Financial advisers need to make more of an effort to engage with women, according to Gillian Hepburn, commercial director of Benchmark.
Hepburn said the first transfer of wealth typically happens from a man to a woman in opposite gender couples.
She told the Morningstar Investment Conference there were predictions 60 per cent of wealth will be in the hands of women in 2025.
Hepburn said when it comes to the wealth transfer, focus is often on the next generation but the first transfer will likely come sooner.
She said: “Two thirds of baby boomer wealth is held in joint households and the first transfer is typically from a husband to a wife.
“There are predictions that by next year 60 per cent of wealth will be in female hands. Women are inheriting the wealth right now.”
Despite this, Hepburn outlined Benchmark research which showed just 5 per cent of advisers said they have a proposition for retaining and attracting wealth.
She added: “We’ve got to be more female focused, only 34 per cent of women are saying they would stay with the family adviser when it comes to wealth.”
And this work on retaining women as clients should start long before their partner dies, said Hepburn.
Benchmark found just 22 per cent of advisers said they always include both partners in discussions, while 42 per cent said the male partner was the primary contact.
“Let’s not stereotype how women and widows will behave,” said Hepburn.
“Let’s start to plan early and let's not get to the point of widowhood before we start work.”
This all connects to intergenerational wealth as many women said the reason they stayed with an adviser was for the benefit of the wider family, said Hepburn.
And she said there are small steps advice firms can take.
“Only one of the adviser websites we looked at had an image of a woman,” said Hepburn.
“There are some simple things we can do, these women want to go somewhere where they know the adviser really gets them.”
The Morningstar Investment Conference took place in London on May 1.
tara.o'connor@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
