The wealth management organisations say their advice is designed to help those working with clients so that they can retain business, and serve women customers better amid a time of large wealth transfer.

UK-listed Schroders and its sister firm Benchmark have published industry guides designed to help advisors manage female financial planning and wealth transfer needs. 

The firms are tapping into multi-billion-pound wealth transfers over coming years.

Last year, research by Schroders found that 63 per cent of advisors it spoke to worry about losing clients, up from 59 per cent a year before. Many advisors have an ageing client base, with only 16 per cent putting a sales and marketing strategy in place targeting younger investors.

While a large business opportunity, the wealth transfer trend creates a considerable risk that firms could lose assets if they don’t prepare for it.

Schroders said it has built an eight-step guide on intergenerational wealth transfer. The guide equips advisors with insights and strategies, such as auditing the business, understanding potential risks, and how to communicate with families and the next generation.

Benchmark – interviewed by WealthBriefing here – has launched a guide specifically focused on women's financial planning needs. 

In the Baby Boomer generation, where wealth is transferring now, women are typically the first recipients of family wealth. Many women feel excluded from advisor conversations, leading to only 34 per cent saying that they would continue to use the same advisor after the death of their partner or post-divorce, according to Schroders' research. 

“By leveraging the insights provided in these guides, we hope financial advisors can better navigate the complexities of wealth transfer and also meet the specific needs of their female clients, ultimately enhancing their service and unlocking new opportunities for business growth and retention while, crucially, ensuring that clients feel understood, valued, and supported,” Gillian Hepburn, commercial director, Benchmark, said. 

Benchmark Capital, launched in 1993, became an independent financial network in 2003, and partnered with Schroders in 2018. (Schroders is now the sole owner of Benchmark.)