Advisers looking to retain control of assets when they eventually pass to the next generation must take the first step in building relationships with client's family members, delegates heard at Professional Adviser's largest conference.
Speaking at PA360 on 27 April, Schroders head of UK intermediary solutions Gillian Hepburn said advisers need to take the initiative and pick up the phone. Delegates heard an estimated £1trn will transfer to the next generation in the coming decade, rising to £5.5trn over 30 years. Hepburn also said two-thirds of baby boomer wealth is owned by joint households, and would typically transfer from a husband to a wife. By 2025, she added, 60% of wealth in the UK will be in the hands of women as the first point of transfer and 70% of widows move to a new financial adviser within the first ...
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