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gayweddingcake7Census data puts the number of same-sex couples living together in 2010 at approximately 620,000. That trend is expected to grow, according to a survey conducted earlier this year by the Financial Planning Association.

The survey of 5,500 FPA members found that planning software doesn’t exist to deal with the needs of this demographic group and those financial advisors who have same-sex couples as clients have to do a tremendous amount of manual data entry.[pullquote]I must run programs separately for same-sex couples[/pullquote]

One survey respondent wrote: “I must run programs separately for same-sex couples, so it doubles the data entry effort. I also need to analyze tax issues separately.”

As the majority of advisors have at least one gay or lesbian client, whether they know it or not, it behooves advisors to be aware of and prepared for the issues facing them upon the demise of such a client.

Elizabeth Wine, reporting for OnWallStreet’s October issue has an in-depth look at these issues.