Or are we moving closer to a situation where we celebrate our differences, and accept that everybody has a right to live the life they want? The nuclear family is still the UK’s dominant household, but we live in a society of blended families, single parents, civil partnerships – every shade of the rainbow.

In April, the UK Supreme Court ruled that, for the purposes of the Equality Act 2010, "sex" refers to biological sex, not self-identified gender. Has progress towards a more inclusive, accepting society stalled? And what can we do to embrace our growing number of clients who identify as LGBTQ+?

 Is the ‘normal’ family a thing of the past?

“Today’s concept and definition of ‘family’ is incredibly different to 25 years ago,” says SJP Partner Rachel Toseland of Simplicity Financial Planning, who is herself married to a transgender woman. “There are so many blended families or same-sex partnerships.”

One of the key drivers towards a more inclusive and accepting society is never to make assumptions about someone’s personal relationships. “Family doesn’t always express itself in parent-child relationships anymore. Which is why at our practice we never use language that puts labels on people or makes assumptions about someone’s lifestyle or partner."

Advising with kindness 

One of Rachel’s clients is an elderly lady in her 80s, with three children as trustees for her investment. One of her children is transitioning from male to female. She needed someone to talk to that she could trust – just as much as she needed practical financial advice. “We worked through the practical side, changing documentation, but with compassion and understanding.“

“I don't think you need to be a member of the LGBT community to create that empathy, but I think there needs to be more education and understanding around how best to support LGBTQ+ clients and understanding different scenarios they might be experiencing.”  

Many SJP practices now have specific LGBTQ+ pages on their websites, so the community knows that they are allies. 

Understanding is key

Like Rachel, SJP Partner Danni Watts-Jones runs a successful financial services business that practices what it preaches; a fully inclusive and safe space for every client, no matter how they identify: “Tell me who you are, not who you were born". she smiles. Danni is passionate about inclusion, and the right for everyone to have good financial advice. Now, she has a large number of LGBTQ+ clients – referrals spread fast in this community. 

“People were taken aback I think when our Practice was sponsoring a same sex Strictly Come Dancing event!“, she says. “But we love that our clients feel comfortable here to be themselves when they walk through the door.“

The LGBTQ+ community and financial advice

An LGBTQ+ person might have quite similar goals to a straight or cisgender person such as starting a family or retiring at sixty. But their path may not be as straightforward, as Danni points out.

“Some of those goals are common to us all – but for the LGBTQ+ community, there can often be higher hidden costs. Surrogacy can cost couples thousands extra. Transitioning is an expensive procedure, and even planning legacies becomes more complicated if families are estranged."

Celebrating Pride Month at SJP

During Pride Month, SJP's LGBTQ+ network, SJPride, is actively engaged in organising events to honour and support the LGBTQ+ community. We are proud to sponsor and attend the main Pride event in Cirencester, located near our head office, to demonstrate our solidarity with the LGBTQ+ individuals in our local community.

While not all of our advisers are specialists in advising LGBTQ+ clients, we will always take the time to get to know you, your lifestyle and circumstances. This Pride month, we're offering additional training and webinars on Trans and non-binary inclusion, as well as exploring the challenges that the financial services industry still faces and how we can address them.

We also provide support and learning for our advisers on how to offer more inclusive services for LGBTQ+ clients and help them understand the barriers they may face in achieving their financial goals.

The role of compassion in financial advice

It’s not simply that being LBGTQ+ can cost more – it can also make it doubly hard to look after your finances.

“Many of our LGBTQ+ clients are battling inside with their heads about who they really are,” says Danni. “They haven’t always got the headspace to deal with it, or think about their long term future, when just dealing with the day-to-day reality is hard enough.“ That calls for empathic as well as practical financial advice, and many are still understandably wary of sharing sensitive personal information with a financial adviser. Financial planning is a deeply personal experience, and as SJP’s recent Real Life Advice highlighted, trust and understanding in the relationship is key.

SJP is committed to raising funds for MindOut, an essential charity dedicated to providing mental health services tailored specifically for LGBTQ+ individuals. The generosity of SJP advisers, employees, and the SJP Charitable Foundation has significantly contributed to supporting MindOut through fundraising and grant initiatives in recent years.

Advising with an open mind, an open heart and an open door

Rachel and Danni agree that, although the inclusion gap has narrowed, it still exists. “People are making fewer assumptions than they did,” says Rachel. “But making assumptions is, for me, one of the biggest issues facing us.”

Sometimes, Danni remind us, we simply overthink it. “Just be the person your client needs you to be,” she says, as we celebrate Pride 2025. "We’re not there yet but as we celebrate Pride this month,  compassion, understanding and kindness will get us a long way.“

Looking for financial advice you can trust? Get in touch today.