Alexander Fruchtman Class of 2020 BEQ Pride LGBTQ Leader Under 40
(He, Him) is 30
By 2030, through my work advocating for and educating the LGBTQ community, we will proudly walk into any financial institution knowing we deserve and have access to judgment-free, individualized, comprehensive wealth management services.
Alexander Fruchtman cares deeply about his community. He spends time volunteering, actively creates safe spaces for others and works to make the world more inclusive. At Morgan Stanley, he is a financial advisor specifically focused on the LGBTQ community—ensuring that clients can share their lives without judgment and receive the wealth management experience they deserve. Further, he is the chair of the Manhattan Chamber of Commerce’s LGBTQ group providing excellent educational events. He has been a member of the George Washington University LGBTQ alumni association board since 2014 where he is focused on alumni engagement throughout the country. Alex is a connector in the community as he enjoys helping people empower one another.
Alex decided to join The Fruchtman Group, his family’s team of financial advisors at Morgan Stanley, nearly seven years ago for the sole purpose of aiding the LGBTQ community. Feeling the community was misunderstood because of a widely-held perception of having higher discretionary income and potentially targeted by the predatory behavior of self-interested parties, he set out to make a difference. His goal was and remains to create a space on Wall Street allowing LGBTQ individuals to be their true selves, without fear of discrimination or judgment and to acknowledge each individual for their unique financial needs and to know his advice is genuine.
In a space with this type of authenticity, clients’ walls come down. His clients often say they’ve “never felt comfortable” enough to open up to an advisor, or that they’ve sensed their “last advisor was homophobic” and felt they “couldn’t bring my partner in”—not a great way to have a comprehensive wealth management advisory relationship.
Alex believes being less than your full self doesn’t work for true comprehensive wealth management. “Even simple things like having a correct IRA beneficiary” can have huge financial implications for loved-ones you leave behind. Alex says “no one should ever have to hide who they really are or be discriminated against, but especially in an advisor-client relationship”. His practice enables LGBTQ individuals to have resources, advisors and referrals to CPAs, attorneys, medical providers and other professionals that are going to treat them properly.
Alex works with the Morgan Stanley diversity team to develop updated and relevant client-facing LGBTQ materials and resources. Outside Morgan Stanley, Alex has been involved with the Manhattan Chamber of Commerce’s LGBTQ group since 2015 and its leader since 2017. Giving back to the community is important.
“I believe members of our community should learn from each other and do business together. Organizing impactful and meaningful events has been challenging yet rewarding,” according to Alex. He conducts seminars about financial, estate and tax planning for the LGBTQ community providing real tools about things that can be controlled in life.
For the last 3 years he proudly participates with team Morgan Stanley as part of the AIDS Walk and led the effort in 2018. He tries to educate Morgan Stanley allies about HIV/AIDS and how they can help the community. He has worked with colleagues serving dinner at SAGE and prepare meals at God’s Love We Deliver. Lastly, Alex was selected as an OutNext leader and he proudly works with Out Leadership on several initiatives including as a volunteer with the Ally Coalition. He is proud to be an openly gay man on Wall Street and he will do everything in his power to help others, create a safe space and break stereotypes – it gives him so much joy.