Working with the LGBTQ+ market: 8 tips for success

I recently conducted a web meeting with some financial advisors. During the call, someone asked about working with members of the LGBTQ+ community. One advisor said his daughter came out to him as a lesbian two years ago. Another advisor said his son came out as transgender a few years ago. These advisors asked me for ideas on how to address the LGBTQ+ community and ways to help advisors feel more comfortable approaching this market.

We had a great conversation, exchanged ideas and I suggested some tried and true marketing tips with targeted messaging. But more important, we talked about the mindset needed to work in this market.

Here are those talking points if this is a market you’re considering or find yourself involved with.

When targeting the LGBTQ+ market, insurance agents and financial advisors can highlight several key selling points to attract and serve this community effectively. Here are some selling points to consider.

1. Inclusivity and non-discrimination: Emphasize that you are an inclusive agent or advisor who provides a safe and welcoming environment for LGBTQ+ individuals and couples. Make it clear that you do not discriminate based on sexual orientation, gender identity or gender expression.
2. Understanding of LGBTQ+ specific needs: Highlight your knowledge and understanding of the unique financial challenges faced by LGBTQ+ individuals and couples. Showcase your expertise in areas such as marriage equality, adoption and surrogacy, legal and health care considerations, and protecting against discrimination or bias.
3. Tailored financial solutions: Emphasize that you offer tailored financial solutions that address the specific needs of LGBTQ+ clients. Showcase your ability to navigate complex family and relationship structures, estate planning for same-sex couples, and retirement planning that considers diverse family dynamics.
4. LGBTQ+ friendly products: Highlight the availability of insurance policies and financial products that are LGBTQ+ inclusive. This may include policies that cover gender-affirming treatments, adoption and fertility treatments, or products that recognize diverse relationship structures.
5. Confidentiality and privacy: Assure clients of the strict confidentiality and privacy measures you have in place to protect their personal information. LGBTQ+ individuals may have concerns about privacy and disclosure, so it's essential to address these concerns proactively.
6. Community involvement and support: Showcase your involvement in and support for the LGBTQ+ community. Highlight any partnerships, sponsorships or volunteer work you do with LGBTQ+ organizations. This demonstrates your commitment and builds trust with potential clients.
7. Knowledge of laws and regulations: Emphasize your understanding of laws and regulations that specifically affect the LGBTQ+ community. This includes familiarity with marriage equality laws, health care access, legal protections and other relevant legislation.
8. Ongoing education and training: Highlight your commitment to staying updated on LGBTQ+ issues, trends, and changes in laws and regulations. Showcase any ongoing education and training you undergo to enhance your knowledge and expertise in serving the LGBTQ+ market.

By effectively communicating these selling points, insurance agents and financial advisors can position themselves as trusted allies and experts in serving the financial needs of the LGBTQ+ community.

It's important to approach the market with genuine empathy, respect and a desire to address the unique challenges and goals of LGBTQ+ individuals and couples.

Lloyd Lofton is the founder of Power Behind the Sales. He is the author of The Saleshero’s Guide To Handling Objections, voted 1 of the 11 Best New Presentation Books To Read in 2020 by BookAuthority. Lloyd may be contacted at lloyd.lofton@innfeedback.com.

 

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