janie york: LGBT Investors Express Confidence About Retirement Goals ...

SAN FRANCISCO, May 30, 2012 (BUSINESS WIRE) ?
Investors are faced with complex challenges when it comes to retirement,
including: how to save enough to feel comfortable, where to invest
retirement savings, understanding and creating retirement income
options, and when and where to retire. LGBT investors (lesbian, gay,
bisexual, and transgender) face these same challenges as well as several
unique ones, including those stemming from a lack of federal marriage
and inheritance rights.

Yet in a recent nationwide Wells Fargo retirement survey, LGBT
non-retirees reported a higher level of confidence in their retirement
savings, compared to the general population. In the survey, 61% of LGBT
non-retirees felt confident they would have enough saved by the time
they retire to live the lifestyle they want throughout their retirement,
significantly higher than 53% cited by the general population. Despite
this confidence, over a third (36%) of LGBT non-retirees expect they
will need to work during retirement in order to afford their lifestyle
(only slightly lower than the 41% of the general population).

The Accredited Domestic Partnership Advisor (ADPA) program was created,
through a partnership with the College for Financial Planning, to
educate advisors about the unique needs and financial considerations of
domestic partners. Financial advisors who earn this designation are
well-equipped to work with domestic partners and lesbian, gay, bisexual,
and transgender (LGBT) clients to develop a thoughtful approach to
meeting their financial goals. Wells Fargo was the first in the industry
to create this program and today has more than 100 ADPA-certified
financial advisors nationwide.

Approximately one in ten LGBT respondents have heard of ADPAs ?
financial advisors with training in financial and retirement planning
specifically for LGBT domestic partners. Upon hearing a description of
ADPA advisor training and designation, most gay men (60%) and lesbians
(72%) say these credentials are important to them when working with a
financial advisor.

?Each investor has different priorities, needs, and life goals, and
domestic partners and same-sex couples often have added concerns and
questions about their unique financial situation,? said Kyle Young,
Financial Advisor and Vice-President, Investment Officer for Wells Fargo
Advisors. ?It?s especially important for LGBT investors to find
financial advisors who are acutely aware of the challenges, laws, and
regulations that impact their investment planning needs. This additional
knowledge affords clients encouragement in knowing that their needs will
be heard, understood, and thoughtfully explored.?

The median amount LGBT non-retirees have saved for retirement is only
17% of what they believe they actually need. LGBT non-retirees believe
they will need to save at least $900,000 in order to retire, and have
saved on average about $150,000. And despite this need to save more for
retirement, three out of five (62%) of non-retired LGBT?s surveyed have
not increased their retirement savings allocation in the past year.

More than half (54%) of all LGBT respondents cite being recognized as
equal citizens by society and the law as the most important reason for
legalizing gay marriage. One in five (19%) say that having legal rights
and medical decision-making on behalf of one?s partner is most
important. Only 7% said legalizing gay marriage was not important to
them.

LGBT respondents overwhelmingly reported they would find value in
information and advice on investing and preparing for retirement.
Additionally, only about a quarter of the LGBT respondents currently had
a detailed written plan for their finances in retirement.

About the Survey

On behalf of Wells Fargo Retirement, Richard Day Research conducted an
online survey between December 2nd and December 18, 2011 among adults
ages 25-75 who identified themselves as lesbian, gay, bisexual, or
transgender (LGBT, n=505). Comparisons were made to a similar national
online sample of n=1,190.

About Wells Fargo Wealth, Brokerage and Retirement

Wells Fargo Wealth, Brokerage and Retirement (WBR) is one of the largest
wealth managers in the U.S., with $1.4 trillion in client assets. WBR
includes Wells Fargo Advisors, the third-largest brokerage in the U.S.;
Wells Fargo Private Bank, serving high-net-worth individuals and
families; Abbot Downing, serving ultra-high-net-worth families; and
Wells Fargo Retirement, which manages $257 billion in 401(k) assets for
3.6 million Americans. Wells Fargo Advisors is the trade name used by
two separate registered broker-dealers: Wells Fargo Advisors, LLC and
Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank
affiliates of Wells Fargo Company

About Wells Fargo

Wells Fargo Company

/quotes/zigman/239557/quotes/nls/wfc WFC
-1.49%

is a nationwide, diversified,
community-based financial services company with $1.3 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 stores, 12,000 ATMs, the Internet
(wellsfargo.com), and other distribution channels across North America
and internationally. With more than 270,000 team members, Wells Fargo
serves one in three households in America. Wells Fargo Company was
ranked No. 23 on Fortune?s 2011 rankings of America?s largest
corporations. Wells Fargo?s vision is to satisfy all our customers?
financial needs and help them succeed financially.

About Richard Day Research (a Market Probe company)

Richard Day Research is a full-service market research firm, located in
Evanston, Ill., specializing in behavioral and opinion research among
hard-to-reach populations and professional communities. For more
information, visit rdresearch.com.

CAR #0512-0328

          Investment and Insurance Products:  - NOT FDIC Insured  - NO Bank Guarantee  - MAY Lose Value

Wells Fargo Advisors is the trade name used by two separate registered
broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors
Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo
Company.

SOURCE: Wells Fargo Company

          Wells Fargo         Matt Hurwitz, 415-396-6964         Matthew.s.hurwitz@wellsfargo.com         Sarah Tonigan, 505-818-7480         Sarah.h.tonigan@wellsfargo.com

/quotes/zigman/239557/quotes/nls/wfc

Add to portfolio

WFC