Place Your Finances in Good Hands


Overview

Published: 06/11/2013

by Frontiers Staff

Photos

Even though same-sex marriage may be right around the corner, the need for same-sex couples to manage and protect their assets and subsequently their futures will not subside any time soon. Moreover, whether we are single or coupled, as gay men and women we often have to think about our financial futures in different and more creative ways, particularly under existing law.

Through his company, GLBT Financial Solutions, Domenick D’Ercole makes navigating financial issues ranging from life insurance and disability to 401(k)s and IRA Rollovers a less daunting endeavor for his clients. Prior to his current venture, D’Ercole had a successful 15-year run on Wall Street at Deutsche Bank that ended when the events of 9/11 brought down the building he worked in and closed a chapter in his life. Today, through GLBT Financial, which is a DBA of MetLife, D’Ercole artfully manages over $35,000,000 in assets from his offices in New York and Los Angeles.

“I help the gay and lesbian community protect each other in case of catastrophic events including death and disability,” D’Ercole replies when asked to describe his current business.  “I help them understand that we are just like any straight married couple—even if the federal government doesn't agree—and we need to protect our loved ones like a straight married couple would protect each other.”

This latter part about teaching the gay and lesbian community to protect each other is not only a huge and important part of the work that D’Ercole does at GLBT Financial Solutions but also the answer to what he sees as the greatest misunderstanding—about financial issues in general and life insurance in particular—that gay and lesbian couples face.

“The gay community needs to understand that we need to protect our loved ones if we have property or kids together,” he explains. “If your partner dies, you are responsible for the mortgage.  If your partner dies and you have kids, you have to raise those kids on your own, and life Insurance can help you with the bills while you are mourning. The last thing you want to do is mourn the passing of a spouse and have to deal with losing your house or apartment or not have money for the day-to-day bills.”

On the surface, D’Ercole may seem like a run-of-the-mill financial advisor, but the character of his work and his commitment to it offers a more complex understanding of what he does.

Asked to describe what separates him from his competitors on Wall Street and beyond, D’Ercole offers a succinct and clear response. “I am different because I am part of the community,“ he says plainly. “Many reps try to ‘work’ the community, but I am part of the community. I understand why many gay couples have two to four checking accounts, even if they have been together for 20 years. Sometimes it is better that way so you don't get in a fight with your partner trying to explain a new pair of Louis Vuittons. I also have realized ... we can actually benefit from the current unjust laws … [of which] … there are over 1,300. Once they understand what they own, they seem to want to save more and feel like they really can save enough for retirement.”

Contact Domencik D’Ercole via email at [email protected] or by phone at (310) 779-5166 in L.A. or in New York at (516) 426-2316.