Pride, Not Prejudice

Pride Month is a celebration of the LGBTQIA+ experience, but also an acknowledgement that we haven’t quite ensured that equal rights are equally granted. It’s also an opportunity for us all to consider whether we can take pride in the roles we play to ensure an inclusive, accepting society for everyone.

 

Pride, Not Prejudice

Pride Month is a celebration of the LGBTQIA+ experience, but also an acknowledgement that we haven’t quite ensured that equal rights are equally granted. It’s also an opportunity for us all to consider whether we can take pride in the roles we play to ensure an inclusive, accepting society for everyone.

On June 28, 1969, following a botched police raid at the Stonewall Inn, a gay and lesbian bar in Greenwich Village, New York, patrons stormed out onto the street where they were joined by other locals and rioted against the oppression they were frequently subject to1. Raids on gay bars were commonplace, and customers could be arrested for expressions of their sexuality, harassed, and even subjected to the humiliation of having to “prove” their gender2. The rioters’ demands were simple: to be allowed places to congregate where they would be free to be accepted for who they were.

The following year, Christopher Street Liberation Day commemorated the first anniversary of the Stonewall Riot and promoted LGBTQIA+ rights. Massively attended annual events around the country and later around the world followed, and in 1999, President Bill Clinton officially recognized June as Pride Month.

For the overwhelming part of human history, pride has not been an emotion granted to the LGBTQIA+ community. The human cost of not letting people live up to their full potential is heartbreaking, and only robs us all of the full richness of society and the human experience. Attributes like gender- and sexual-identity, as with race and ethnic heritage, are valuable parts of people’s sense of self, but should not be reduced to a subjective, selective lens through which we see them. This Pride Month, we hope you will join us in celebrating that everyone should be given the opportunity to be their full self—and take pride in who that is.

 
 

Suggested Reading

While this year’s Pride month may be a little different for most people around the globe, books remain an essential way to connect us with our communities while giving us the opportunity to learn and grow. We’ve selected some financial planning-based books to help ensure all members of our community have access to the best advice for their unique situations. You can also find a diversity of suggestions that further explore both past and present LGBTQIA+ voices from Barnes & Noble, Shondaland and The Independent.

4 Steps to Financial Security for Lesbian and Gay Couples

By: Harold L. Lustig
...
Considered one of the first financial guides tailored to lesbian and gay couples on how to protect their assets despite unfavorable laws.

We Are Everywhere

By: Matthew Riemer and Leighton Brown
...
Combining researched narrative with curated photographs, this book traces queer activism from its roots in late-nineteenth century Europe, to Stonewall, and those who are leading the charge for change today.

The LGBT & Modern Family Money Manual

By: Holly Hanson
...
From developing a plan for protection of assets to understanding the benefits you should be applying for to positively impact your financial picture, this book aims to give LGBTQIA+ individuals, same-sex couples, and modern families the education they need to plan and provide for themselves and their loved ones.
 

Caring Cetera Raises $240,000 (and Counting) for Diversity in Financial Planning Scholarship

To help encourage greater representation and access within our profession, Caring Cetera launched the Diversity in Financial Planning Scholarship, offering financial and mentorship support to students from communities traditionally underrepresented in financial services. To date, $240,000 has been raised to help deserving students pursue their financial planning career.
Learn More or Make a Donation

 

Suggested Watching

Digital platforms have given audiences access to LGBTQIA+ films that were once hard to find. Though some cities have halted parades and gatherings due to the pandemic, you can still mark the occasion by hosting a movie marathon in support of LGBTQIA+ filmmakers and voices. For a greater list of movies, films and short stories that explore the LGBTQIA+ experience, you can also check out Harper’s Bazaar and PBS.

Gen Silent

Director: Stu Maddux

Star: Lois Johnson

Recommend by Cetera advisor David Treece, this documentary follows the lives of six LGBTQIA+ seniors living in the Boston area who must choose if they will hide their sexuality in order to avoid discrimination and mistreatment in the long-term health care system.

We Were Here

Directors: David Weissman, Bill Weber

Stars: Ed Wolf, Daniel Goldstein, Guy Clark

This award-winning film illuminates the profound personal and community issues raised by the AIDS epidemic in the 1980s, as well as the broad political and social implications it unleashed.

Word Is Out

Director: Nancy Adair , Andrew Brown, Rob Epstein

Stars: Pat Bond , John Burnside, Sally M. Gearhart

This film features 26 people, spanning diverse generations, walks of life and geographical locations, whose lives converge around their common experiences of persecution and alienation as a result of being gay.

 

Valued Partnership

Out and Equal: Financial Planning and the LGBTQ+ Community


David Treece, AIF®, MBA of Treece Financial Group, proudly embraces his LGBTQ+ identity and uses his professional knowledge to educate, empower, and help LGBTQ+ individuals navigate their financial journeys, which often have distinct challenges and potential pitfalls not faced by non-LGBTQ+ individuals or couples. David often presents at conferences to share his experience and detail considerations financial professionals need to account for when working with the LGBTQ+ community. Below are some of the key issues to be aware of when serving LGBTQ+ clients.

  • Legally recognized marriage for same-sex couples is relatively new. Because many in the LGBTQ+ community never thought marriage would even be possible, couples are often not aware of the legal nuances and the more than 1,000 federal benefits marriage brings. It’s important to ensure couples have the education they need to help them navigate things like the importance of identifying beneficiaries, powers of attorney and other legal decision-making power, and many others.

  • It’s the unfortunate reality that many in the LGBTQ+ community have hostile relationships with their family members. Get to know your clients and be aware of potential family issues that may arise. Make sure their needs are properly documented and beneficiary information is securely stored to ensure their wishes are executed—and spouses protected—after their death.

  • Because many same-sex couples thought they would never get married, they might have taken a single-life pension, never implemented Social Security survivor benefits, maintained separate finances, and never filed joint tax returns; they often need guidance to understand the financial implications of each decision and how to address any changes they should make.

  • Because older LGBTQ+ individuals will likely not be legally married or have children, they will need to consider long-term care, in-home assistance, or senior housing.

  • Adoption and surrogacy are common among same-sex couples, so it’s important to have a good attorney within your centers of influence who has experience in this area and can help them navigate the financial and legal responsibilities involved.

 

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