Fidelity Investments: A Safe Space For Lgbtq+ Employees?

In recent years, investors have become increasingly interested in ensuring their investments align with their values, such as supporting the LGBTQ+ community. While some companies make it clear that they are LGBTQ+ allies, others are less transparent. So, how can you know if your investments are genuinely LGBTQ+ friendly?

One way to assess a company's LGBTQ+ inclusivity is through its benefits and protections for employees. Does the company offer healthcare coverage for domestic partners, transgender-inclusive health coverage, and fertility treatments for lesbian couples? Do they have inclusive workforce protections that include sexual orientation, gender identity, and expression?

Another way to evaluate a company's commitment to LGBTQ+ rights is by examining their public actions and donations. Do they participate in and donate to events and organisations that support LGBTQ+ rights? Are they actively involved in LGBTQ+ advocacy and support?

Additionally, investors can refer to resources like the Corporate Equality Index, which rates businesses based on factors such as nondiscrimination policies, equitable benefits for LGBTQ+ workers, and support for an inclusive culture.

By considering these aspects, investors can make more informed decisions about whether their investments genuinely support the LGBTQ+ community.

Fidelity Investments' official position on LGBTQ+ rights

Fidelity Investments is a private company that does not disclose its official position on LGBTQ+ rights. However, it is generally assumed that the company is supportive of LGBTQ+ rights, as evidenced by its inclusive policies and benefits for employees. Here is an overview of Fidelity Investments' stance and initiatives regarding LGBTQ+ rights:

Inclusive Workforce Protections

Fidelity Investments has inclusive workforce protections that cover both sexual orientation and gender identity or expression for all its operations. The company's policies extend beyond legal requirements, demonstrating a commitment to creating a safe and inclusive workplace for LGBTQ+ employees.

LGBTQ+ Inclusive Culture

Fidelity Investments has demonstrated its support for the LGBTQ+ community through various initiatives. They provide training for new hires and employees, linking executives' performance to diversity goals. The company also has policies that foster an inclusive culture, particularly around gender identity and self-expression. Additionally, they have established employee groups and diversity councils to support and empower LGBTQ+ employees within the organisation.

LGBTQ+-Friendly Benefits

Fidelity Investments offers a range of inclusive benefits for its US employees, promoting equality in health insurance coverage. They provide health insurance equality for spouses or domestic partners, regardless of sexual orientation, and equal health coverage for transgender individuals, ensuring that medically necessary care is covered.

Support for LGBTQ+ Organisations

Fidelity Investments actively participates in and contributes financially to public events and organisations that advocate for LGBTQ+ rights. They do not donate to politicians who oppose such legislation, further emphasising their support for the community.

Human Rights Campaign Score

In the 2021 Corporate Equality Index by the Human Rights Campaign, Fidelity Investments achieved a score of 85 out of 100. This score reflects the company's efforts and commitment to LGBTQ+ inclusivity and equality in the workplace.

In summary, while Fidelity Investments does not publicly disclose an official position on LGBTQ+ rights, their actions and initiatives strongly suggest that they are an ally to the LGBTQ+ community. They provide inclusive benefits, foster an accepting workplace culture, and actively support LGBTQ+ organisations, all of which contribute to creating an environment that values and respects diversity.

Benefits and protections for LGBTQ+ employees

Fidelity Investments is a private company that does not disclose its official position on LGBTQ+ rights. However, it is generally assumed that the company is supportive of LGBTQ+ rights, as it offers its employees a number of benefits and protections specific to the LGBTQ+ community. Here are some of the benefits and protections for LGBTQ+ employees:

Healthcare Coverage

Fidelity Investments provides healthcare coverage for domestic partners, transgender-inclusive health coverage, and fertility treatments for lesbian couples. This includes equal health coverage for transgender individuals without exclusion for medically necessary care.

Inclusive Workforce Protections

The company has inclusive workforce protections with policies that include both sexual orientation and gender identity and expression for all operations.

Training and Education

Fidelity Investments provides training for new hires and employees, with executive performance tied to diversity goals. The company also has policies that support an inclusive culture around gender identity and self-expression.

Employee Groups and Diversity Councils

Fidelity has employee groups and/or diversity councils within the company to support LGBTQ+ employees. These groups provide a network of support and help foster an inclusive work environment.

Non-Discrimination Policies

Fidelity Investments has non-discrimination policies in place that cover sexual orientation and gender identity, ensuring that LGBTQ+ employees are treated equally and with respect.

Supplier Selection and Marketing

The company has programs around supplier selection and marketing that support LGBTQ+ individuals, causes, and organizations. This includes working with suppliers who share their commitment to diversity and including LGBTQ+ inclusive messaging in their marketing campaigns.

Public Events and Donations

Fidelity Investments participates in and donates to public events and organizations that support LGBTQ+ rights. The company also does not donate to any politicians who oppose such legislation, further demonstrating their commitment to LGBTQ+ equality.

Financial Planning

Fidelity offers financial planning resources specifically for LGBTQ+ couples, helping them navigate the unique legal and financial considerations they may face. This includes information on medical directives, power of attorney, wills, trusts, beneficiary designations, and more.

Overall, while Fidelity Investments does not have an official statement on LGBTQ+ rights, their actions and policies suggest a strong commitment to creating an inclusive and supportive environment for their LGBTQ+ employees.

LGBTQ+ financial advisors

LGBTQ+ individuals face unique financial challenges, and it is important to find a financial advisor who understands these challenges and can help you navigate them. Here are some considerations when looking for an LGBTQ+ financial advisor:

Understanding Your Needs

Before seeking a financial advisor, it is important to understand your own financial situation and goals. This includes considering your income, debt, investments, and any specific concerns related to your identity as an LGBTQ+ individual. For example, you may need help with paying off debt, financing a medical procedure, or investing for retirement. You might also have questions about the financial implications of starting a family through adoption, surrogacy, or IVF. By clearly understanding your needs, you can better assess whether a potential advisor is a good fit for you.

Finding an LGBTQ+-Friendly Advisor

When searching for an LGBTQ+-friendly financial advisor, you can use online resources such as the XY Planning Network, which allows you to search for advisors by LGBTQIA identity. You can also use the Find a CFP Professional tool to search for advisors with specialties such as "LGBTQIA Individuals/Couples." Additionally, you can check your local chamber of commerce or the National Gay and Lesbian Chamber of Commerce to find LGBTQ+-friendly advisors in your area. Keep in mind that if you are not out or prefer more privacy, you may want to consider online or remote financial planning services.

Interviewing Potential Advisors

When you meet with potential advisors, be prepared to ask questions that will help you understand their experience and sensitivity to LGBTQ+ financial needs. Ask about their experience working with LGBTQ+ clients and the specific challenges they have helped them navigate. Pay attention to their body language, facial expressions, and tone of voice to gauge their level of comfort and supportiveness. A good financial advisor for you will be someone who not only has the necessary expertise but also makes you feel safe and respected.

Understanding Credentials and Certifications

When evaluating financial advisors, it is important to consider their credentials and certifications. While anyone can call themselves a financial advisor or planner, certifications such as Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA) require rigorous study and the passing of an exam. These certifications indicate a higher level of competence and expertise in the field. Look for advisors with these designations to ensure you are receiving the best possible advice.

Addressing Specific LGBTQ+ Concerns

LGBTQ+ individuals often face unique financial challenges, and it is important to find an advisor who understands these concerns. For example, LGBTQ+ individuals may face higher costs when starting a family through adoption, surrogacy, or fertility treatments. They may also encounter discrimination in areas such as housing and employment, leading to lower wages and approval rates for mortgages. Additionally, healthcare and insurance can be more complex and expensive for LGBTQ+ individuals, especially for those who are not legally married. A good financial advisor will be able to guide you through these challenges and help you make informed decisions that align with your values and goals.

LGBTQ+-friendly investments

Finding LGBTQ+-Friendly Companies

To ensure your investments align with LGBTQ+-friendly values, it's important to research companies and their specific investments. Here are some ways to identify businesses that genuinely support the LGBTQ+ community:

• Refer to the Human Rights Campaign's Corporate Equality Index, which evaluates and ranks companies based on factors like nondiscrimination policies, equitable benefits for LGBTQ+ employees, and their families, and support for an inclusive culture.
• Check databases like OpenSecrets and Progressive Shopper to see how companies and individuals have donated to politicians, lobbies, and political action committees.
• Look for certifications or memberships with organizations like the National LGBT Chamber of Commerce (NGLCC), which has certified over 1,800 businesses as LGBTQ+ inclusive.
• Examine the company's marketing materials, especially during Pride campaigns, to ensure that their efforts are substantive and not just "rainbow washing" or "pinkwashing."

Notable LGBTQ+-Friendly Companies

When considering investments, look for companies with strong ratings on the Corporate Equality Index. Some notable examples include:

• Walmart (WMT)
• Amazon.com Inc (AMZN)
• Apple Inc. (AAPL)
• JPMorgan Chase (JPM)
• Alphabet (GOOGL)
• Verizon Communications Inc. (VZ)

LGBTQ+-Friendly Investment Funds and ETFs

If you're interested in investing in funds that promote LGBTQ+-friendly values, consider the following:

• Vanguard FTSE Social Index Fund (VFTAX)
• Change Finance US Large Cap Fossil Fuel-Free ETF (CHGX)
• IShares MSCI KLD 400 Social ETF (DSI)
• Vanguard ESG U.S. Stock ETF (ESGV)
• SPDR SSGA Gender Diversity Index ETF (SHE)

While these funds may not exclusively focus on LGBTQ+ issues, they promote gender diversity and other socially responsible investing (SRI) criteria.

Working with an LGBTQ+-Friendly Financial Advisor

Consider working with a financial advisor who is either part of the LGBTQ+ community or a strong ally. This can ensure that your financial goals are handled with dignity and a deep understanding of the unique challenges faced by the LGBTQ+ community. Resources like the Gay and Lesbian Directory and the National Association of Personal Financial Advisors can help you find LGBTQ+-friendly advisors in your area.

Performance of LGBTQ+-Friendly Investments

According to a McKinsey study, companies with strong diversity and inclusion initiatives tend to be more profitable. Investments in companies with LGBTQ+-inclusive policies are more likely to outperform their less inclusive peers. However, it's important to remember that social responsibility alone does not guarantee a successful business plan, and thorough research is always necessary when considering investments.

In summary, there are a growing number of investment options that support the LGBTQ+ community. By researching companies, working with LGBTQ+-friendly advisors, and considering investments in socially responsible funds, you can ensure that your investment portfolio aligns with your values.

LGBTQ+ financial resources

LGBTQ+ individuals often face unique financial challenges, such as higher student loan debt, medical expenses, and costs associated with family planning. They are also more likely to experience discrimination when accessing financial services, making it more difficult to secure lending and favourable repayment terms.

To address these challenges, there are several financial resources available to support the LGBTQ+ community:

Point Foundation's Scholarship Programs

The Point Foundation offers scholarship programs that provide financial assistance, mentorship, and leadership development opportunities to LGBTQ+ students. The Flagship Scholarship is for accredited four-year universities, while the Community College Scholarship supports students at local community colleges.

LGBTQ+ Real Estate Alliance

The LGBTQ+ Real Estate Alliance is a non-profit organisation that helps LGBTQ+ individuals navigate the home-buying process and provides resources for all aspects of homeownership. They also advocate for better real estate and housing policies to eliminate discrimination.

Dignity for All: LGBTQI+ Assistance Program

Run by a consortium of international human rights organisations, this program provides support to human rights defenders and civil rights organisations that are under threat due to their work on behalf of the LGBTQI+ community.

Lesbian Business Community (LBC)

The LBC helps LGBTQ+-owned businesses connect with new customers and fellow business owners by providing online exposure and networking opportunities.

The David Bohnett Foundation

The David Bohnett Foundation has contributed over $120 million in grants to socially active organisations working to improve society through social activism. They provide funding, technology, and technical support to initiatives that align with their values.

The Arcus Foundation

The Arcus Foundation's social justice program aims to create safer, more inclusive communities by providing grants to LGBTQ-led initiatives and supporting organisations that promote racial, economic, and gender justice.

National LGBT Chamber of Commerce (NGLCC)

The NGLCC is the largest advocacy organisation dedicated to expanding economic opportunities for LGBTQ+ individuals and businesses. They offer mentorship programs, initiatives to empower LGBTQ-owned businesses, and grants specifically for LGBTQ+ restaurants, bars, and eating establishments.

In addition to these resources, LGBTQ+ individuals can also explore Socially Responsible Investing (SRI), which involves investing in companies that align with their values and support the LGBTQ+ community. The Corporate Equality Index (CEI) and the Credit Suisse LGBT Equality Index are helpful tools for identifying these companies.

Frequently asked questions