How do I find a gay financial planner who is in Manhattan, has inheritance, tax, and foreign country experience, and speaks Spanish?

March 2, 2007 6:53 PM

How do I find a gay financial planner who is in (or accessible to) Manhattan (NYC), has inheritance, tax, and foreign country experience, and speaks Spanish?

I am looking for a financial planner who can advise me on what direction to take with a trust our father left us. My sister wants to dissolve it. The trustee is agreeable. Ideally, I would like to find someone who has a background with such inheritance issues, is in Manhattan, and is gay or "gay-friendly."

It is not a great deal of money (a few hundred-thousand) but, as I have gone back to school (I am in my mid-40s) it is my only source of income, aside from my savings and (god forbid) my 401k, so I want to ensure this is done properly and does not create any (unnecessary) costs for us.

I would be more comfortable speaking with someone gay. Feel free to debate this if you like; you would be in good company with some of my friends. For me, it's a cultural issue, but I also believe in supporting my community (though not at the risk of bad advice or planning.) Additionally, I would like someone who is familiar with tax and inheritance matters in Central America, as we will have issues there at some point as well. So, somewhat unique short and long term needs for which I would like to have "one-stop shopping" convenience, if at all possible. And, of course, someone who can work with my desire to be a "socially conscious" investor.

I have done my homework, on AskMeFi: here, here, here, and across the web. I have looked at NAPFA (which has surprisingly few members listed in Manhattan), OutProfessionals (which has even less,) and general Google searches. I would prefer to not choose blindly, as this is an extremely important issue.

Many thanks for any help you can provide. Feel free to email me directly if you prefer:
david.mail1234 (at) gmail.com

(And I apologize for posting anonymously, but I hope you can understand the very personal nature of this issue.)

posted by anonymous to law & government (6 answers total)

The Gay Financial Network lists several financial planners in or close to NYC. You'll probably have to call around to see if they match your other criteria, but I bet you can get some more referrals in the process if not.
posted by bizwank at 8:15 PM on March 2, 2007

I'm not debating your decision, but I would prioritize the quality of the planner over the sexuality/ethnicity of the planner. I know you will probably ignore this, but you may get much beter advice from a big trust team that isn't one guy than you would from a guy you feel comfortable talking to.

It sounds like you have a fairly complex situation. Thus, if you find two equivalently qualified planners and one is gay: go with your gut and choose the gay one. If there is a guy who is knowledgeable in South American inheritance tax laws and he isn't gay, I wouldn't shy away from him. He may be the only one that is available for dealing with.

As a side note, no financial planner is going to care about your sexual orientation or ethnicity. They have one priority: finding the most efficient path for your money to reach its goal. Your goal could be a trust for your cat or the love of your life, they don't care. Professionally they only see green.
posted by aburd at 12:34 AM on March 3, 2007

As somebody with a background in the biz (CFA certification, but not looking for work, so no conflict here) I have to agree with what aburd said. A good financial planner won't care about your orientation, nationality, or anything apart from doing the best they can for you.

I'd say the most important thing is finding somebody with a background in Central American tax/inheritance issues. And despite what you may think, a few hundred K is nothing to sneeze at, even in NYC, so it's gonna pay to do some legwork.

Given the specialized nature of your needs, I'd start by asking around within the ethnic community; check the (Central-American-nation-in-question's-American) newspapers for ads, call the consulate for references, etc. Ideally you'll get a list of names each of whom should then give you a free phone consultation along with a client list that you can use to check on them. Make sure they're qualified to practice in NY (e.g., CFP and/or CFA) and you get a story you like from their client references. You should be able to build a short list and pick one from that. Given the complexity of your situation, it may be best to look for help at a larger firm with a strong international as well as U.S. tax practice.
posted by Opposite George at 1:11 AM on March 3, 2007 [1 favorite]

I'm going to have to take the opposite stance. As someone who's had a gay financial planner and a straight one, if you are gay, having someone who has some experience with gay financial issues is incredibly valuable. Many financial planners aren't well-versed in all the ins and outs of this legal/financial situation; gay ones can be due to their own personal experience.

In addition, the poster has stated this is what s/he is looking for.
posted by fiercecupcake at 7:26 AM on March 3, 2007

If I were you, I'd find some gay or gay-friendly financial planners in your area, call them and explain your situation and see if they are able to provide a referral to a financial planner who is an expert in central american issues and gay or known to be gay friendly. This way, you are still helping out the community because the financial planner providing the referral might get a referral fee or reciprocal referrals from the planner you end up using.

My guess is that there are plenty planners out there who fit your requirements, they just aren't into lifestyle-specific advertising.
posted by necessitas at 8:24 AM on March 3, 2007

[nonanswers removed. if you want to debate the questioner, use metatalk instead.]
posted by mathowie at 11:05 AM on March 3, 2007