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Advising female clients: Investing in Family Wealth

Date: 29 June 2021

Investing in Family Wealth

The final webinar of our five-part series, Advising Female Clients, took place on 29 June with a lively panel discussion covering the topic of investing in family wealth. Hosted by David Butler, Quilter Cheviot’s Head of Distribution, we were delighted to be joined by Guest Speaker Zahra Pabani a Family Law Partner at Irwin Mitchell as well as the familiar faces of investment managers Vanessa Eve and Rebecca Platt.

Watch the Investing in Family Wealth presentation

Many wealthy families will look to set out a ‘Family Charter’ where the values and expectations of a family are set out clearly. Whilst these Charters can help bring about a common sense of purpose for the families concerned, the financial elements are often missing from the discussion. This webinar explored why it is important that when advising families trusted advisers consider not only the individual’s needs and requirements, but also the wider circumstances of those involved.

For many, a women’s voice can get drowned out, particularly where they may not be the driving force behind the investment decisions made. However, Zahra pointed out that while traditionally the patriarchs of the family can be the driving force in financial matters, matriarchs are often more in tune with the personal elements of the family, particularly in relation to children. Such knowledge can be extremely important in protecting family wealth and in understanding the dynamics which can play out in sometimes very private matters.

Communication was a common thread throughout the discussion highlighting how open dialogue can benefit all the members of the family and how the female perspective may lend value to a family’s holistic financial plans. No one wants to consider those ‘what if’ scenarios: the relationship breakdown; the death in the family; the spendthrift family member. Yet these are often the situations that will have a far more significant effect on a family’s finances compared to volatile markets or changes in tax legislation.

The importance of setting out expectations of the wealth creators to the family, while you are still alive, rather than leaving potentially contentious issues to be resolved by those that are left behind; understanding the implications of marriages and how ’blended’ families can make second wives feel vulnerable and first child families feeling aggrieved, all adding to personal difficulties where things are simply left unsaid.

Collaboration and communication, both amongst the family but also all their trusted professional advisers, helps to mitigate and protect family wealth from those possible ‘what if’ scenarios. Managing your wealth wisely is only one part of a much broader equation. Having that female perspective and voice can prevent a lot of damage both financially but also personally.

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Headshot of David Butler

David Butler

Head of Distribution

Rebecca Platt

Investment Manager

Vanessa Eve

Investment Manager, Quilter Cheviot

The value of your investments and the income from them can fall and you may not recover what you invested.