Financial Advisor Success Ep 148: Building A Small-Town LGBTQ Niche While Coming Out To Your Broker-Dealer with Laura LaTourette
Oct 29, 2019
Laura LaTourette, founder of Family Wealth Management Group and LGBTQ-focused financial planner, built a $45M AUM practice serving primarily LGBTQ clients. She talks about coming out professionally, signaling inclusion through website and certification, hiring a CEO to scale, recruiting younger LGBTQ advisors, and a planning-first, multi-meeting client process.
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Becoming A Certified Lesbian Business Opened Corporate Doors
- Laura got certified by the Gay Lesbian Chamber of Commerce to legitimize her firm as lesbian-owned and access corporate supplier lists.
- Certification required proof of ownership, financials, and an on-site interview, which opened referral opportunities from corporations.
Build A Practice Around Who You Want To Spend Time With
- Design your practice around who you want to spend time with and the daily work you enjoy to avoid selling out for AUM alone.
- Laura targeted entrepreneurs, strong women, widows, and professionals so her days match her values.
Skin In The Game Determines Multi-Advisor Success
- Multi-advisor agency models fail when new advisors lack financial 'skin in the game' and the owner subsidizes overhead.
- Laura found centralized costs heavy and mentees unrewarded, so she reverted to solo work until a better succession plan emerged.