The Washington Independent
The Washington Independent

Where Same-Sex Couples Bank Without Fear

With the news that Citibank screens some of its clients for objectionable content -- and applies that screening process to gay-themed businesses -- many LGBT

Henry Hamer
News
Last updated: Jul 31, 2020 | Mar 10, 2010

With the news that Citibank screens some of its clients for “objectionable content” — and applies that screening process to gay-themed businesses — many LGBT business people and Citi customers are probably wondering where their business is truly welcome. Luckily, Jeremy Quitner of The Advocate has a great run-down of banking programs designed to cater to the needs of LGBT clients — and, specifically, to the special needs of same-sex couples.

Quitner explains why targeted LGBT banking and financial planning programs are so important.

“It boils down to marriage rights,” says Jennifer Hatch, president of Christopher Street Financial, one of the oldest financial advisories for gays and lesbians, based in New York. “The average straight couple gets a lot of their financial setup simply by saying ‘I do.’”

As LGBT rights advocates have often argued, marriage confers certain legal rights that makes everything easier — and it includes banking.

But some groups, like Christopher Street Financial, work specifically with same-sex couples and LGBT individuals to design financial plans in accordance with their sometimes unique needs and, in the last decade, has seen competitors finally pop up all over the country. Chicago’s Northern Trust, which deals exclusively with high net-worth individuals — a lucrative income stream for many retail banks — just launched its first practice aimed at high net-worth individuals with non-traditional family relationships. Boston’s Wainwright Bank started issuing affiliate credit cards in the 90s that gave a portion of the proceeds to LGBT rights groups — and it says that 10 percent of its employees are openly gay, including two senior executives and one member of the board.

Wells Fargo, based in San Francisco, worked to reach out to the LGBT community for 20 years, though it only established a specific LGBT practice in 2005, and in 2009 it began a program to certify financial planners to work with same-sex couples. Bank of America’s wealth advisory practice through its Merrill Lynch affiliate — again, a personalized banking service aimed at high net-worth individuals — will nonetheless work with LGBT individuals or couples in any income bracket for financial planning fees ranging from $250 -$1,000.

Interestingly, Citibank today announced that it plans to double its private banking force over the next two years. It is not reportedly dedicating any of those new private banking resources to an LGBT-specific practice. Apparently, the money in the LGBT community that is attracting attention from its big competitors isn’t of enough interest to Citibank.

Henry Hamer | I'm currently working for Google's Chrome team in Munich, Germany, as a developer advocate. I was a member of the team responsible for the online presence of Sueddeutsche.de, one of Germany's largest daily newspapers, from January 2010 to November 2011. I used to work for Yahoo! on their similarly massive European news pages before joining Sueddeutsche. I've concentrated my efforts on the internet, which has turned out to be a fantastic decision.

Related

Rep. Paul Ryan to deliver SOTU response

Chairman of the House Budget Committee Rep. Paul Ryan (R-Wis.) will deliver the Republican response to the State of the Union Tuesday, according to Mike Allen

Rep. Paulsen allies with medical device industry to relax FDA oversight

Source: Flickr; Republicanconference (www.flickr.com/photos/republicanconference) On the heels of the Minnesota Independent story last week about U.S. Rep. Erik Paulsen’s cozy financial relationship with the medical device industry, the New York Times reported Tuesday that some health professionals are alarmed by Paulsen’s push to relax Food and Drug Administration (FDA) oversight

Rep. Paulsen touts balanced budget constitutional amendment

In a post for the conservative blog True North , U.S. Rep

Rep. Patrick McHenry: Please, Conservatives, Fill Out Your Census Forms!

The conservative congressman from North Carolina, a constant critic of the census -- one of the people who sounded the alarm about politicization when the

Rep. Paulsen, Karl Rove the latest to get ‘glittered’

Rep. Erik Paulsen and former Bush staffer Karl Rove were both showered with glitter at the Midwest Leadership Conference Friday

Rep. Perlmutter to hold constituent meet-up in grocery store

Colorado Congressman Ed Perlmutter will hold a Government in the Grocery constituent meet-up this evening from 5-7 at the Safeway at 38th and Wadsworth in Wheat Ridge. The address is 3900 Wadsworth. The meeting, where Perlmutter typically sits at a folding table and talks to whomever shows up, is free and open to the public

Rep. Perlmutter criticizes House measure that would eliminate 800K federal jobs

Congressman Ed Perlmutter today issued a scathing statement criticizing the House of Representatives for passing a spending bill that could put nearly a million federal employees out of work. The Colorado delegation voted strictly on party lines, with all four Republicans voting in favor of the bill and the three Democrats voting in opposition. Perlmutter’s statement: “My number one priority is to get people back to work because that’s the best thing we can do to pay our debt and move forward toward economic stability

Rep. Pete Stark Won’t Dignify Constituent by, er, Micturating Upon His Leg

In the tradition of Rep. Barney Frank (D-Mass.), California Democratic Rep. Pete Stark revealed at a recent town hall gathering that there are limits to what

Rep. Peace, ACLU seek investigation of soldier’s allegations of racial discrimination in Afghanistan

Both Rep. Steve Pearce (R-NM) and the American Civil Liberties Union agree: There needs to be an investigation into Spc.

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com