Northern Trust has formalized a Lesbian, Gay, Bisexual, Transgender (LGBT) and Non-Traditional Family Practice, the firm announced Tuesday. The new practice will provide fiduciary and wealth management services to help meet the unique needs of LGBT individuals and non-traditional families.
John McGowan has been named the national practice leader responsible for implementing the program in markets throughout the U.S. McGowan previously served as a senior relationship manager in Northern Trust's Wealth Management Group, a specialized unit focused on addressing the complex financial needs of ultra high-net worth families and their family offices.
"Northern Trust recognizes the definition of family has evolved," McGowan said in the 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. The creation of this group will help ensure our strategic focus will be executed more broadly across our network."
