Walter Schubert has set himself a big goal - to take Wall Street onto the net and gays out of the closet. Schubert, the first openly gay member of the New York Stock Exchange, aims to empower the gay and lesbian community financially and spiritually with his Gay Financial Network (www.gfn.com).
Offering electronic investing, community forums, information on gay-friendly companies and even horoscopes, GFN has received an enthusiastic reception, ranging from praise from NYSE president Dick Grosso and New York mayor Rudy Guiliani, to the registration of 1,700 or more users since the launch on April 25. Furthermore, the site gets an average of 6,000 hits a day.
"We are coming out in greater and greater numbers in cyberspace," says Schubert, dubbing his website the first dedicated to the financial security of the gay community. He suggests that "cultural differences" with heterosexuals mean that gays may feel more comfortable discussing issues, including finance, on the internet rather than in person. Same-sex couples may find it difficult to walk into a bank and apply for loans or financial advice while heterosexuals won't because they are in legally recognized relationships.
With the tangible assets of the gay and lesbian community in the US alone estimated at over $800 billion, Schubert could be heading for riches and early retirement.