Financial Advisor

[Silmaril]

Hi Everyone -

Nothing flashy or deep about this post; just kind of a basic question that I'd be interested in your thoughts on. I have an appointment to meet soon with a financial advisor I've worked with for decades. She & I last met several years ago; put some plans in motion, and I've kind of been letting them run ...but now it's time to re-evaluate and consider changes.

The thing is, since I last met with her, a major, committed relationship I was in ended, and--most significantly--my work with a therapist has revealed that what I had always thought of as CDing has shown itself to be very strong gender dysphoria. I seriously need to consider at least *some* degrees of transition, almost certainly at least to the point of presenting full-time as a woman. Time will tell.

So here's the question: Those of you who are in or have gone through transition, or even those of you like myself who are on the doorstep of making decisions, have you disclosed your situation to any sort of financial advisors you may work with?

It's tricky, I think. It's not as if I'm wealthy; far from it. I'm just trying to plan ahead. On the one hand, obviously there are major expenses to consider; just the higher risk of losing a job strikes me as a significant factor they should know about in order to truly help me plan for the future.

But on the other, transsexualism doesn't seem like a topic a financial planner would necessarily be steeped in (maybe I'm wrong?). It could be this is simply TMI for this kind of professional relationship. My doctor was one thing, but I'm not sure of what a financial advisor needs to know. And being at the beginning of my process of coming out, there are few friends I've even told. So every disclosure represents new risks.

Have any thoughts for me on the subject? Or maybe just planning as if my job might be tenuous and I foresee potential large expenses is enough info for her to work with? What has your experience been?

[groove67]

you are what you are and if she considers you as a client and taking care of your money why should she care and if she does find a new one that could care less I say. maybe a little harsh but as a woman I am learning to stand up for myself more than I ever did as a man. so honey if she has a problem move on.

[Kimberly Kael]

I'd be as straightforward as you can about it, especially if transition has significant financial implications for you. You're her client, she should be there for your needs no matter how atypical they may be. She may even have helpful advice about tax implications, etc. When I transitioned the folks we worked with didn't bat an eye, and we've continued to work them even after moving to another state.

[LeaP]

There are advisors who specialize in the LGBT community. Some for marketing reasons, of course, but also because planning considerations can be different due to how the legalities vary with such things as same-sex relationships, inheritance, joint property, beneficiaries, tax treatment, etc.

You will want to seek out someone who already knows the territory, else you may be assuming unknown risk.

[sandra-leigh]

"I have a treatable medical condition, but the treatments will cost an appreciable amount of money. I estimate I will need to allocate $x for two years from now, $y the following year, and that I will need about 4 months off work to recover in that third year."

[Kaitlyn Michele]

No you do not need to tell them anything..

When you really know what you are doing, then its time to start telling people that work with you or for you.

What do you expect would change that you can't figure out for yourself?
You don't need a financial advisor to tell you that you need to save more money

[LeaP]

With all due respect, Kaitlyn, your career has been finance! "Save more" is always good advice, but there are many ways to go about that and lots of ways to park money to make the savings work to better advantage (as you know). While anyone reasonably bright can figure out a way to do it, many people don't have the time. The advisor business exists for a reason, the trick being finding a really good one.

[Ariamythe]

I would say that until you are decided, personally, on how far into the expensive stuff you want to go -- i.e. SRS, FFS, BA -- you shouldn't need to tell the adviser anything. Just make sure you budget out a healthy amount for Clothes & Upkeep. :heehee:

[Kaitlyn Michele]

I hear you Lea

As a financial person I can tell you though that all the advisor is going to be able to do is tell you to save more..

it's not like there is some magic bullet financial product or idea that will get you more money for surgery or in preparation for a job change..

[Nicole Brown]

Now that I am fully in transition and living as a woman full time, I have taken the step to ensure that everyone I deal with knows that I am now Nicole and not whatshisname. Prior to going full time, I simply informed those who needed to know and struggled to keep everything straight in my mind. Life is so much easier for me now that I have come out to everyone and simply become Nicole.

[Silmaril]

That's all helpful input. Thank you, everyone.

[Stephanie-L]

If you do feel comfortable telling them, I would do it in a matter of fact fashion. As far as finances go, you might want to keep a certain portion in a fairly liquid investment, so that you can access the money quickly for transition related expenses, and not have to wait months or years. Depending on your level of savings and how far you want to go, I would advise anywhere from $20,000 to $150,000, to cover the various surgeries and time off work, etc. You will have to decide what you want and what you can afford. If you do go that far, you could also inform them that you may be changing your name and that you will send them a copy of the appropriate paperwork when that comes to pass. Much luck to you...............Stephanie

[Kimberly Kael]

As a financial person I can tell you though that all the advisor is going to be able to do is tell you to save more..

I would hope anyone using a financial advisor is getting more out of them than that! Sure, that's the overall theme, but picking the right financial instruments to invest in and building a financial model to understand retirement implications is a useful service. Knowing about life-changing decisions that might impact income, as well as significant medical expenses is essential to them doing their job.

[ameliabee]

Seriously though, there's not much more you can do with something that should be as short-term as this. If you're planning on two years out you can use CD's but you're not going to get more than 1% interest from them. Works out better to do it sooner and finance part of it with a 0% for 18 months credit card deal or something because medical inflation will generally outpace anything you can have a sure investment with.