Joe Della Monica, an Ameriprise private wealth advisor for 18 years, describes his job like this: "What I do with my clients is help them avoid making mistakes financially, and then really maximize the good decisions in life."
He specializes in LGBTQ clients, and has a history of community service, thanks in part to his company. "I'm never ashamed to be who I am, and that's one of the reasons I associate with Ameriprise. They get it. They are a big-time community supporter as far as equality in the workplace."
"I've been in a relationship with my partner for 31 years. When I was looking for a company to work under, I wanted a company that was respectful of my lifestyle, and I also wanted to give back to the community. I got involved with the Center on Halsted, Equality Illinois, and the AIDS foundation."
At the center, Della Monica is the chair of the development committee, working on projects such as senior housing, breaking ground this fall, and future youth housing.
"I believe that it's not what you get in life, it's what you give. It is our responsibility, once you reach a certain level in life, to really think about others, and what you can do for others to make their life easier and better."
Della Monica's life informs much of the advice he gives clients. An East Coast boy who moved to Chicago for love, a love that's still strong 31 years later, he went to school for acting, and saw the world as a flight attendant for American Airlines. Eventually, though, he wanted to settle down and have a long, successful career. "I always wanted to find something that I believed in and could enjoy doing as a career. You've got to push yourself sometimes even though it might be scary, it might be costly."
"But you have to have a plan in place. It's not a pie in the sky type of thing. You really have to say, OK, what's going to get me there? What are the steps necessary and what is the action plan? Whether it's my clients or making a dream come true like for the Center on Halsted."
Marriage equality has lent new importance to his role as financial advisor.
"I guide clients through what they need to be thinking about, what they don't know that they don't know. We only have a certain amount of time to make sure that you can really reach the point in time where you can retire. And retirement for everyone is different, but you can't reach that point financially unless you really plan properly. Not only for the financial aspect of things that affect same-sex marriage, but what happens if that unravels for my clients. That's where I come into play, understanding some of those things and how they affect you both currently and long-term."
In many ways, Della Monica said, "it's not the same world as it was for our parents and grandparents." Not only is this true when it comes to pensions and social security, but as LGBTQ acceptance grows and policies change, "we still haven't felt the impact of some of these changes," he said.
Marriage is not always a sound financial decision for LGBTQ couples, he said. "Even though we get swept up with the euphoria of now having that right and privilege of getting married and it being federally recognized, it is something that you have to take a step back and say 'is this the best thing for me? What are the pros and cons?' I'm not discouraging someone from moving forward with that decision. There are things to make sure that you understand before you take the plunge."
Outside of the office, Della Monica is fun-loving, a guy whose friends tease him about being both "Business Joe and Party Joe". His hobbies include fishing, cooking, and playing softball with his partner, Mike. Of late, his biggest accomplishments include being an associate producer on the Ira Sachs movie Love Is Strange, starring John Lithgow and Alfred Molina as an older gay couple who fall on hard times.
He also plans to marry Mike sometime this year. "With an old couple like me, we're not in any great rush, we've been together for so long. We didn't want to be at the front of the line of the Illinois excitement over the June 1st date."
Della Monica's career—he said he's one of the top LGBTQ financial advisors in Chicago—can be summed up by yet another piece of client advice: "You have to stretch yourself and say I'm not going to give up. Recognize that it can be done with hard work and determination. I really couldn't ask for a better career and life."
