Largest wealth transfer in the nation’s history has begun in earnest 

Women are set to be the major benefactors of a massive intergenerational wealth transfer now underway in Australia. However, accessing financial advice remains a significant barrier for wealthy Australian women. Financial advice firms like Sherlock Wealth are aiming to change that. 

Women are poised to take charge of a staggering $3.2 trillion over the next decade as the greatest wealth transfer in its history takes place. 

Baby Boomers and their parents are preparing to hand nearly $5 trillion in overall wealth to the next generation, and almost 65% will end up in the hands of Australian women by 2034, according to a report by JBWere. 

It sounds like good news but accessing quality financial advice often remains  
a significant barrier for many wealthy Australian women. 

Financial advice firms like Sherlock Wealth are changing the narrative as they take steps to better serve the growing demand of high-net-worth clients seeking comprehensive quality advice. 

The firm’s CEO, Jacqui Sherlock, has noticed increasing numbers of women engaging in  
this space. 

Sherlock says: “We are seeing significant growth in high-net-worth clients, especially in the number of women turning to our financial advisory services. Women are wanting a trusted team in place and relationships established to help them manage their wealth now as well as into the future. 

“It’s an interesting time for women. There’s certainly a surge in high-net-worth women turning to financial planning. They are not just attending meetings, but dictating the conversation and setting the agenda as to how and why their money is managed and invested,” she says. 

Wealth Shake-Up

While there is still much to be done for financial outcomes for women, Sherlock says that the good news is that many stand to be the major benefactors of the intergenerational wealth transfer. Generally living longer than men, women may stand to inherit three times in their lives; from their parents, parents-in-law and their husbands. 

“Women are increasingly not only creating their own wealth but are also taking the lead in managing the transfer of family wealth,” Sherlock said. 

Financial services have traditionally been male dominated, prompting Sherlock to be focussed on creating a safe space for women to forge careers in the industry, as well  as engage more closely with their investing, superannuation and wealth protection strategies. 

This has led to significant growth in females approaching the firm to grow their wealth through better financial decisions, management and structures. 

“Australian women are more highly educated, entrepreneurial and wealthy than previous generations. Anecdotally, we are seeing more women engaging with their personal finances and taking the lead in the adviser-client relationship, which has been a significant shift over the past decade,” Sherlock says. 

“We’re scaling up the business to meet the growing need for high net wealth clients looking for premium wealth management advice,” she says. 

Most of Sherlock Wealth’s clients are senior executives, business owners, self-funded retirees and families with intergenerational wealth. She notes that many of its clients are focused on setting their children and families up for the future, while also being highly philanthropic. 

“We create excellent lifestyle outcomes for our clients through the interplay of smart strategic wealth creation structures such as superannuation, family trusts, self-managed super funds, assets, portfolio construction and investments,” Sherlock said. 

Securing A Legacy 

Sherlock Wealth has recently launched its wealth management portal in response to growing demand for digital transformation technology. The portal provides clients with high-level and secure access to their financial information together with real-time analysis of their overall wealth position. 

“Our clients want an integrated approach to their finances. They’re focused on their goals and aspirations, so any strategies that we put in place are about enabling them to enjoy luxury and lifestyle today, knowing their future, families and legacies are secure,” she said. 

Sherlock draws on her background in communications and public relations to bring a fresh approach to the world of financial planning, ensuring the firm’s appeal to high-net-worth clients. The mother of three daughters runs the second-generation family business with her husband, Andrew. 

Established in 1970, Sherlock Wealth is one of the oldest planning firms in Australia. 

“For more than five decades we have been the trusted advisers to some of Australia’s most astute private wealth clients and families. Our heritage is built on the protection of wealth and our philosophy is based on its preservation,” Sherlock says. 

“Our clients are busy focussing on the endeavours that are creating their wealth. They look to us to take care of their personal finances for them, allowing them to spend more time doing what they enjoy with those they love. 

“There’s great peace of mind that comes from knowing your financial affairs are in order and that you have a trusted advice team in your corner, someone to call in the good times as well as in the bad,” she said. 

In addition to raising her three daughters to be financially literate women of the future, Sherlock is focussed on empowering all women to be more confident with their finances. 

“When I joined Sherlock Wealth 10 years ago, I was new to the finance industry and found myself stepping into a male dominated world, so I understand how women might feel. It can be very overwhelming,” she reflects. 

“Finding an adviser who is empathetic is key. Trust is especially important to females, knowing our voice will be heard and that we will be taken seriously,” she said. 

Power of Engagement

While the wealth transfer will help make up lost ground in superannuation savings and the lingering gender pay gap, there is always more that can be done. 

“For example, thanks to the principles of compound returns, even one lump sum payment made into a women’s superannuation account when she is young, can make up for the loss of income she may experience during any time taken out of the workforce to have children,” she says. 

“We’re passionate about getting more women engaged in this area. Many will find themselves in control of their family wealth at some stage in their lives, so improving financial competence is really important.” 

Sherlock urges women to take control of their financial future by taking a prominent seat at the table, creating connections and building trusted relationships. “We don’t have to know the answers, but we really need to be asking the questions,” she said. 

“Smart financial management is so powerful and can really drive success in all areas of our life,” she said. 

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