Data on UK wealth and questions over the performance of equities markets moving forward are raising spectres suggesting IFAs could see more business than ever walking in the door, but with greater demands on 'proper' asset allocation.
According to Brewin Dolphin's wealth management division there are more than 820,000 so-called 'demi-millionaires' in the country, defined as people with net wealth of £500,000 or more. Collectively, they are worth more than £740bn with an average age of 44, while 42% are women. A breakdown of the assets owned suggests 36% is in UK property, 23% is in securities including equities and bonds, 20% is in other assets, and 12% is in cash. BDWM also counts as assets loans, insurance, and non-UK property. The importance of these not-quite-yet millionaires cannot be underestimated by those pro...
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