A new wealth management firm targeted at LGBT investors believes that LGBT consumers in Asia have $800 billion a year in spending power and are 200 million strong
A new wealth management firm targeted at LGBT investors in Asia estimates that LGBT consumers across the region have a combined annual spending power of nearly a trillion dollars.
LGBT Wealth was launched in February in Hong Kong as a partnership between Hong Kong based wealth management firm Financial Partners and investment firm LGBT Capital which has offices in Hong Kong and London.
LGBT Wealth chairman Paul Thomson said that the firm estimated the spending power of the LGBT community in Asia at $800 billion per year, and the spending power of the LGBT community globally at $3 trillion.
LGBT Wealth estimates the size of the Asian LGBT community to be 200 million strong – representing half the LGBTs on the planet.
‘Clearly the LGBT consumer represents a significant opportunity for both spending
and investment ,’ Thompson said in a statement.
‘It is essential that where financial advice is given, there is understanding of the individual’s specific issues and in Asia, where many LGBT individuals are more private about their lifestyle, it is even more important to have a trusted adviser with whom they feel comfortable discussing their situation and objectives. We believe that LGBT Wealth will provide this.’
According to a report in the Financial Standard Online, the group is seeking to recruit LGBT sensitive Australian financial planners to the company.
‘Australian financial advisers have a good reputation overseas,’ said recruitment firm Sterling Associates principal, Joe Mead.
‘They are well qualified, have good standards of professionalism and are used to a strong regulatory environment. There are also a million Australian expats globally and many are happy to travel.
‘Financial Partners are looking for people who are sensitive to the financial needs of the LGBT community. There’s a huge opportunity in that space. Many couples have two incomes and no kids so their investment needs are obvious but there are also more sensitive issues relating to life and medical insurance.’
by Andrew Potts
Source – Gay Star News