Morgan Stanley Wealth Management launches a new initiative offering advisors wealth planning resources aimed at lesbian, gay, bisexual and transgender prospects and clients.

Morgan Stanley Wealth Management has launched a new initiative offering financial advisors wealth planning tools, business development and marketing resources designed specifically for LGBT (lesbian, gay, bisexual and transgender) prospects and clients.

In the US, same-sex marriage is legal in Iowa, Massachusetts, Connecticut, Vermont, New Hampshire, New York, Washington and the District of Columbia. While voter-approved freedom to marry laws in Maine and Maryland are being implemented, the remaining states either have various civil union laws or "no legal standing at all" for same-sex couples, said Douglas Ketterer, head of US field management at MSWM.

This has created a host of financial planning complications for the LGBT community, including what to do when buying a home, making a will, designating beneficiaries, transferring assets and making sure partners have hospital visitation rights, Ketterer explained.

Although still a relatively new development within the wealth management industry, Morgan Stanley is not the first firm - and undoubtedly will not be the last - to offer fiduciary and wealth management services catering to the needs of LGBT individuals and non-traditional families. In January of last year, for example, Northern Trust launched a unit dedicated to this segment, as the firm said it recognized that the definition of "family" has evolved. The following June, Morgan Stanley Smith Barney (now Morgan Stanley Wealth Management) began offering a series of wealth planning seminars available via podcast for use by financial advisors and their clients.

Developing the intellectual capital to serve this segment well is "no small undertaking," as highlighted in a recent branding and marketing report, Reaching Out To The High Net Worth, authored by this publication's deputy group editor, Wendy Spires, and published in association with Coutts. Whilst there are legal differences between countries, and in the US, there are also both state and federal laws to contend with. What's more, strategies which are available to heterosexual married couples may not apply to LGBT couples, as they do not, typically, have the same automatic legal rights and benefits.

Morgan Stanley's new client educational resource - "LGBT On Your Terms" - aims to help same-sex couples understand the factors that are likely to affect their family's finances and long-term plans. The program was developed in collaboration with the firm's 19-strong diversity council.

Meanwhile, details are also being made available to financial advisors regarding the Accredited Domestic Partnership Advisors program - a professional designation that equips financial advisors with the skills required to serve couples who are considered to be unmarried under either state or federal law, or both.