Women in the UK are increasingly entrepreneurial and own a growing number of businesses, which majority of them run with a focus on social impact and legacy, according to a study commissioned by RBC Wealth Management, and conducted by The Economist Intelligence Unit (the EIU).
The report finds that 26 percent of UK women surveyed are business owners, and that they manage their businesses with a greater focus on driving social change than has been seen by previous generations.
Additionally, HNW men and women are incorporating impact investing into their portfolios. Women, in particular, are building their businesses with the community in mind, representing the importance they place on doing good, in addition to doing well.
Katherine Waller, director, relationship management at RBC Wealth Management said: “We are seeing a considerable uptick in the number of wealthy female clients seeking advice on how to align their investment goals with their personal values in order to achieve their legacy aspirations. As such, we are redefining the role of a traditional wealth manager, by acting as trusted partners to our clients and designing strategies that not only deliver on their financial objectives, but also align with their ideals.”
The survey’s findings also demonstrate the importance of legacy for female business owners in the UK, with 42 percent affirming that they want to pass their business on to their family, in line with a society-wide movement towards women increasingly becoming successors while 92 percent of women in the UK believe women have greater opportunities to own their own business than previous generations.
Additionally, 61 percent of UK business owners state that it is important to them that their business make both a positive economic and charitable impact on the community and 71 percent say it’s important to protect the livelihoods of their employees.
RBC Wealth Management has $944 billion of assets under administration, $655 billion of assets under management and more than 4,800 financial consultants, advisers, private bankers, and trust officers operating from hubs in Canada, the United States, the British Isles, and Asia.