Member Article

New service launched for high flying NE women

A Tyneside company has launched a service aimed at helping the region’s wealthy women hold on to their assets. Legal and financial experts SFM have cited recent research which shows that the majority of Britain’s millionaires will soon be women in their mid-fifties as the reason for this new initiative.

According to the Centre for Economics and Business Research (CEBR), there are 370,000 millionaires in Britain. This figure is estimated to rise to 1.7m by 2020, when 53% of them will be women. Many factors are reported to contribute to this rise, including a steady climb in house prices, investments, savings and pensions, as well as more Lottery winners and increasing divorce rates.

The new women-to-women division will advise high net worth female clients of all ages on a full range of legal and financial planning issues, all within a supportive atmosphere and jargon-free environment. The firm is aiming the service mainly at businesswomen who are increasingly becoming millionaires in their own right, by making their own way as entrepreneurs.

Wendy Gurr, partner at SFM Legal Services, said: “Bigger divorce settlements and the fact that women tend to outlive men will account for a large percentage of the growth in the numbers of wealthy women, and long-term legal and financial health is becoming a complex individual issue for independent women. “More women now run their own successful business, own a portfolio of properties in their own right, or have taken charge of her individual affairs, after a divorce for example, and we find they like to discuss the protection of these assets with another female professional.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .