WHY MUST LGBTQ+ LEADERSHIP BE REPRESENTED IN ADVISORY SERVICES?
Author: Bernardine Perreira, CFP® TEP, CIM®, Wealth Advisor, Perreira Wealth Advisory of Raymond James Ltd, Toronto
The importance of LGBTQ+ leadership in advisory services cannot be understated. It goes beyond mere representation -it fundamentally shapes the organizational culture, fosters inclusion, and drives meaningful change. LGTBQ+ leaders provide unique perspectives, enhance diversity of thought, and ensure that the needs of marginalized groups are recognized and respected. Moreover, they can spearhead efforts to create safe spaces within institutions, cultivating a sense of belonging for employees and clients.
As someone who has journeyed through different career stages—from studying fine arts at York University to working in a startup and eventually landing in financial advisory services—I've witnessed firsthand the transformative power of representation. My trajectory, marked by a pivot from theatre to the business world, was deeply influenced by personal experiences, particularly meeting my first girlfriend. That relationship sparked a new career path and a deep love for business. Over time, I found my niche in advisory services, where I now have the privilege of running my own practice and working closely with the LGBTQ+ community.
Advisory services often deal with sensitive, personal matters, and having LGBTQ+ leadership ensures that clients from the community feel seen, understood, and respected. When queer leaders are at the forefront of such services, they help create an environment where LGBTQ+ clients can trust that their unique financial concerns—ranging from estate planning to legal challenges—are treated with empathy and expertise.
Impact on Organizational Culture
In advisory firms and other institutions, the presence of LGBTQ+ leaders significantly impacts organizational culture, particularly in Diversity, Equity, and Inclusion (DEI). My personal experience in corporate Canada illustrates this vividly. At Raymond James, for example, DEI was virtually nonexistent when I joined the company. However, I became one of the founding members of our DEI committee, where my focus was primarily on LGBTQ+ issues. This initiative paved the way for the organization's first Pride event at our Toronto corporate headquarters, complete with a powerful guest speaker from PFLAG (Parents and Friends of Lesbians and Gays).
The power of storytelling, such as the PFLAG speaker sharing her child’s transitional journey, demonstrated how deeply personal narratives can resonate within organizations, fostering empathy and building community. These moments underscore the importance of LGBTQ+ leadership in ensuring that marginalized groups' experiences are acknowledged and actively incorporated into the company's cultural framework.
The broader impact of LGBTQ+ leadership on organizational culture can be seen in the push for inclusivity at all levels. Traditionally seen as a conservative field, advisory services are now being reshaped to be more inclusive and welcoming. The presence of queer leaders opens up conversations around gender, sexuality, and identity, which were often previously ignored or sidelined.
Supporting LGBTQ+ Leaders
To cultivate and support LGBTQ+ leaders in advisory services, organizations must consciously create safe and inclusive environments. A vital aspect of this is providing mentorship opportunities for young LGBTQ+ professionals, helping them navigate the challenges of a predominantly heteronormative industry. Employee Resource Groups (ERGs) can play a pivotal role in this process, offering support, education, and networking opportunities that empower LGBTQ+ employees to grow into leadership roles.
For example, at Raymond James Financial, the Pride Financial Advisor Committee, I served on launching quarterly educational webinars and hosted an annual Business of Pride conference. These events educated the broader organization and highlighted the importance of LGBTQ+ representation in business and how to serve our increasingly diverse client base better. Such initiatives are crucial for fostering an environment where LGBTQ+ professionals feel safe, valued, and heard.
Mentorship, ERGs, and inclusive leadership practices benefit LGBTQ+ employees and the organization. Diverse leadership has led to more innovative thinking, problem-solving, and overall employee satisfaction. When organizations invest in diversity, they are investing in their long-term success.
Intersectionality and the Challenges of Leadership
One of the often overlooked aspects of LGBTQ+ leadership is the role that intersectionality plays. As a queer woman, my experience navigating a male-dominated field like advisory services has been shaped by both my gender and my sexual orientation. Intersectionality—the understanding that we each hold multiple, intersecting identities—means that my experience cannot be fully understood through the lens of gender or sexual orientation alone. These identities shape how I move through the world, particularly in spaces where both women and LGBTQ+ individuals have historically been underrepresented.
In my practice, I've used my identity as a queer woman as a differentiator, one that allows me to build deep, authentic relationships with my clients. However, I've also faced challenges, from subtle biases to decisions about whether to work with specific clients whose views conflict with my values. These experiences highlight the ongoing nature of the "coming out" journey, which often involves continuously asserting one’s identity in personal and professional spaces.
The Role of Allies
The role of allies cannot be overstated in creating more inclusive and equitable workplaces. Allies, particularly those in positions of power, can help amplify the voices of LGBTQ+ leaders and push for systemic changes that benefit all employees. At Raymond James, I was fortunate to have strong allies, including our executive sponsor and the head of HR, who supported our DEI initiatives and actively worked to implement diversity training across the company.
Allies also play a crucial role in dispelling harmful stereotypes and tropes about the LGBTQ+ community. By getting closer to the community and learning about the real experiences of LGBTQ+ individuals, allies can help challenge biases that often hinder inclusivity efforts.
Dispelling Myths and Promoting Authenticity
One of the most effective ways to promote LGBTQ+ inclusion is through storytelling and sharing personal experiences. By being open about my journey, I have connected with colleagues and clients on a deeper level. For instance, after sharing my story at a Raymond James conference, a colleague confided in me about her bisexuality—something she had kept hidden because of her marriage to a man.
Such moments remind us of the importance of visibility and authenticity in leadership. When LGBTQ+ leaders share their stories, they help create a culture where others feel empowered to be their authentic selves, which is essential for fostering inclusion and reducing the stigma around non-heteronormative identities.
Conclusion
LGBTQ+ leadership in advisory services is not just about representation—it is about creating a culture of inclusion, authenticity, and respect. When LGBTQ+ leaders are visible and supported, they enrich the organizational culture and inspire others to embrace their true selves. Through mentorship, education, and allyship, organizations can ensure that the voices of LGBTQ+ leaders are heard and that their contributions are valued. Ultimately, this leads to a more innovative, compassionate, and successful organization.
Bernardine Perreira specializes in Canada/U.S. cross-border wealth management for executives, professionals and their families. In addition to a full suite of Canadian and US investment service, she can assist Canadian residents with IRA and inherited IRA accounts in the United States. Her many professional accomplishments include the Certified Financial Planner (CFP) designation, the Trust and Estate Practitioner (TEP) designation and the Chartered Investment Management (CIM) designation. She holds an Ontario Insurance Agent license and Canadian and US Securities licenses.
In the community, Bernardine served as Executive Director of MAPLE Business Council, Ontario Chapter from 2022-2024, Past President of the Executive Committee of the Estate Planning Council of Toronto and served as a founding council member on the Raymond James Diversity and Inclusion Council and served on the Raymond James Pride Financial Advisor Network Council. Bernardine has served the LGBTQ+ community as the Past President of the Pride and Remembrance Run Board and the Pride and Remembrance Foundation.
Raymond James (USA) Ltd. (RJLU) advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Raymond James (USA) Ltd. is a member of FINRA / SIPC.