Their high income translates into the average LGBT consumer having about 22 per cent more spending power than the average Canadian – a hot prospect for banks, which are ceasing the opportunity to attract this demographic, through advertising and event sponsorship.
“Downtown on Church Street, all the banks are starting to move in there to take their share of the market,” says Waterman. “They (LGBT investors) are sticking with their own banks. That’s what I see around.”
But according to Jennifer Maier, an advisor with Perler Financial Group - which services many of Vancouver’s LGBT community - discrimination is one of the main reasons LGBT clients struggle to find a financial advisor.
"My experience is that same-sex couples have a higher chance of encountering a negative reaction from people in the financial industry,” explains Maier. “First of all, because you’re dealing with money, but also there is still a lot of prejudice in our society.”
“There’s no discrimination ... not that I've noticed,” he says. “The banks love clients.”