DiversityInc LGBT Pride Month Web Seminar

Cultural Competence
Web Seminar
For LGBT Pride
Month
Barbara Frankel
SVP, Executive Editor
June 9, 2015
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Assistance
For assistance dialing in to the conference, please call
888-259-8414.
For basic technical assistance (can’t see slides, can’t hear,
etc.), please use the text chat box in bottom right-hand
corner of your screen.
For other assistance, contact Customer Service at
973-494-0506.
You may submit your questions via the web by using text
chat box in the bottom right-hand corner of your screen
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2015 DiversityInc Top 50 Companies for Diversity
1.  Novartis Pharmaceuticals
Corporation
2.  Kaiser Permanente
3.  PricewaterhouseCoopers
4.  EY
5.  Sodexo
6.  MasterCard
7.  AT&T
8.  Prudential Financial
9.  Johnson & Johnson
10.  Procter & Gamble
11.  Wells Fargo
12.  Deloitte
13.  Marriott International
14.  Abbott
15.  Accenture
16.  Merck & Co.
17.  Cox Communications
18. 
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KPMG
General Mills
ADP
Cummins
IBM
Anthem
Eli Lilly and Company
Target
Kellogg Company
New York Life
BASF
Wyndham Worldwide
Comcast NBCUniversal
Dell
Aetna
Allstate Insurance Company
The Walt Disney Company
Northrop Grumman
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Toyota Motor North America
TIAA-CREF
Colgate-Palmolive
TD Bank
Intentionally Left Blank
Time Warner
Nielsen
Monsanto
AbbVie
Kraft Foods
MassMutual Financial Group
Hilton Worldwide
Rockwell Collins
KeyCorp
Verizon Communications
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Demographics
Number of LGBT Adults: Estimates range from 4-10% of US population
.
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Demographics
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Demographics
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Timeline
1867 “Father of the LGBT Movement”
Karl-Heinrich Ulrichs speaks out for gay
rights
1924 Society for Human Rights, first gayrights organization in US, is founded and
shut down
1952 Christine Jorgensen first American
to have gender-reassignment surgery
1969 Stonewall Riots in New York gain
national attention for gay rights
1973 American Psychiatric Association
removes “homosexuality” as mental
disorder
1978 Rainbow flag is used as symbol of
gay pride
© DiversityInc. Reproduction Prohibited.
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Timeline
1994 Deborah Batts first openly LGBT federal
judge
2004 Massachusetts first state to legalize
same-gender marriage
2008 Diego Sanchez first transgender staffer
on Capitol Hill
2010 Supreme Court agrees to hear Edith
Windsor’s case, which challenges Defense of
Marriage Act
2013 Supreme Court strikes down section of
DOMA that denies federal benefits to legally
married same-gender couples
2015 Supreme Court hears
marriage equality case
© DiversityInc. Reproduction Prohibited.
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DiversityInc Top 10 Companies for LGBT Employees
1. Wells Fargo
2. AT&T
3. Time Warner
4. Marriott International
5. EY
6. Eli Lilly and Company
7. KPMG
8. Accenture
9. MassMutual Financial Group
10. PricewaterhouseCoopers
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Best Practices of Top 10 Companies
• Have strong LGBT AND ALLIES resource group
• Take public stand to advocate for equality (Eli Lilly, Mass
Mutual, Marriott International)
• Develop strong relationships with LGBT non-profits
(GLSEN, PFLAG, Out & Equal)
• Have LGBT supplier-diversity initiatives with tracked
spend
• Offer full benefits, including transgender surgery
© DiversityInc. Reproduction Prohibited.
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Business
Prominent Openly LGBT Executives
Beth Brooke-Marciniak Global Vice Chair
Regulatory and Public Policy, EY (No. 4 in the
DiversityInc Top 50)
Renee Brown Senior Vice President and
Director of Social Media, Wells Fargo (No. 11)
Beth-Brooke Marciniak
George Kalogridis President, Walt Disney
World (The Walt Disney Company is No. 34)
Tim Cook CEO, Apple
Tim Cook
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Politics – Prominent Openly LGBT People
House of Representatives
Municipal
David Cicilline (D-R.I.)
Jim Gray, Mayor, Lexington, Ky. (D)
Sean Patrick Maloney (D-N.Y.)
Ed Murray, Mayor, Seattle (D)
Mark Pocan (D-Wis.)
Annise Parker, Mayor, Houston (D)
Jared Polis (D-Colo.)
Pedro Segarra, Mayor, Hartford, Conn. (D)
Kyrsten Sinema (D-Ariz.)
Mark Tokano (D-Calif.)
Senate
Tammy Baldwin (D-Wis.)
Sen. Tammy Baldwin
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Popular Culture – Prominent Openly LGBT People
Caitlyn Jenner
Rachel Maddow
Clay Aiken
Ricky Martin
Chaz Bono
Ian McKellen
Anderson Cooper
George Michael
Ellen DeGeneres
Rosie O’Donnell
Melissa Etheridge
Suze Orman
Jodie Foster
Neil Patrick Harris
Elton John
Adam Lambert
k.d. lang
Jane Lynch
Caitlyn Jenner making her debut on
the cover of Vanity Fair
Raven-Symoné
Michelle
Rodriguez
Michael Stipe
Wanda Sykes
Chely Wright
Ellen DeGeneres
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Marriage Equality Laws
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Recent Developments
• Religious Freedom Act fails in Indiana, Arkansas and
other states
• U.S. Supreme Court expected to rule this month in
Obergefell Vs. Hodges, the case that could give samegender couples marriage equality throughout U.S.
• 58% of Americans now support marriage equality (Harris
Interactive)
© DiversityInc. Reproduction Prohibited.
LGBT Supplier Diversity:
Certifying LGBT Businesses, Connecting our Communities
ABOUT NGLCC
NGLCC is the largest global not-for-profit
advocacy organization dedicated to expanding
the economic opportunities and advancements
of the LGBT business community
•  Direct link between LGBT business owners, corporations and
government
•  Exclusive certification body for LGBT Business Enterprises
•  Over 150 Corporate Partners from the Fortune 1000
•  53 affiliates in the U.S. and internationally
•  Offices in Washington DC and New York City
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NGLCC AFFILIATE CHAMBERS
PAGE
COMPLETING THE CIRCLE OF
CORPORATE DIVERSITY
Pro-LGBT
Workplace
Policies
Marketing to the
LGBT
Community
Buying from the
LGBT Community:
LGBT Supplier
Diversity
Credibility Counts! PAGE
DEMOGRAPHICS
Estimated 1.4 million LGBT owned businesses in the United States
The total buying power of the U.S. LGBT adult population was
estimated to be $880 billion in 2014.
53%
Of LGBT employees hide
who they are in the
workplace
3 out of 4
LGBT individuals have
changed brands when a
company has exhibited
pro-LGBT support
88% of gay men and 91% of
lesbians reported that their purchasing
decisions are influenced by corporate
sponsorship of LGBT events and
participation in LGBT organizations.
89% of gay men and 92% of
lesbians reported that a company’s
treatment of its gay and lesbian
employees impacts their decision to do
business with that company.
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NGLCC MILESTONES
•  Passage of California Assembly Bill 1678
ü  Nation’s first law requiring public utilities in CA to include certified LGBT
Business Enterprises
•  MOUs signed expanding access to over $13.8 Billion in federal contracts for LGBTBEs
ü  Commerce (2011), SBA (2012), Labor (2013)
ü  LGBT Federal Procurement Fair and Policy Forum
ü  LGBT Business Builder partnership with SBA (2015)
•  NGLCC Global launched in 2013
ü  U.S. Certified LGBT Trade missions to Colombia (2012), Mexico (2014)
ü  LGBT Summit of the Americas in Colombia (2012), Mexico (2014), Peru (2015)
•  NBIC launched in 2011
ü  NGLCC, WBENC, USHCC, USBLN, USPAACC, NBJC, WEConnect International
•  NGLCC Innovation Center launched in 2012
•  HRC Corporate Equality Index includes LGBT Supplier Diversity beginning in 2012
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HOW CAN YOU CONNECT?
ü  Accept NGLCC’s LGBT Business Enterprise Certification and partner
with NGLCC through the LGBT Supplier Diversity Initiative
ü  Consider LGBT suppliers when making purchasing decisions,
Reference NGLCC’s database of certified LGBT suppliers
ü  Refer LGBT entrepreneurs for supplier diversity certification
ü  Volunteer as a Certification Site Visitor
ü  Volunteer as a member of the NGLCC National Certification
Committee in Washington, D.C.
ü  Mentor an LGBT entrepreneur
ü  Join your local NGLCC affiliate chamber
ü  Attend NGLCC events
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JOIN US!
Thank you to Manager Level Conference Sponsor:
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NGLCC
nglcc.org
202-234-9181
729 15th Street NW Floor 9
Washington, DC 20005
[email protected]
Championing Diversity:
Internally and Beyond
LGBT Pride Month
Kyle D. Young, CFP®
Senior Vice President – Investment
Officer
Accredited Domestic Partnership AdvisorSM
Fundamental Choice Portfolio Manager
973.564.6983 I [email protected]
www.SY-IG.com
Diversity Inc. Webinar – June 9, 2015
Overview
“
We view diversity and inclusion
as a path to innovation for our
company. We are working to
build a diverse and inclusive
organization with the ability to
see the world from multiple
perspectives. This will help us
advance our business model and
strategies, see and capitalize on
new business opportunities, and
will determine our long-term
success in the global
marketplace.
- John Stumpf,
Chairman, President & CEO
”
Wells Fargo
Commitment to diversity
LGBT history
WF timeline of LGBT diversity &
inclusion
LGBT segment snapshot
Schmitt Young Investment Group
of Wells Fargo Advisors
About us
A deeper perspective
Our culture of education
Financial guidance for the LGBT
community
26
Wells Fargo
Empowering the LGBT Community
27
Our commitment to diversity and inclusion
Diversity Inc.
NGLCC
• No. 1 in the Top 10 Companies for LGBT
Employees in 2015 (up from No. 2 in 2014)
• No. 11 in the Top 50 Companies for Diversity
in 2015 (up from No.17 in 2014)
• WF’s 15th year among the Top 50
• Highest ranking to date
• 
Human Rights
Campaign
Perfect Score of 100%
on the Corporate
Equality Index for 13
consecutive years.
(WorkLife Matters, 2013)
Lambda Legal
GLSEN
Liberty Award (2014)
• 
• 
National Business
Coalition Trust
Award
Pinnacle Award (2011)
Commitment to
Diversity and
Inclusion Award
(2012)
• 
Corporate Champion
Award (2011)
GLAAD
• 
• 
Advertising Award,
Best Print Ad (2011)
Media Award in
Advertising: Best
Interactive
Campaign (2010)
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LGBT history
1867
1969
1993
1867 - ‘Father of the LGBT Movement’,
Karl-Heinrich Ulrichs is first to speak out
for gay rights
1924 - Society for Human Rights, first
gay-rights organization in US, is founded
1952 - Christine Jorgensen becomes first
American to have gender-reassignment
surgery
1969 - Stonewall Riots in NY gain
national attention for gay rights
1970 - 1st Gay Liberation Day march is
held in NYC; similar events are held in LA
and San Francisco
1974 - Kathy Kozachenko becomes the 1st
openly LGBT candidate to win elective
office in the US (City Council; Ann Arbor,
MI)
1978 - Rainbow flag first used as a symbol
of gay pride
1979 - 1st national gay-rights march is
held in Washington DC
1993 - ‘Don’t Ask, Don’t Tell’ allows gays/
lesbians to serve in US military as long as
they are closeted
1996 - President Clinton signs Defense of
Marriage Act (DOMA) into law
1999 - California becomes 1st state to
legalize domestic partnerships for samegender couples
2004
2013
2015
2000
- Vermont is 1st state to legalize civil
unions for same-gender couples
- President Clinton declares June Gay
and Lesbian Pride Month
2004 - Massachusetts is 1st state to
legalize same-gender marriage
2009
- President Obama signs law making it a
federal crime to assault someone based
on sexual orientation or gender identity
- President Obama declares June
Lesbian, Gay, Bisexual, and Transgender
Pride Month
- Respect for Marriage Act introduced in
Congress; would repeal DOMA and
require government to recognize legal
same-gender marriages
2010 - President Obama signs law
ending ‘Don’t Ask, Don’t Tell’
2013 - Supreme Court strikes down
DOMA Section III in landmark United
States v. Windsor case
2014-2015 – Wave of Anti-LGBT bills
introduced into State Legislatures across
the nation; uphold ‘religious freedom’
while discriminating against LGBT
people
Source: DiversityInc. “Meeting in a Box: LGBT Pride Month Timeline”, 2014
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WF timeline – LGBT diversity & inclusion
’9
0
1992
2004
Wells Fargo PRIDE Team
Wells Fargo is the 1st financial
Member Network (TMN) is
institution to join the NGLCC
established
1997
2005
Domestic partnership
WF launches its first
benefits offered to WF
targeted advertising
team members
campaign for LGBT
customers
’00
’10
1987
Wells Fargo is one of the
1st US companies to add
the terms “sexual
orientation” & “gender
identity” to its Equal
Employment
Opportunity & nondiscrimination policies
2009
Accredited Domestic Partnership AdvisorSM
(ADPA®) program launched by Wells Fargo
Advisors and the College for Financial
2011
Planning
LGBT Leaders Program – leadership development
for high-potential LGBT team members;
empowering next gen LGBT business leaders
2015
•  Wells Fargo is the 1st American bank to showcase
an LGBT relationship in a national campaign
•  WF signs amicus brief for Obergefell v. Hodges
case
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LGBT segment snapshot
7%
6
to
Retirement
14%
Preparedness
v.
LGBT
Approximately 6 to 7% of
the adult U.S. population
self-identifies as LGBT;
between 15 to 16 million
adults age 18 years or
older.
29%
nonLGBT
86% of LGBT consumers feel
they need financial education.
Only 14% feel “very well
prepared” for retirement
compared to 29%
of the general population.
Sources: Williams Institute U.S. Census 2010 Analysis; Wells Fargo 2014 National Survey of Investors;
“LGBT Financial Experience,” 2012-2013 Prudential Research Study
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Schmitt Young
Investment Group
Financial Guidance for the
LGBT Community
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About us
Schmitt Young Investment Group
of Wells Fargo Advisors
At Schmitt Young Investment Group, our
guiding mission is to provide unparalleled
financial counsel and service to our country’s
Lesbian, Gay, Bisexual, Transgender and Queer
(LGBTQ) community and allies.
• One of our country’s largest LGBT-focused
practices
• More than $275 million in client assets under
management
• Certified Financial PlannerTM (CFP®)
professionals
• Accredited Domestic Partnership AdvisorsSM
(ADPA®)
Steven W. Schmitt,
CFP®, ADPA®, MBA
Managing Director –
Investment Officer
Kyle D. Young,
CFP®, ADPA®
Senior Vice President –
Investment Officer
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A deeper perspective
“
Wells Fargo seemed
to be supportive of
the LGBT
community far
before it was the
‘in’ thing to do...
”
Accredited Domestic Partnership AdvisorSM
(ADPA®) Designation
ADPA® training provides extensive understanding of
the financial issues the LGBT community faces and
familiarizes Financial Advisors with critical
information needed to construct a comprehensive
plan.
• Part of the community
• Served as consultants during the several years the
ADPA ® program was in development
• Not just training, but a deep knowledge and
comprehension of the unique financial needs of
LGBT couples and individuals.
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Our culture of education
“The Advocate Money Minute”
Presented by Wells Fargo
• Advisors and bankers offer advice on LGBT financial issues in
concise video clips
• Topics range from starting a business to starting a family
• www.advocate.com/moneyminute
“The Focus Group”
Sirius XM’s OutQ channel
• Several guest appearances over the years
• The program features financial advice for the LGBT community
• Viewer’s questions are answered real-time
Workshops
• Hosted for the public and company ERGs nationwide since
2005
• Topics include:
• 
• 
• 
The current state of LGBT financial issues
Retirement Planning & Social Security
Gift & Estate Taxes
35
SYIG as your CFO
Think of us as your Chief Financial Officer;
coordinating the efforts of all your advisors.
YOU
Insurance
Agent
Attorney
Schmitt
Young
Investmen
t Group
CPA
Realtor
Pension
Consultan
t
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The recent past: LGBT discrimination/rights
•  The Defense of Marriage Act
(DOMA – 1996)
• Section 3: Defined Marriage as a union
between 1 man and 1 woman
•  Repealed: US v. Windsor (2013)
• Section 2: Gives states the right to deny
recognition of same-sex marriages
entered into in another state
Ø  Gaining Ground
•  Respect for Marriage Act:
Proposal in Congress to
eliminate DOMA Section 2
•  35 states + D.C. with marriage
recognition*
*all remaining states have cases
pending in the courts
•  Upcoming in June 2015 –
US Supreme Court decisions
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Understanding differences in marital status
•  Patchwork equality creates
complex challenges for LGBT
couples
•  Extent of rights under civil union
or RDP statutes vary from state to
state
• 
In some states, rights under civil
union or RDP are essentially
marriage by another name
• 
In others, civil union or RDP rights
are much more limited
• 
Federal tax law now recognizes a
valid marriage but does not view
civil unions or registered
partnership as marriage
Marriage
(Federally recognized)
Civil Union
Registered
Domestic
Partnership
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Filing status
•  Federal Income Tax Filing
•  Single
•  Married Filing Jointly
•  Married Filing Separately
•  State Income Tax Filing
•  Varies based on state
recognition
*Special considerations for community
property states
Ø  Action Item
Discuss with your tax
professional:
•  Potentially amend your
past 3 years returns
(Caution: increased potential
for audit with amended
returns)
Wells Fargo Advisors is not a legal or tax advisor.
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Employer benefits
• 
Health Insurance Coverage
•  Imputed Income tax
liability
•  Benefits Equalization/
Grossing up pay
• 
Health Savings Accounts
•  Higher annual contribution
limits
•  Tax-free use of funds for
expenses related to partner
Contribution
Limit
Ø  Action Item
Discuss with your tax
professional:
•  Consider evaluating your
employer Form W-4 to
determine if Filing Status
and Allowances are correct
55+ Contribution
Single $3,350
$1,000
Family $6,650
$1,000
Wells Fargo Advisors is not a legal or tax advisor.
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Individual retirement accounts
Spousal Contributions
•  On behalf of your non-working/non-earning spouse
Penalty-free early withdrawals if certain exemptions met
•  Higher education expenses, unreimbursed medical
expenses (above certain threshold), health insurance
premiums during periods of unemployment, etc.)
Tax-advantages means of splitting an IRA upon divorce
•  Based on formal divorce decree (no income or gift taxes
incurred for married couples)
Potential for far greater tax-advantaged inheritance
options for spouses
Traditional IRA distributions are taxed as ordinary income. Qualified Roth IRA distributions are not subject to state and local
taxation in most states. Qualified Roth IRA distributions are also federally tax-free provided a Roth account has been open for
at least five years and the owner has reached age 59 ½ or meet other requirements. Both may be subject to a 10% Federal
tax penalty if distributions are taken prior to age 59½.
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Qualified employer-sponsored retirement plans
Defined Contribution Plans (401k, 403b, etc.)
Defined Benefit Plans (Pensions, Money Purchase, etc.)
•  Pension – new protections for married LGBT couples
•  401k rollover
•  Qualified Joint & Survivor Annuity (QJSA)
•  Full pension for life of employee + a minimum benefit of 50% for surviving spouse
•  Qualified Pre-Retirement Annuity (QPRA)
•  If employee passes away prior to benefit commencement, a minimum pension benefit of
50% must be provided for the life of surviving spouse
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Social Security: When should you start benefits?
“
There is no ‘one size
fits all’ or golden rule;
even so, you and your
FA should ensure that
your Social Security
strategy complements
your overall Financial
plan.
”
•  New claiming strategies for married
couples
•  Consider spousal benefit
•  Permanent reduction for “early” benefits
•  Deductions for exceeding earnings limit
•  Effect
on survivor
benefit
•  Ability
to receive
survivor benefit, if
higher than own benefit
• 
Must have been married for at least 9
months
• 
Must be at least age 60 (exceptions
apply if disabled or if caring for child)
•  Benefit amount varies based on age,
disabled, caring for child, etc.
*Taxation of SS benefit – based on joint filing
Wells Fargo Advisors is not a legal or tax advisor.
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Unlimited marital deduction
Federally-recognized married couples have the ability to pass an unlimited
amount of assets between spouses, both during life and upon death
Gift taxes
•  2015 annual exclusion, $14,000
Death taxes
•  Lifetime exclusion, $5.43 million
•  Not applicable to married spouses
residing in state that honors
marriage
•  Current gift tax rate, 40%
•  Federal Estate Tax
(must file Form 709 on anything exceeding)
Triggered by:
•  Same exclusions as Gift Tax
•  Title change of any asset (real
estate, brokerage account, etc.)
•  Tax rate, 40%
•  Splitting of assets upon separation
or divorce
•  Payment of household expenses if
only one income earner
•  State Estate Tax
•  Varies
•  Inheritance Tax
•  Varies
Wells Fargo Advisors is not a legal or tax advisor.
44
Importance of insurance protection
Protect
• 
Large outstanding debt, education for children, probate fees and
expenses
Provide Liquidity
• 
Avoid liquidation of assets to pay tax liabilities
Asset Protection/Replacement
• 
Loss of social security income, loss of pension income, and other
assets used to pay tax liability
** Proper policy titling, coverage amounts, beneficiary designations
Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are
underwritten by unaffiliated insurance companies.
45
Contact us
www.sy-ig.com
Steven W. Schmitt, CFP®, ADPA®, MBA
Managing Director – Investment Officer
Michael S. Caldwell
Client Associate
Becky Wilhelms
Financial Advisor
Kyle D. Young, CFP®, ADPA®
Senior Vice President – Investment Officer
Deon CainBuchanan
Client Associate
Cassandra E. Biehl
Client Associate
Kyle D. Young, CFP®
Senior Vice President – Investment
Officer
Accredited Domestic Partnership AdvisorSM
Fundamental Choice Portfolio Manager
973.564.6983 I [email protected]
46
Thank you
Wells Fargo Advisors is the trade name used by two separate registered brokerdealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network,
LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.
Investment and Insurance Products:
Not FDIC-Insured
CAR-xxxx-xxxxx
No Bank Guarantee
May Lose Value
© 2015 Wells Fargo Advisors, LLC. All rights reserved.
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2015 Web Seminar Schedule
• 
• 
• 
• 
• 
• 
• 
• 
June 23 – DiversityInc Top 50 Best Practices
July 21 – Supplier Diversity
Sept. 8 – Hispanic Heritage Month Cultural Competency
Sept. 22 – Mentoring and Sponsorship
Oct. 6 -- Disability Awareness Cultural Competency
Oct. 13 – Diversity Councils
Nov. 3 – Diversity Metrics
Nov. 10 – Religion in the Workplace
Please contact customer service at [email protected]
© DiversityInc. Reproduction Prohibited.
49
Thank You for Attending the Web Seminar
•  You will receive a follow-up e-mail from us
containing the link to download this presentation
for future reference
•  The presentation will be available approximately
72 hours after this event
•  Questions? Call (973) 494-0506
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