The College for Financial Planning is offering a new designation — accredited domestic partnership adviser — for planners who work with gay, lesbian, bisexual and transgender couples.
The College for Financial Planning is offering a new designation — accredited domestic partnership adviser — for planners who work with gay, lesbian, bisexual and transgender couples.
Advisers looking to add the certification to their credentials can take a 10- to 12-week course focusing on issues faced by GLBT couples, as well as those with other alternative lifestyles. The course includes classes on wealth transfers, federal taxes, retirement-planning and relationship issues, as well as planning for financial, medical and end-of-life needs.
“In a domestic partnership, most of the rules in place for married couples or individuals no longer apply,” Mr. Pantone said. “If you're not aware of the rules at the state and federal level, it can get very touchy.”
Medical directives can be the most problematic area for GLBT couples and others with alternative lifestyles, he added.
“You can have your domestic partner for life,” Mr. Pantone said. “But if something happens to you, the law would look to your next of kin to make decisions for you — and that may not be something you or your partner would want.”
So far, 235 people have enrolled in the class, according to Dirk Pantone, vice president of business development at the college. The program was initially developed with a grant from a diversity group at Wells Fargo Advisors LLC, where a group of 90 advisers went through the training.
To enroll, advisers must be a chartered retirement planning counselor, a chartered financial consultant, a certified financial planner or hold one of six other designations.
