Journal of Financial Planning: December 2020
WHO: Laura J. LaTourette, CFP®
WHAT: Founder, Family Wealth Management Group; CFP Board Ambassador; PridePlanners Knowledge Circle Host
WHAT'S ON HER MIND: “Servant leadership is so important. That’s who we are as human beings—we need to help others.”
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Laura J. LaTourette, CFP®, first entered the financial services profession at the age of 24 and saw an opportunity to build a career on her own terms that would require education and years of experience.
From that point, LaTourette has become a CFP® professional and founder of Family Wealth Management Group, a thriving independent practice in Dahlonega, Georgia, who is heavily involved in giving back to the community. From her work serving LGBTQ+ clients and allies, as a CFP Board Ambassador, and a FPA PridePlanners Knowledge Circle host, LaTourette vows to be a force for positive change to make the future of the profession bright.
What attracted you to the financial planning profession?
When I started my career in the financial services industry in the 1980s, I recognized that reviewing clients’ investments or insurance needs alone presented only a partial picture. I imagined a more comprehensive approach based on truly getting to know clients and their entire life plans. I believed I could do more to help clients achieve their biggest dreams.
What led you to focus on women in transition and LGBTQ+ clients?
I decided to live my authentic life as a lesbian. When I came out, I realized I had no financial roadmap or retirement plan. So I started working with other women in transition and helping them plan to reach their financial goals. Fast forward to 1998; I launched my own firm to focus on fee-based financial life planning and wealth management. My clients include women, allies, and LGBTQ+ [individuals].
As I was building my practice, I became very interested in becoming a stronger advocate for all of my clients’ best interests, which drove me to earn my CFP® certification in 2004. From there, my life opened up and so did my practice.
You have served on boards and in a volunteer capacity for so many organizations, including FPA. Why do you believe it’s important to give back and what are some of the roles that have been most impactful for you?
Servant leadership is so important. That’s who we are as human beings—we need to help others. We have to give financial support, time, knowledge, and skills to the community if we want to be a part of the community.
Serving on boards has been a wonderful opportunity to give back and meet community needs based on my experience. I’ve been honored to serve on the Financial Planning Association (FPA) of Georgia Board as a member, president, and board chair. Before that, I served as president of the Women in Insurance and Financial Services (WIFS) Board of GA, as well as the national president. My experiences on these boards have been very positive—we collaborated well and focused on innovative ways to help our members. I’ve also served in community service and civic groups such as Rotary International, a domestic violence shelter, the chamber of commerce, and the library board. It’s meant so much for me to serve my community.
Are there any goals you hope to accomplish with the PridePlanners Knowledge Circle?
I’m looking forward to partnering with my peers to raise awareness about the LGBTQ+ community and its needs to the broad financial planning community. Having the conversation about LGBTQ+, our concerns, accomplishments, and skills is critical. I believe it is time to bring LGBTQ+ planning into the mainstream. My goal is to have PridePlanners be a safe place where LGBTQ+ advisers (and advisers serving LGBTQ+ clients) can gather to share ideas and practice management.
As financial planning professionals, we have to make room for others, and we have to be role models. This means being engaged and talking about how LGBTQ+ people do business and what’s different.
What do you think the next decade holds for the financial planning profession?
Those of us in underserved markets who have been quiet in the past are gathering. I see so many diversity and inclusion initiatives on social media, which is encouraging because we’re connecting with people all over the country, supporting people, and having conversations. In those conversations, we’re creating business models for everyday people.
The more our financial planners and wealth managers represent the people they serve, the better the industry will be. At a minimum, we need more people of color as financial planners.
What are some changes we need to make that happen?
We need to be open to alternative business models. I hear arguments that this is a transactional world or a fee-only world, as though those are the only two options, and that’s not true. An adviser can provide both fee-based and transaction-based services, as long as the client is fully aware of how the adviser is being compensated for each service provided.
What are some of your goals in your work
as a CFP Board Ambassador?
I am partnering with the CFP Board and my community of practice to help people understand the value and importance of the CFP® certification. I am sharing my experience as a CFP® professional, where I have been able to serve the underserved based on my knowledge, skills, and experience.
CFP Board is making strides in incorporating diversity, equity, and inclusion in their work, and I am championing these efforts. For example, I am encouraging younger people, particularly women, LGBTQ+, and people of color, to become CFP® professionals and join us in serving others.
What is the best piece of advice you would give a younger planner?
Be authentic. Be who you are fully and know that your tribe will follow you. Work the way you want to. You will attract the people who are supposed to be your clients.
Visit LaTourette’s website, www.familywmg.com, follow her on Twitter (twitter.com/LauraLaTourette), LinkedIn (www.linkedin.com/in/llatourette/), and Facebook (www.facebook.com/familywmg)
to learn more.
LEARN MORE
CFP Board, of which Laura LaTourette is a CFP Board Ambassador, recently held its third annual Diversity Summit and Career Fair. To learn more and download resources from the Summit, visit www.cfp.net/initiatives/diversity-and-inclusion/diversity-summit.