Wade Frisbie on the Value of the Pink Dollar

It’s easy to think about queer rights when the conversation is on using the correct bathroom, being open at school or in the workplace, or including people of color in the queer conversation. But there’s one place where LGBTQ folks still by and large live in the closet: the financial realm. Even married couples often keep separate finances, due to lack of financial understanding and the fear of asking someone and being judged for their lifestyles.

This is where Wade Frisbie, financial advisor and former co-chairman of the Colorado LGBTQ Chamber of Commerce, comes in.

Frisbie has dedicated his professional life to providing a safe space for queer folks in the financial realm, whether that means providing a forum of discussion for businesses or counseling a recently married couple on how to combine their incomes and still maintain autonomy. OUT FRONT caught up with Frisbie about his new company, his legacy in queer business, and how we can make the financial community more inclusive.

How did you first get involved with the CLGBTQCC?

I started with financial advising in 98, and so it just made sense as a gay man to be able to go into businesses where I feel comfortable. The CLGBTQCC really gave me that opportunity. The chamber is now 26 years old; last year was their 25th year anniversary. I started nine years ago, and being able to really help advance it was great. I got on the board of directors straight away and was the treasurer for four years and the co-chairmen for five.

Why was this work important to you?

Right when I started in the financial advising world I did see a lack of education in finance in the LGBTQ community, and so this gave me opportunities to find people who actually needed my help, and getting on the board, being able to give back to the community, that was very important both professionally and personally.

What moved you to want to work with queer businesses and help improve the lives of queer people financially?

At the beginning of the Chamber, we were actually called Colorado Business Council, and that was a safe place for LGBTQ business owners to come together and really be able to see that there is more than just themselves, and so I wanted to keep that going, making sure everyone knows that the pink dollar is powerful and that there is a safe place where business owners can go where we can learn, because the Chamber does more than just networking. We also do educational pieces; we get involved in the legislative piece of businesses. This is a place where you don’t have to spend hours and hours trying to find something out yourself when you can have professionals come in and help you figure out what you need.

What is your job background, and how have you used your professional experience to give back to the queer community?

As a financial advisor, I help people anywhere from starting out saving to retiring to after passing on their legacies, so in the past I have not seen a lot of people specifically help our community, and it’s important to me to show that there are people like that who are able to help give them the safe space to be able to say, ‘Hey I have a partner, or I am not exactly the one point two children with the dog and the picket fence in suburbia.’”

This allows them to speak freely and not only gives me an opportunity to show that some people care and are able to help and have the right information, but that they are in a safe space, and you can be more free; you can be more open with your financial advisor and be able to get down to exactly what you need. I’ve also seen a lot of the LGBTQ community have separate finances in a single household for many, many years, and being able to show them that there is a third-party person that is able to come in and really talk you through about the benefits that you get from sharing finances is really important. That way if something would happen, everyone already knows what is going to go on.

What are some financial issues that you’ve noticed are specific to queer people?

The separate finances; there are a lot of opportunities that are being missed because people are too scared to ask someone, and so I think another opportunity missed is just trying to find that person, that financial advisor, or if they need insurance or any other services, instead of going to the yellow pages, they are able to see that this person is part of the community; there is a safe space for them. That is huge.

What do you think you and the CLGBTQCC have done for the queer community in Denver? What are some of your biggest achievements?

I think with the CLGBTQCC, it is important to have a safe place for people to come, not only in the community, but we are starting to get a lot of allies. It’s important to understand the value of the pink dollar and show that by supporting an LGBTQ business, you are supporting the community. Our community is very tight, meaning that we want to help promote the people who help promote us first. If you’re in the community or you are an ally and you show that proudly, they are going to be going to your business, so our money gets around more and is used more within Denver and Colorado.

What direction do you hope to see the Chamber taking in the future?

I think we’ve expanded so much in the past four years, almost doubling our membership, and so what I think the Chamber is trying to do and what I see it doing is being a little more involved in the legislative side of business, showing that the support of the LGBTQ community is important, and then also just going outside of the LGBTQ community and getting those advocates is huge. And that is always an ongoing thing, but I definitely see that expanding.

What are your plans for retirement?

I just stepped away from my financial firm after nine years, and I started Frisbie Financial, so I am more independent; I do a concierge financial service where I either go to the clients at home or at their office and really give them that safe space, and not only investment advice but I will answer any type of financial question. I’ll do the research; I will make sure that any financial entity that I recommend is fully researched, and make sure that the people who are answering the questions have a sense of security when they talk to me.

Is there anything else you’d like to add?

I think the biggest thing is not being afraid to ask a financial professional like myself if you have questions. With the political climate right now, there are so many things that are changing, and it is so important to be able to have someone that you trust and have someone that you count on and to be able to feel comfortable enough to ask the important questions.