Ellevest’s Great Wealth Transfer Survey says that 45% of women have either received or are expecting to receive a financial windfall – the typical amount being around $300k. According to Rikki Doré and Paul Kemsley, our Heads of Private Clients, Financial Advisers are already seeing this shift in the UK.

While comedian songwriter, Girl on Couch, recently created a trending TikTok track where she is ‘Looking for a man in finance’, it seems that women don’t need to look for a man in finance to fund them; they are able to fund themselves.

Alongside generational wealth, an estimated £5.5 trillion in assets is projected to change hands between 2020 and 2050 , a figure that could mean funds switch to someone unfamiliar with managing finances.

If this is you, what could you do, and how might a Financial Adviser help you?

“Many of our joint clients leave the financial decisions to the man, meaning the woman doesn’t feel confident when the man is no longer around.” Paul Kemsley explains, “we try to avoid those situations, insisting that couples are present at our meetings, so that we talk to them together about their wealth, giving them the chance to make decisions and joint future plans. That way, they both know where everything is and what is happening.”

“If the time comes when the man is no longer around, we help the woman through that initial period,” Rikki adds, “so instead of doing an Annual Review, we do a few more ‘mini’ meetings to catch up and reassure them.

“Some look to us for permission – asking if they can go on holiday or spend their money. There may be times when we advise on the effects of that spending, but it’s their wealth!

“Most of the time we are sure the man would have wanted them to spend it in a way that makes them happy.”

Women investors tend to be more risk averse than men. Warwick Business School, Fidelity and Wells Fargo have all led studies that prove that while women are more selective with their investments, they produce a better result. Rikki and Paul are used to women inheriting wealth and worrying about spending any of it – even small purchases – as they want to ensure they have enough to hand down to their children or grandchildren. This is also documented as a woman’s wealth tactic: A whopping 83% of women invest for the future, committing to a strategy to generate guaranteed income. They want the money there when it’s needed.

“Things aren’t always as stereotypical, obviously. But our aim is to ensure that both parties are as educated about their wealth and our part in helping them manage it as possible.” Rikki comments when he recalls one client where they had to tell her to reign in her spending, rather than explaining that she could spend more. Paul added that, “others want us to take over their wealth management completely, which we can do, but we do prefer individuals oversee their own finances.”

When it comes to generations and money passing through to children or grandchildren, Rikki and Paul have the same idea. “Ideally the children are included in meetings, so that they are already involved and understand the foundations we are building their wealth from. That way, they will be less cautious or reluctant to do anything and we can work together well.”

For new clients or someone now in charge of the family wealth – Rikki and Paul would want them to know these three things:

• Don’t panic. You don’t need to make any big decisions, fast. We can work with you to identify where and what you may need to do. You’re not handling your wealth alone.
• Don’t be overwhelmed. If we worked with your husband or father, we will discuss what we were doing with you and work in stages to build your own wealth planning from that.
• Ask every question you think of. No question is too small or stupid; our Financial Advisers are here to ensure you are getting the best out of your wealth. That includes ensuring you understand the jargon and your investments. If something doesn’t make sense to you, ask us and we will take the time to explain it to you.

And a bonus one:

• Don’t take what we say for granted. If you have your own idea on your wealth but need help implementing it, let us know. We can work with you to try to make it happen, rather than leading your wealth management without any input from you.