Chicago-based Northern Trust said Tuesday it has formalized a practice that provides financial services to the lesbian, gay, bisexual and transgender (LGBT) community.Over the years, Northern has supported various LGBT initiatives, including the building campaign for the Center on Halsted, a LGBT community center. It is a national sponsor of Lambda Legal, a national group focused on legal issues for LGBT people. Northern also began offering domestic partnership benefits to workers more than 13 years ago.
John McGowan has been named Northern’s national practice leader. He previously served as a senior relationship manager in Northern Trust’s wealth management group, which specializes on ultra high-net worth families and their family offices.
“Northern Trust recognizes the definition of family has evolved,” McGowan said in a statement. “We have been helping LGBT clients develop wealth management strategies for decades and have the experience to deal with unique legal, tax and wealth transfer challenges.”
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