I work with complex families, specifically LGBTQ partners and families in the Philippines. Part of the complexity is that same-sex partners can’t legally marry in the Philippines, so they lack many legal protections.
For financial advisors, this requires careful and creative planning. Still, as you would for any client, I start by talking very sensitively to my clients and learning about their hopes and fears — and they have a lot of fears because of the lack of legal protection. There are fears about what if someone dies and where the assets will go. If they have children, how will they be cared for? All those things I need to factor in during the planning stage.
From there, I carefully plan their financial protection through insurance planning, estate planning or whatever need they have identified through their conversations with me. Sometimes the financial products can’t or are not enough to do those things because of legal issues in the Philippines, and I’m frequently consulting with lawyers to better help my clients.
Fortunately, about three years ago, the Philippines allowed same-sex partners to be beneficiaries of their life insurance. That’s a big improvement. So, I talked to my clients about updating their policies. There’s a constant conversation that must be done, especially whenever there’s any legal updates or changes in the Philippines.
For clients to be able to share some of the sensitive, yet critical, information I need in the financial planning process, they need to feel comfortable. Most of my clients are referrals, so there’s a level of trust there already. Sometimes, though, it just takes time for clients to reveal sensitive information. I wait for them to feel more at ease so they can talk to me. I don’t force it because it may lead to something not desirable. You create the best financial plan you can with the information you have, and you can keep revising it every year.
Godofredo Peteza III is an eight-year MDRT member. See more from him in his video, “Creating financial security for complex families.”
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