Starting out in the industry in 1998, Woody Derricks immediately noticed that colleagues were uncomfortable with the subject of gay clients.
“Even the clients were uncomfortable, worried about how they would be treated,” he said.
Right then, Derricks, a straight man, resolved to cater to the underserved LGBTQ population. Now president of Partnership Wealth Management in Towson, Maryland, his practice has evolved to also specialize in working with women.
He shared some particular concerns of same-sex couples.
“First of all, they’re concerned with finding advisers they can feel comfortable with,” Derricks said. “[Regarding legacy], since they often don’t have kids, charitable giving is used to a larger degree. And because some states are less hospitable to same-sex marriage, it becomes extra important to have health-care proxies prepared so that spouses can be involved in each other’s care.”
Being raised by a single mom influenced Derricks’ sense of empathy. He strives to deliver to his clients respect, compassion, understanding, knowledge of what they need and emotional sensitivity.
“I’ve seen what people go through and I want to make sure that everyone feels comfortable,” he said. “I’m the least diverse person in the office. It’s not a big deal to me to change how I say something to help someone else feel significantly better.”
Contact Woody Derricks, president, at woody@partnershipwm.com to learn more about its diversity, equity and inclusion initiatives.