Singapore-based AAM Advisory has partnered with LGBT Wealth to launch a new unit for the lesbian, gay, bisexual and transgender (LGBT) community in Singapore, according to International Adviser.
The new unit is claimed to be the first financial advisory platform in Singapore focused on the LGBT community needs.
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AAM Advisory’s Mikael Ng, who has been with the company for six years, will head the new unit.
AAM Advisory said its new LGBT unit will provide advice and services to clients in several areas which include retirement planning and saving, insurance, property and wealth protection.
AAM Advisory said: "It will look to combine its own financial planning resources and expertise with knowledge of the special concerns facing the LGBT community, by benefiting from the experience and input of LGBT Wealth."
LGBT Capital founder and chairman of LGBT Wealth Paul Thompson said that many people in the LGBT community do not have access to advisors who truly understand their needs and the LGBT life cycle can be very different.
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By GlobalData"Important issues like saving for retirement can be overlooked and with a generally higher disposable income there is real opportunity with the right advice for the LGBT community to achieve their financial goals," Thompson said.
The LGBT community in Singapore exists alongside a law which criminalises sex between men.
The LGBT population in the Asia region is projected to be more than 200 million and with a spending power of about US$800 billion each year.
Globally, the LGBT population is expected to be more than 400 million and represents about $3 trillion in spending power.
LGBT Wealth is a Hong Kong-based company, which was launched in February 2013 by LGBT Capital and Hong Kong based independent advisory firm Financial Partners.
