Almost three-quarters (71%) of mothers seeking financial advice would like their Financial Planners to develop a relationship with their children.

Two-fifths (38%) of women expected their children to inherit the majority of their wealth and wanted their children to feel supported by their Financial Planners through this transferral of wealth, according to the research from Fidelity International.

An estimated £5.5 trillion will pass between generations in the UK over the next 30 years, however only 31% of IFAs surveyed by Fidelity said the industry should focus on increasing wealth for the whole family, rather than just individuals.

One in ten (10%) of the women surveyed by Fidelity first sought financial advice as a result of having children. This compares to 8% of men.

A third of the mothers surveyed (33%) said support from their Financial Planner would be most valuable at the point at which their children reach their own milestones and require advice.

A separate research report from Accenture found that 18% of advisers have never met their clients’ children, and only half met with them once a year.

Jackie Boylan, head of FundsNetwork for Fidelity International said: “Far more needs to be done to dispel the myth that financial advice is the preserve of older, wealthier generations. Younger relatives need to feel just as empowered in managing their money, particularly if they stand to inherit more in the future. I know many advisers are looking at how they can facilitate and support these conversations amongst clients and their families.

“While younger family members may not need financial advice immediately, having an existing relationship with an IFA who understands their circumstances can help them to identify the life stages at which they may require it. While parents can play an important role in making these introductions, advisers can also consider how they develop relationships with clients’ family members - speaking with them and using tangible and relevant examples. Without this, there’s a risk that that family’s business will ultimately drop off, rather than grow from generation to generation.”

Fidelity International surveyed 2,000 UK adults on their views on financial advice.  All respondents had over £1,000 worth of investable assets. Of the respondents 80% had a workplace or private pension and two thirds had sought financial advice in their life. Fieldwork was carried out by Opinium research in February 2020.

Fidelity International surveyed 406 IFAs on the topic of women and financial advice. Fieldwork was carried out by Censuswide in February 2020.